PSN Buys a Floor of Offices on c/Claudio Coello in Madrid for €3.45M

31 January 2019 – Eje Prime

PSN is continuing to grow its asset portfolio in Madrid. The Socimi has just closed the purchase of an office on Calle Claudio Coello, in the heart of the capital’s Salamanca neighbourhood for €3.45 million.

Specifically, the company has purchased a floor of offices (the right and left sides) spanning 570 m2 in total with three parking spaces in the same property. The operation has been carried out with a contribution of €1.25 million from own funds and a mortgage of €2.2 million.

The mortgage loan has a duration of twelve years and carries a fixed annual interest rate of 1.7%, according to explanations provided by the company in a statement submitted today to the Alternative Investment Market (MAB).

Moreover, the group has subrogated the lease contract signed for the right-hand office, which is due to expire in October 2024. The left-hand office, by contrast, is vacant.

PSN is whereby adding a new asset in the Madrilenian market, where it acquired a commercial premise in Collado Villalba for €1.3 million last year. During the last year, the company has also purchased two premises in Santiago and Tenerife, for €1 million each, as well as an office building in Sevilla and a hotel in Salamanca for €3 million.

The company, which debuted on the MAB in December 2017, owns a portfolio comprising more than thirty assets including offices, commercial premises and parking spaces in 21 cities across Spain and Portugal. The company expected to close 2018, its first full year on the stock market, with profits.

Original story: Eje Prime

Translation: Carmel Drake

VBare’s Revenues & EBIT Rise by 28% & 46%, Respectively, in the 9 Month to September

2 November 2018 – Eje Prime

VBare Iberian Properties saw its net result for the first nine months of the year decrease YoY. The Socimi recorded a profit of €1.84 million to September, down by 15.6% compared to the same period in 2017, according to a statement filed by the company with the Alternative Investment Market (MAB).

Similarly, the company recorded gross revenues from rental income of €1 million between January and September, exceeding the turnover obtained during the same period last year by 28%. Meanwhile, its EBIT was 46% higher at €611,000.

Currently, VBare’s portfolio has an appraisal value of €35.1 million. So far this year, the company has acquired 37 homes and two commercial premises in the towns of Móstoles, Málaga and Madrid for €3.7 million. The Socimi also undertook a capital increase in June amounting to €3.2 million.

At the beginning of October, the company also completed its largest investment to date in a single asset. That involved the purchase, for €10.5 million, of a residential property located in Madrid. The building purchase, which has a surface area of 3,285 m2, was financed by the company through a mortgage loan amounting to €5.25 million and own funds.

VBare is a real estate investment vehicle specialising in the acquisition and management of residential assets for their rental. The company was constituted in March 2015 with the aim of generating high returns for its shareholders through the implementation of a value-added strategy and benefitting from the existing opportunities in the Spanish residential market.

Original story: Eje Prime 

Translation: Carmel Drake

Témpore Finalises Purchase of 1,100 Flats from Sareb worth €160M

31 October 2018 – Eje Prime

Témpore Properties is shopping at home. The Socimi, listed on the MAB, is finalising the acquisition of a portfolio of 1,110 homes from Sareb worth €160 million. The company, created by the bad bank, is planning to sign the operation before the end of the year, according to explanations provided by its CEO, Nicolás Días Saldaña, during the Investment in the real estate sector through a Socimi listed on the MAB day, organised by Renta 4 and the CEOE.

The Socimi, which specialises in the rental market, will use own funds to complete the purchase of this package, through which it will benefit from the right of first refusal that it has over Sareb’s assets.

This privilege reflects the interest that the bad bank has in ensuring that Témpore achieves portfolio growth over the next few years to become a reference play in the rental segment and debut on the main stock market before 2021, with a portfolio worth €500 million.

On the other hand, the Socimi is working on the sale of 20% of the company’s dispersed assets. The aim of that plan is to raise capital to use to make new investments in developments and entire blocks.

Currently, Témpore has 1,330 homes in its portfolio and generates revenues from rental income of around €7 million. The Socimi has an occupancy rate of more than 90% and obtains an average gross yield of 4.1% from its assets. The management company’s delinquency rate is 3%.

Original story: Eje Prime

Translation: Carmel Drake

OneCoWork to Open a New Centre on Via Laietana in 2019

29 October 2018 – Eje Prime

OneCoWork is strengthening its commitment to Barcelona and is broadening its horizons. The company, founded in 2016 by the Israeli businessman Uri Nachoom, is going to open its third co-working centre in the Catalan capital next spring, according to reports from the company speaking to Eje Prime.

The new centre is going to be located on Via Laietana. With this operation, OneCoWork will have three shared working spaces in Barcelona. It also has a presence in Marina Port Vell and Plaza Cataluña. The company expects to end 2019 with a community of 1,100 members.

Similarly, another of the group’s objectives involves opening a centre in Madrid at the end of next year. Although the exact location of that property has not been decided yet, the company is already considering several possibilities in prime areas of the Spanish capital. According to explanations from sources at the company “everything depends on the supply in the market”.

Sevilla, Málaga and Valencia are also in the spotlight of OneCoWork, which is already studying which cities to open more offices in. Nevertheless, first, the company wants to gain a presence in the main European capitals: Paris, London, Amsterdam and Berlin are some of its objectives in the short term.

The company wants to close 2020 with twelve centres and a community of 10,000 members located all over Europe. For the time being, all of its funds are its own, but “as we grow, we will have to rely on external investments or agreements with building owners or third parties”, say sources at the company.

Going for gold in Barcelona 

OneCoWork opened its first centre in Marina Port Vell in November 2016. The company started out in a building measuring just over 1,000 m2. Around 200 professionals work there now and it reached an occupancy rate of 100% in just three months.

“We really value the city of Barcelona. It is the perfect place for attracting talent and for businesses to evolve”, explain sources at the company. Proof of that commitment to the city came with the opening of its second centre in Plaza Cataluña, in the heart of the Catalan capital, at the beginning of September. That space, distributed over six floors, has capacity for 400 members and is home to companies such as N26. That firm occupies an entire floor in OneCoWork’s newest co-working office.

Moreover, OneCoWork is also considering entering the 22@ district of Barcelona and other areas, “an ambition that will certainly materialise in 2020”.

In parallel to its own projects, the Spanish co-working has also started to invest in startups and to this end, holds a stake in two emerging companies.

Original story: Eje Prime (by B. Seijo & J. Izquierdo)

Translation: Carmel Drake

Elix Buys a Building in Barcelona for €4.1M

26 October 2018 – Eje Prime

Elix VRS is continuing to grow its portfolio as a listed company. The Socimi, led and founded by Jaime Lacasa and Jorge Benjumeda, has acquired a building in Barcelona for €4.1 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The purchase of the property, located on Calle Consell de Cent of the Catalan capital, has been financed in part by the company’s own funds (45%) and in part by a loan (55%). The loan, granted by CaixaBank, has a five-year term and a quarterly repayment schedule.

This operation follows the acquisition of four buildings in the centre of Barcelona that the company carried out in August for €34 million. The new assets of Elix VRS, controlled primarily by the property developer Elix and the funds KKR and Altamar, are located in iconic areas of the Catalan capital.

During 2018 and after just one year of life, the Socimi already has 25 projects underway in Madrid and Barcelona. With this volume of operations, the real estate company is going to put more than 300 homes on the market. Six of these projects are new build and the other 19 are renovations.

Elix’s plans involve buying around forty buildings by 2021 to subject them to comprehensive renovations and place the homes on the rental market once they have been renovated. These rents will fee the Socimi, which plans to rotate the portfolio of assets that it builds every three years.

Original story: Eje Prime 

Translation: Carmel Drake

Mazabi Launches a New Retail Park Project with €30M of Own Funds

16 October 2018 – Eje Prime

Mazabi is committed to retail parks. The Spanish property manager has launched Atalaya Superficies Comerciales onto the market, a project that has been created to develop retail parks and premises, which is going to be led by Sebastián Ojeda, according to a statement issued by the group.

Ojeda, who comes from Bankinter, is joining Mazabi with the purpose of leading the retail park sector in Spain. The new management vehicle is being created with €30 million of own funds contributed by various domestic and Latin American family offices. Atalaya has set itself the objective of achieving sales of more than €180 million over the next six years.

In addition to Ojeda, who has more than twenty years of experience in the banking sector, Mazabi is going to recruit other professionals and it will also engage specialist external advisors. The commitment of the real estate company to retail parks responds, according to the company, to the fact that it is “a sector with a high demand for professionalization and with high growth expectations over the medium term”.

“With the platform and experience offered by our multi-family office, the incorporation of Sebastián (Ojeda) into the project allows us to professionalise this area of the business, which has always been strategic for our group”, says Juan Antonio Gutiérrez, the CEO of the company.

Currently, Mazabi manages properties worth more than €1.3 billion, has investments in fourteen countries with fifty funds and has a specialist team of 25 professionals located in Madrid, Bilbao, Santander, Málaga and Luxembourg. The manager has the objective of growing its portfolio to reach €2 billion and, to that end, has engaged KPMG Real Estate to look for a long-term partner, to contribute equity of €200 million to acquire a “pipeline” of around €500 million.

Original story: Eje Prime

Translation: Carmel Drake

VBare Acquires Residential Building in Central Madrid for €10.5M

4 October 2018 – Eje Prime

VBare is on a roll. The Socimi has purchased a residential property in Madrid for €10.5 million. It is the largest investment made by the company in a single asset to date, according to a statement filed with the Alternative Investment Market (MAB).

The building, located at number 20 Calle Luchana, has a surface area of 3,285 m2. VBare forecasts that the net yield will amount to 4% once the renovation work has been completed and the property has been leased.

The company has subscribed a mortgage loan amounting to €5.25 million, granted by Banca Pueyo. The rest of the purchase price was financed using own funds.

VBare is a real estate investment vehicle specialising in the acquisition and management of residential assets for their rental. The company, which has been listed on the MAB since 23 December 2016, was created in March 2015 and currently owns a portfolio containing 272 assets.

In July, the Socimi made its debut in Málaga with the acquisition of a block of residential assets for €1.35 million. That operation formed part of the company’s growth plan after it carried out a capital increase amounting to €3.2 million in June.

Original story: Eje Prime 

Translation: Carmel Drake

Única Purchases a Portfolio of 5 Assets from AM Locales for €4.6M

27 July 2018 – Idealista

The Socimis are trading assets. Única Real Estate is getting out its chequebook for the first time since it made its debut on the Alternative Investment Market (MAB) to purchase a package of five commercial establishments from the Socimi AM Locales Property for €4.6 million. The assets are located on the main commercial thoroughfares of Madrid and Móstoles.

Única Real Estate is going to add to its portfolio a store at number 30 Calle Goya, another at number 31 Calle Augusto Figueroa and a third at number 310 Calle Alcalá, all in Madrid. In Móstoles, the assets are located at number 23 Avenida Dos de Mayo.

The total price of the premises described amounts to €4.6 million, and they span a combined constructed surface area of approximately 805 m2. “This purchase has been financed using own funds and with a mortgage loan from Bankinter for €2 million”, explain sources at the group.

Única Real Estate owns 35 retail premises in the Community of Madrid, with a combined value of €32.5 million, that generate annual rental income of more than €1.9 million. Currently, the Socimi’s capital is owned by 53 shareholders, including the company’s executives.

The Socimi, specialising in retail premises, has set itself the objective of investing at least €10 million each year on the purchase of new establishments in the Community of Madrid and other large Spanish cities. Única Real Estate, which made its stock market debut in June with a price of €25.25 per share, is also planning to undertake new capital increases over the coming months.

Meanwhile, AM Locales Property made its MAB debut last summer with a portfolio of 40 properties. The Socimi started its activity in 1990 and since then, has been undertaking a variety of real estate acquisitions in Spain. The company’s assets are, for the most part, commercial premises. Its properties are managed by Inversiones GB Balboa, which is controlled indirectly by the company (100%).

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

Quonia Acquires Building in Sevilla for €5.6M

18 June 2018 – Eje Prime

Quonia is gaining ground in the south of Spain. The Catalan Socimi has taken positions in Sevilla, where it already owns some assets, with the purchase of a building on Calle Antonio Salado. The acquisition price amounted to €5.6 million and includes the property and adjacent units at numbers 2, 6 and 12 Calle San Antonio, according to a statement filed by the company with the MAB.

In total, the operation involves a surface area of 3,541 m2, taking into account the property and the adjacent units. The building is currently vacant and is awaiting refurbishment, in which Quonia plans to invest €3.2 million before leasing it out.

The Socimi has financed the acquisition through a combination of own funds and debt. Quobia has obtained a mortgage loan from Banco Popular amounting to €4 million, with monthly repayments over a ten-year term and a capital repayment of 30% at the end of that period.

In February, Quonia obtained another loan from Banco Popular, in that case amounting to €1.5 million, to renovate the building that it owns at number 4 Calle San Vicente. That property has a surface area of 3,500 m2.

Led by Eduard Mercader since October last year, the Socimi has set itself the objective of liquidating its portfolio by 2025, whilst it continues to search for assets to keep buying. Quonia, whose assets are concentrated in Barcelona, completed a €26.5 million capital increase in January.

Original story: Eje Prime

Translation: Carmel Drake

Vitruvio Acquires Commercial Premise in Madrid for €1.5M

5 June 2018 – Eje Prime

Vitruvio is gaining strength in the centre of Madrid. The Socimi has just completed the purchase of a commercial premise in Madrid for €1.5 million. With this acquisition, the real estate group now owns 100% of the building located at number 52 Calle Fernández de la Hoz, which it acquired in 2016, according to the company. Vitruvio also recently completed the renovation of the building.

The commercial premise that Vitruvio has just purchased has a commercial surface area of 314 m2 and until now was occupied by a Bankia bank branch. “The acquisition has not required external financing, but rather has been paid for using the company’s own funds”, say sources at the Socimi.

The acquisition forms part of the transformation strategy that the company has carried out on the building on Fernández de la Hoz to improve the rental income generated by the asset when it purchased it in 2016”, they explain.

“The building has been renovated, to create modern and attractive office space so that the future tenants will be able to benefit from the location of the property in an open and modern space”, they maintain. “Therefore, adding the commercial premise means improving the representativeness of the entrance and improving the space for the tenants of the offices”.

After starting the year with this purchase (in April, it ruled out the acquisition of another building that it was evaluating), the Socimi is looking ahead with 2018 with optimism after recording strong results in 2017. The company closed last year with a 91% increase in its profits to €1.1 million, and a real estate portfolio worth more than €107 million.

That growth was due in large part to the integration of CPI, a real estate investment vehicle created by Consulnor (the manager in which Banca March holds a 48% stake), as revealed by Eje Prime last September.

Meanwhile, rental income at the end of the quarter amounted to €5.1 million, which represented a return of 4.8% on the most recent valuation. Once the building work has been completed on the properties on c/Sagasta and c/Fernández de la Hoz, the income will increase to more than €6 million, which will result in a yield of around 6%. Specifically, the return on Vitruvio’s residential premises amounted to 3.8% in 2017; on its offices to 6.2%; on its commercial premises to 6.4%; and on its industrial premises to 9.3%.

At the end of the year, Vitruvio managed 36 assets and 126 tenants, of which 118 accounted for less than 3% of its income. In terms of asset composition: 38% of the Socimi’s portfolio comprises residential properties; 28% commercial; 22% offices; and 12% industrial.

The company concentrates the bulk of its assets in Madrid, which account for 78% of the portfolio, followed by Vizcaya (10%) and Barcelona (4%). Portfolio highlights include the property at number 24 Calle Sagasta in Madrid, worth €18.8 million and the building on Calle Ayala 101, worth €10.3 million.

In the last quarter, Vitruvio refinanced a significant part of its debt. The group obtained a €19 million loan with a fourteen-year term and an interest rate of 1.95%.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake