Tag: parking lot

VIA Outlets will Start Renovating its Shopping Centre in Sevilla in Q4

11 October 2018 – Eje Prime

VIA Outlets has a start date for the remodelling and expansion of its shopping centre in Sevilla. The European group is going to start the building work on its Sevilla Fashion Outlet before the end of the year, according to explanations provided by the company to Eje Prime. The start of the complex’s reconstruction coincides with the opening of Torre Sevilla, owned by CaixaBank, and the relaunch in 2019 of Palmas Altas, owed by Lar España.

The company is going to invest more than €13 million in this comprehensive renovation project of the Sevillan outlet centre, the group’s second largest in Spain, after its complex in Mallorca. Amongst other aspects, “the building work will include the reconfiguration of the restaurant and food area”, says the company, which is also going to increase the number of parking spaces by approximately 40%.

In terms of aesthetic considerations, the renovation will involve a general remodelling of the centre, which will include a new façade, a renovated entrance and new common areas. “This, as a whole, will contribute to repositioning Sevilla Fashion Outlet as the only premium outlet in Andalucía”, says the group.

The retail complex has been owned by VIA Outlets since January 2017, when it purchased it from the fund Irus European Retail Property. With a surface area spanning 16,400 m2, Sevilla Fashion Outlet has already started the work to recondition and expand the complex’s parking area.

Founded in 2014 as a joint venture between  APG, Hammerson, Value Retail and Meyer Bergman, VIA Outlets has seen rapid growth in the real estate retail market. In just four years, the group has acquired eleven centres around Europe and, recently, it recruited two new senior managers. They were Otto Ambagtsheer (formerly of Unibail-Rodamco), who has been appointed as the Operations Director, and Peter Stals (formerly Blackrock),  who is the company’s new Finance Director (…).

The portfolio of VIA Outlets spans a gross leasable area (GLA) of more than 259,000 m2 and is home to more than 850 brands across the nine European countries in which it has a presence. In 2017, the group’s eleven centres recorded sales of more than €1 billion and were visited by more than 30 million people.

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

MAB Approves Testa’s Stock Market Debut with Market Capitalisation of €1.83bn

24 July 2018 – Eje Prime

Testa is getting ready to refinance its debt. The Socimi in which Santander, BBVA, Merlin and Acciona Inmobiliaria hold stakes has included the refinancing of its liability on its roadmap, given that 91% of the firm’s gross financial debt is due to expire in 2022, according to an information document prepared for its incorporation onto the Alternative Investment Market (MAB), which was published yesterday.

As at 31 March, Testa’s gross financial debt amounted to €475 million, whilst the net financial debt amounted to €415 million. In addition, in order to finance the purchase of the BuildingCenter, the company took out two more loans amounting to €230 million.

As the company explained, of the total gross financial debt, €431 million (91%) expires in 2022. The company plans to refinance its debt by resorting to different instruments.

Testa’s plans following its debut on the MAB involve continuing with its purchase process, which involves acquiring between 1,000 and 2,000 apartments each year. According to the document, the Socimi has a pipeline with a GAV of around €539 million, which represents around 2,959 apartments.

As at 31 December 2017, Testa’s portfolio comprised 9,244 homes, 295 retail premises, located in the same buildings as the homes, and an office building and parking lot in Plaza Castilla, with a combined market value of €2.276 billion. Nevertheless, that data does not include the BuildingCenter portfolio.

In March, Testa signed an agreement to acquire the residential portfolio of the real estate arm of CaixaBank, comprising 1,458 homes. To date, according to the MAB document, Testa has acquired 1,450 apartments from that portfolio for a price of €226 million.

By geographical area, the Community of Madrid accounts for approximately 65% of the gross value of the portfolio, followed by San Sebastián, with 7.2%; Barcelona, 4.1%; Las Palmas de Gran Canaria, 2.9%; Valencia, 2.5%; Toledo, 2.4%; Pamplona, 2%; Valladolid, 1.9%, and Oviedo, 1.5%.

The company, in which Santander holds a 36.8% stake; BBVA a 25.6% stake; Acciona a 20% stake and Merlin Properties a 17% stake, will make its debut on the stock market with a capitalisation of more than €1.83 billion. The company’s stock market debut has suffered several delays, but yesterday it received the green light from the MAB.

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

Criteria to Make a Decision Regarding the Remaining 49% Stake in Saba on 24 May

23 May 2018 – Expansión 

Tomorrow (Thursday 24 May), the Board of Directors of Criteria, the investment arm of La Caixa, will make a decision regarding the future of Saba, the parking lot group of which it is a controlling shareholder, with a 51% stake. Criteria must decide whether to purchase the remaining 49% share capital currently in the hands of KKR, Torreal and ProA Capital or, by contrast, accept an offer for the purchase of 100% of the company chaired by Salvador Alemany.

According to sources close to the operation, Criteria’s position will be to emerge as the buyer, once the economic estimate of the asset has been made known, whose valuation ranges between €1.2 billion and €1.4 billion.

The investment by La Caixa’s industrial holding company will put an end to the period of uncertainty that the company has been experiencing since Torreal (20%), KKR (18.5%) and ProA (10.5%) agreed to sell their combined 49% stake in a coordinated way more than a year ago. Saba’s minority shareholders have forced this outcome. According to the shareholders’ agreements, the drag-along clause was activated in May, which means that any of the shareholders may require the sale of 100% of the company. KKR, ProA and Torreal notified La Caixa of their intention to find a buyer. According to sources consulted, Criteria has expressed its willingness to buy at the estimated prices. Several funds have also expressed their interest in Saba. As Expansión revealed in November 2017, Arcus was one of the first funds to propose an agreement. In the market, sources also point to Macquarie, which purchased Empark last year.

For Criteria, which has declined to comment, the investment in Saba would represent its first major buy-side move since it sold 10% of Gas Natural Fenosa to the fund GIP in 2016 for around €1.8 billion and following its exit this month from Abertis, after accepting the joint takeover bid presented by ACS and Atlantia. For its 18% stake in the highway group, Criteria has received more than €3 billion, which it will use to fund new investments.

The conversations have accelerated in recent weeks to the point that Saba had to postpone its General Shareholders’ Meeting. Originally, it had been convened for 9 May, but it has been postponed until 12 June pending an agreement between the shareholders.

Original story: Expansión (by C.M., M.P.L. and A.Z.)

Translation: Carmel Drake

Caleido’s Makers to Create a Brand New Neighbourhood Around the Cuatro Torres

24 February 2018 – El Economista

The plans involve the creation of a street that will link the area surrounding the La Paz Hospital with Plaza de Castilla and which will have retail units, squares and terraces along it.

In two years time, the barren concourse that currently welcomes the employees that work in Madrid’s Cuatro Torres will be converted into the antechamber of a new retail and leisure space, which is going to be built in the north of Madrid with the arrival of the fifth tower, known as Caleido.

This project from Inmobiliaria Espacio and the Philippine firm Megaworld Corporation will result in the construction of a fifth iconic tower.  The latest addition to Madrid’s skyline will not for known for its height, given that at 160 m2 tall, it will be the shortest of its neighbours, but it will be recognised for the services and life that it is going to bring to the area.

The designs involve the creation of a high street, which will run from the La Paz Hospital area towards Plaza de Castilla, passing through the Madrid Business Area complex, where the Cuatro Torres are located, generating a neighbourhood vibe with several squares and terraces, as well as restaurants and areas for events. In this way, Caleido will not contain a shopping centre, but rather will offer different retail units, which will be opened opposite the new building and which will represent an addition to the businesses integrated into the property.

Specifically, the retail area, which is going to occupy a space of around 13,000 m2, will be distributed over the first level of the four-storey rectangular base on which the tower is going to be built.

The design of this project has been carried out by the architecture firm Fenwick Iribarren and represents that studio’s second piece of work in this office complex, given that it was also the brains behind Torre Espacio, which was also built by the Villar Mir Group (Espacio) back in the day (…).

According to Mark Fenwick, who founded the firm with Javier Iribarren in 1990, “Our objective with this project was to create a service area for the 24,000 people who work in the Cuatro Torres and whereby create urban spaces and meetings areas, such as squares and terraces, which are going to occupy around 7,000 m2, and which will join together the office complex with the neighbourhoods that surround it, to extend the use of this space to the whole community”, said the architect.

The construction of this project also includes the creation of a public park spanning more than 3 hectares, which is going to be located on the adjoining plot and which is also going to be managed by the property developer behind the tower. That space will house facilities for sports, culture and open-air concerts.

Madrid as a destination

In the academic year 2020-2021, Caleido is going to become the first vertical campus in Madrid, given that its main tenant is the Instituto de Empresa (IE), which will occupy all of the 36-storey tower and half of the horizontal building, leasing 50,000 m2 of space in total. The other part of the lower building is going to house an advanced medical centre to be operated by the Quirón-Salud Group (…).

The complex, whose development is expected to involve an investment of around €300 million, will also have a 1,250 space parking lot, 630 of which will be for public use. (…).

Espacio Caleido has already started to market the project, which hopes to attract trendy brands in fashion, technology, sports and restaurants. It is targeting international firms that do not have a presence yet in Spain and the plan is to start signing agreements after the summer. The complex is also considering the creation of leisure area that may house a cinema with an exclusivity concept, as well as a Gaming (videogames) and eSports (electronic sports) area.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Carmena Approves Real Madrid’s €12.7M Investment in the Bernabéu Area

25 January 2018 – Eje Prime

The Town Hall of Madrid is starting to refloat some of the projects associated with the renovation of the Santiago Bernabéu. Today, the municipal government has approved plans to integrate the stadium into its urban environment, an action that affects a surface area of more than 54,000 m2. The corresponding investment amounts to around €12.7 million and will be borne in its entirety by Real Madrid.

The Executive of Manuela Carmena, which imposed these actions as a condition for the approval of the renovation, says that “this will double the public space available for local residents”. The project includes the elimination of architectural barriers and the introduction of access routes for all kinds of people, as well as improvements that give priority to residents when it comes to parking and which encourage sustainable mobility.

To this end, the club will have to place all of its logistics activity underground. According to Palco23, it will build a large city under the stadium where all of these activities will be concentrated. All of the actions follow the criteria established by the Special Plan for improving the urban environment and the detailed plans for the Santiago Bernabéu stadium, which the plenary approved in May 2017. The scope of intervention basically extends from the boundary of the stadium’s plot, which has not been modified, to the official border of the neighbouring buildings. “The intervention has been expanded to some bordering areas to provide maximum homogeneity and functionality to the remodelling operation that is being promoted”, said the Town Hall. Although no timeline has been established, it has been confirmed that the building work on the outside will be coordinated with those happening inside the Bernabéu itself.

A square measuring more than 10,000 m2 will be created on the façade overlooking Paseo de la Castellana, benefitting from the removal of the bus parking lot that currently occupies that site. In its place, gardens and new lighting will be installed. On the other side of the stadium, overlooking Calle Rafael Salgado, a space will be opened with “co-existence traffic and flexible parking platforms”.

Calle Padre Damián and Plaza de Sagrados Corazones, which co-exist alongside the grandstands, will gain space thanks to the demolition of the Esquina del Bernabéu shopping centre, to create a new square. Moreover, the north and south pavements of Calle Concha Espina will be widened, making the whole area more pleasant for residents and pedestrians.

Original story: Eje Prime 

Translation: Carmel Drake

Torreal, KKR & ProA May Force La Caixa To Sell 100% Of Saba

10 November 2017 – Expansión

The European parking lot market is at boiling point. Following the sale of Empark earlier this year to the Australian fund Macquarie, now comes the turn of Saba, the other Spanish leader in the sector, controlled by Criteria (La Caixa). According to financial sources consulted, the firms KKR, Torreal and ProA, which together own 49% of the company, have resumed the plan to sell their shares. Unlike in previous processes, on this occasion, the conversations with investors revolve around the sale of 100% of the company, given that, by agreement between the shareholders, they may force La Caixa to sell its controlling 50.1% stake.

According to preliminary estimates, the valuation of the company could reach €1,150 million. Until last December, the company’s financial debt amounted to €545 million. Sources at Saba declined to comment on the news.

The parking lot group closed 2016 with turnover of €222 million, compared to €225 million in 2015, when its revenues still reflected income from its logistics parks. The company, a spin-off of Abertis, constituted in 2011, obtained an EBITDA of €103 million and earned €4 million from its ordinary activity in 2016 (€32 million with the gains from the sale of its logistics business to the Socimi Merlin).

Two hundred thousand parking spaces

The group manages 195,000 parking spaces across Spain, Chile, Portugal and Italy and employs 1,400 people. Its last major operation was the contract it won in 2014, with a bid amounting to €234 million, to manage the parking lots in Barcelona through a joint venture with the city’s Town Hall.

Potential buyers for Saba include the large investment funds that specialise in infrastructures. Sources in the market say that the investment firm Arcus, which manages a portfolio of assets worth €17,000 million, is looking at this opportunity. KKR, Saba’s third-largest shareholder, purchased the parking lots of the Dutch firm Q-Park earlier this year for almost €3,000 million. Meanwhile, Ardian and Predica also put the French market leader Indigo up for sale this year; that company has strong interests in Spain and is worth around €3,000 million.

There have been other smaller transactions in Spain, such as the agreement signed by Oak Hill to acquire Isolux’s best parking lots and the sale of Parkia to First State for €300 million.

Saba, which is chaired by Salvador Alemany, suffered a major setback this summer after losing the bid for Empark. The parking lot group, whose vocation since its constitution has been to make its debut on the stock market, had wanted to absorb Empark to acquire critical mass for its stock market debut. But its offer was lower than the one presented by the Australians, which, according to the market, bid around €900 million.

Following that setback, the minority shareholders have reactivated the sales plan. Specifically, the shareholders’ agreement lapses in November and the funds have a drag along clause to force the other shareholders to sell. The timeframe for looking for interested investors runs until May 2018 and if Criteria does not want to sell, then it has the right of first refusal to buy the shares that it does not control at the same price agreed with the investor (…).

Original story: Expansión (by C. Morán, I. Abril and M. Ponce de León)

Translation: Carmel Drake

Lar España Invests €250M To Build Sevilla’s Largest Shopping Centre

18 October 2017 – El Periódico

Lar España has started construction of the new ‘Palmas Altas’ shopping centre in Sevilla. The project will involve an investment of €250 million and will generate around 4,800 jobs during its execution phase and subsequent operation.

The centre, which will open its doors in 2019, represents the largest urban planning investment to have been made in the Andalucían capital for a decade. It is also going to be the most valuable asset in the portfolio of its owner Lar, the Socimi that specialises in shopping centres.

The first stone of the establishment was laid on Tuesday and the centre will be the largest commercial space in Sevilla, given that it will have a surface area of more than 123,000 m2. Moreover, it will have an artificial lake spanning more than 7,000 m2, along with green spaces and cinemas, amongst other facilities.

During the unveiling of the project, the CEO of Lar España, Miguel Pereda, said that the total surface area of the centre, comprising the retail and leisure space will span 100,000 m2 and will house 200 stores and terraces.

Primark and Media Markt

According to the property developers, the supermarket Mercadona has already committed to leasing a space in the new centre, as has the textile firm Primark, which will take over premises measuring 8,000m2; Media Market will occupy another large store. The cinema screens will be operated by the company Yelmo, which belongs to the Cinépolis group.

Moreover, the centre will be completed with a 3,200-space parking lot, most of which will be underground. All in all, the centre hopes to receive around 14 million visitors per year.

Original story: El Periódico

Translation: Carmel Drake

Ibercaja Sells 450-Space Parking Lot In Zaragoza To Indigo

13 October 2017 – Inmodiario

JLL, the professional services firm and investment manager specialising in the real estate sector, has advised Ibercaja on the sale of the San Ignacio de Loyola parking lot, located in the centre of Zaragoza, The purchaser has been the parking lot manager Indigo, the global mobility leader, which has a presence in 16 countries, including Spain.

The asset has a surface area of almost 20,000 m2, distributed over 500 parking spaces in total, of which 450 have been included in the transaction perimeter; the remaining 50 spaces will continue to be owned by Ibercaja.

The parking lot is prized due to its excellent location, in the heart of Zaragoza, between Calle San Ignacio de Loyola and Paseo de la Constitución, next to El Corte Inglés and close to Plaza Paraíso, an important transport hub in the city. Similarly, the area stands out because it is home to a large number of homes, as well as several major commercial and office spaces.

For Loïc Delcroix, Indigo’s Director General in Spain and Director in Europe: “This significant operation fits perfectly into our expansion and growth strategy in Spain. (…). The operation also serves to reinforce our position as one of the main mobility players in the country”.

For Ibercaja, this operation comes in response to the objective to divest non-strategic assets and, in this way, focus all of its efforts, media and resources on boosting the banking business and implementing the digital transformation, whereby fulfilling the route map established for the strategic cycle 2015-2016.

In the words of Nick Wride, Director of Alternative Assets at JLL, this operation “is another example of the great interest that exists in investing in alternative real estate assets in Spain, a market with enormous potential that will continue to grow at a rapid pace over the next few years”.

Original story: Inmodiario

Translation: Carmel Drake

Grupo Ortiz To Partially Spin Off Its RE Business

9 February 2017 – Cinco Días

A new company is getting ready to join the fruitful world of the Socimis. Grupo Ortiz, a Madrid-based construction company founded in 1961, is working with the financial group Arcano to prepare for the debut of its real estate business on the Alternative Investment Market (MAB). The new company will own the Group’s real estate assets, which are all rented out, according to sources familiar with the operation.

Through this transaction, the company is looking to bring assets amounting to around €150 million to the market, along with associated debt amounting to €55 million. Moreover, the company chaired by Juan Antonio Carpintero is looking to take advantage of the future listed company to secure other investors for his business, and Arcano will act as advisor. Both companies declined to comment on the operation.

The intention of the construction group is to open up the Socimi to other investors and whereby partially sell off part of the new company, but to retain ownership of at least 30% of the capital. The company is currently undergoing a process of internationalisation, and sources close to the group indicate that these resources could be reinvested in new opportunities.

The market expects the new Socimi to be constituted within the next few months. Experts in the sector say that the objective, given Grupo Ortiz’s portfolio of assets, is to offer to pay a quarterly dividend, which could exceed 5% p.a.

The portfolio will initially comprise several office buildings, plus more than 340 rental homes, a parking lot on Calle Ortega y Gasset in Madrid with 800 parking spaces, as well as retail premises and warehouses, most of which are located in Madrid and the surrounding area. According to the Group’s website, Ortz has 36,000 m2 of tertiary assets leased out and 1,445 social housing properties, owned by Madrid’s Housing Institute (Ivima) and the Municipal Housing Company (EMV).

It also has 24,000 m2 of office space leased out in Madrid, primarily in the area around La Gavia (Ensanche de Vallecas). According to its annual accounts for 2015 (the latest available), the real estate business generated revenues of €55.34 million.

The group’s total turnover amounted to €376 million in 2015, with an EBTIDA of €41.22 million. Although the firm started out as a construction company, it has since diversified and now operates four divisions: concessions, energy, services and real estate.

The Socimi structure allows those who adopt its tax regime to enjoy exemptions from corporation tax in exchange for the compulsory payment of dividends to their shareholders each year (who do pay tax). The structure has served to boost the Spanish real estate market, with the backing of international funds, and many large property owners have also benefitted from these structures. Around 30 Socimis are currently listed on the MAB.

Grupo Ortiz launched its international activity in Peru in 2010. It currently has operations in Colombia, Peru, Mexico, Panama and Algeria, with energy projects in Italy and France, photovoltaic solar plants in Guatemala, Honduras, Chile, El Salvador and Japan and other integrated water management projects in Romania.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Car Parks: Isolux Joins Forces With Oak Hill

28 January 2015 – Expansión

Cash inflow of €100 million / The group, which is in the middle of an IPO, has granted its new partner the option to buy its car park business from 2019.

Isolux has strengthened its car park subsidiary, one of the outstanding loose ends in its business, which will become more attractive through this transaction, as the company continues with its plans to go public in mid-February. Specifically, the Spanish group has signed an agreement with the fund Oak Hill Capital Partners to jointly develop the business.

The investment firm has injected €100 million into the company in the form of a loan, which is fully intended to increase the company’s portfolio of assets. In return, Isolux has granted Oak Hill an option to take ownership of the car park subsidiary from 2019.

The agreement transforms Isolux Infrastructure into one of the most active competitors in the Spanish parking sector. The car park business map has undergone a profound transformation in the last year, due to: the divestment processes that are underway (the sale of the market leader, Empark); the merger of companies (Mutua Madrileña and EQT have created a joint venture); and the award of large public concessions (Saba has acquired car parks from the Ayuntamiento de Barcelona, as well as some of those previously owned by Aena).

Currently, Isolux is one of the largest operators in the sector, with almost 24,000 parking spaces; it generated revenues of €14 million to September last year and a gross operating profit (EBITDA) of €8 million during the same period.

The agreement with Oak Hill, signed last year, ends a period of uncertainty for this branch of Isolux’s activity, which it had put up for sale after other attempts to form strategic alliances had fallen through. At the beginning of 2013, the Spanish group signed a preliminary agreement with the French fund Edifice Capital for the investment of €150 million between 2013 and 2014. The resources were going to be used to purchase new car parks with the aim of reaching 50,000 spaces in total. Surprisingly, the French firm did not keep to its word and withdrew from the project.

(….)

Original story: Expansión (by C. Morán)

Translation: Carmel Drake