Catella Accelerates Its Investments In Spain

19 September 2017 – Expansión

Catella Asset Management is stepping on the accelerator in Spain. The Swedish fund manager, which arrived in the country just two years ago and which has already invested €150 million in assets, plans to boost the pace and make purchases amounting to €350 million over the next two years, whereby taking the firm’s total investment volume in the country to €500 million, according to Javier Hortelano, Managing Partner at Catella Asset Management in Iberia.

Until now, the company has undertaken five transactions in the residential rental market – four properties in Madrid and one in Barcelona – and has participated in the purchase of two shopping centres. Specifically, the fund manager has bought the Portal Mediterráneo shopping centre in Vinaroz (Castellón), together with the fund Aberdeen, and the El Manar retail complex in Massalfassar, in the Valencia metropolitan area, with the Belgian investor Mitiska Reim. In both cases, Catella is responsible for managing the assets.

The fund manager, which is listed in Stockholm, has a presence in 12 countries and manages assets worth around €3,400 million in Europe. “Spain is one of the markets that the firm is backing the most. Until now, we have invested €150 million, but the group’s ambitions go beyond that, given that we consider that the Spanish market offers a lot and has great potential”, he adds.

Spain ranks in the group’s Top 5 behind Scandinavia, Germany and France. Hortelano revealed that Catella is already analysing assets and expects some of the operations under consideration to materialise within the next couple of months. Specifically, the manager expects to invest €60 million in the residential sector before the end of the year.

Operations under consideration

In the future, the company will continue investing in the retail and residential sectors, where it is considering entering new locations such as Valencia, Málaga, Sevilla, Alicante, Madrid, Bilbao, San Sebastián and Vitoria, where it is identifying opportunities. “There is an increase in demand, oriented towards leasing. Spain is gaining ground, in line with other European countries, such as Germany and the United Kingdom”, says Eduardo Guardiola, Partner at the firm.

Guardiola believes that Spain suffers from a lack of supply and professional management in the residential rental market, which is adding to greater potential demand.

Moreover, the firm is considering entering other tertiary markets and wants to invest in offices and halls of residence for students. “Catella has a fund that invests in halls of residence for students at the European level. It is a very interesting asset, with lots of potential in Spain”, say the partners.

Both have a long history in the real estate sector. Before joining Catella, Hortelano was a Partner at PwC and previously served as the Director General of Operations at Redevco and was a member of the Dutch multi-national’s Board of Directors. Meanwhile, Guardiola has held positions of responsibility at PwC, Bouygues and Decathlon.

Potential

In terms of the real estate market, Catella believes that Spain is consolidating its position as one of the most attractive markets in Europe, but that, after years of rising returns, the sector has entered a new phase in which, in order to create value, you have to invest capex, professionalise the management and improve the rental market. “We have the opportunity to go from being an opportunity country to being a core country with a recurrent volume of investment every year”, say the executives.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Catella Buys 2 Housing Blocks In Pinto (Madrid) For €24M

24 January 2017 – Expansión

The Catella Group’s real estate fund manager, Catella AM, has acquired two residential properties located in the Madrilenian municipality of Pinto, for €24 million.

As well as participating in the purchase process, Catella AM will also take responsibility for managing the asset portfolio. The two buildings are twins and have a combined constructed surface area of 18,092 m2, distributed over 216 homes.

Similarly, the assets have 216 parking spaces and 216 storerooms. The properties have an occupancy rate of 93% of the gross leasable area. Catella AM is the Catella Group company that manages investments and real estate assets in Spain and Portugal on behalf of the funds managed by the company itself, as well as for Spanish and overseas institutional investors.

During its first year of activity, the manager has accumulated a portfolio under management amounting to €100 million. In recent months, Catella AM has purchased three residential properties located in Madrid, in Barajas and on Calle Génova, and in Barcelona, in Poblenou (pictured above).

In addition, the manager has completed the acquisition of the 12,400 m2 Portal Mediterráneo shopping centre in Vinaroz (Castellón).

Original story: Expansión (by R.A.)

Translation: Carmel Drake

Mitiska REIM Acquires Portal Mediterráneo Retail Park

29 September 2016 – Real Estate Press

Yesterday, Mitiska REIM, the leading specialist investor in retail parks in Europe, announced its entry into the Spanish market with the acquisition of the Portal Mediterráneo retail park in Vinaroz.

It is the first of several acquisitions that Mitiska REIM plans to make in Spain over the next few months, as a result of the improvement in the macroeconomic environment and the increased interest from commercial operators in retail parks in Spain.

Portal Medierráneo is a retail park that has a gross leasable area of 12,400 sqm, spread over 11 stores leased to brands such as Jysk, Bricorama, Norauto and Sprinter, amongst others. Located in Vinaroz, on the east coast of Spain on the border between the Community of Valencia and Cataluña it has a catchment area of 130,000 people, which increases to 250,000 during the summer. Similarly, Portal Mediterráneo benefits from the tourists that visit this area and from its location in a major retail area, alongside several other large stores including: a Carrefour hypermarket, a Decathlon shop, an Aldi supermarket and a McDonald’s restaurant.

The asset has been acquired by an institutional fund recently launched by Mitiska REIM, known as First Retail International Fund 2 (FRI 2), which has received support and advice from Catella Asset Management Iberia.

Mitiska REIM has also announced the appointment of Christophe Mouton as its Director in Spain and Portugal. Christophe will be responsible for acquisitions, developments and the management of partnerships with property developers and investors in retail parks across Spain and Portugal, with a special focus on the development of new retail parks. (…).

Mitiska REIM is a private company specialising in fund management and real estate investments, which is headquartered in Brussels (Belgium). Mitiska REIM invests exclusively in the peripheral retail park sector in Europe, in accordance with its strategy of (co)-development and adding value. (…).

Mitiska REIM recently announced the second satisfactory closure of its First Retail International 2 Fund (FRI2) for €190 million, which significantly exceeds its original aim of €150 million. (…).

Original story: Real Estate Press

Translation: Carmel Drake