Domo Completes the Sale of a Residential Building in the Midst of Lockdown

The Socimi Domo Activos has announced the sale of a residential building located in the Vallecas neighbourhood of Madrid for €25.5 million.

The Socimi Domo Activos has announced the sale of a residential building located in the Vallecas neighbourhood of Madrid. The property, located on Calle Arte Figurativo, has a surface area of more than 15,182 square metres, distributed over 80 homes, six commercial premises, 106 parking spaces and common areas.

The asset sold is an investment project that Domo built on a plot with the aim of selling the properties to individuals. However, in February, Domo announced that it had received a binding offer for the whole property, as reported by Brainsre.news.

Elix Vintage Rents Buys a Residential Building in Barcelona for €6M

4 April 2019 – Idealista

Elix Vintage Rents, the Socimi owned by KKR and Elix, has completed the purchase of a residential building in Barcelona for €6 million. The property is located at number 161 Calle Ausias March and its purchase has been partially financed by a loan (€3.2 million) from CaixaBank.

Elix Vintage Rents is a real estate investment vehicle specialising in the acquisition and renovation of residential properties in the centre of Madrid and Barcelona and the rental of homes. It currently owns more than 20 buildings.

Original story: Idealista 

Translation/Summary: Carmel Drake

Barcino Purchases a Property in Barcelona for €2.4M

4 December 2018 – Eje Prime

Barcino is going shopping in the Catalan capital. The Socimi, which made its debut on the stock market in December, has acquired an asset comprising nine homes and one office, located at number 105 Calle Hospital in Barcelona. The operation has been closed for almost €2.4 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The company has financed the purchase using funds obtained from the capital increase that it carried out in September, amounting to €9.7 million. In addition, the occupancy rate of the asset amounts to 89%, according to a statement filed by the group with the stock market regulator.

Barcino is in the process of growing its residential portfolio. Its most recent acquisition was at the beginning of October when it purchased a property in the Catalan capital for €2.8 million. In May, the company invested €2 million in the purchase of around twenty assets, also in Barcelona, the city where it centres all of its operations. Most of its buildings are rental homes, but it also owns offices buildings and commercial premises, located throughout the metropolitan area of the Catalan capital.

Before the end of 2017, the Socimi disbursed €1.6 million to acquire a residential building on Calle Girona. The company’s Board of Directors comprises Mateu Turró, in the role of President, and Francesc Ventura and Ralph Weichelt, as directors. Barcino was valued at €19.1 million when it made its debut on the MAB.

Specialising in real estate investment and management, the Socimi is controlled (50.01%) by Barcino Management and managed by a company linked to the firm Vistalegre Property Management.

Original story: Eje Prime

Translation: Carmel Drake

Galil Capital Buys a Residential Building in Barcelona for €3.8M

19 July 2018 – Eje Prime

Galil Capital is already starting to use the €4.5 million it raised last week. Taking advantage of the two loans it signed recently, the Socimi has purchased a building in the Grácia neighbourhood of Barcelona for €3.8 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The asset, located at number 9 Calle Escorial, comprises fourteen homes and two retail premises, all of which are leased. The building has a surface area of 1,603 m2 and was acquired on 17 July.

The Socimi owned by Gil Avraham Shwed, founder of the technology firm Check Point has funded this operation using the two loans that were signed just a few days ago. The first is a bank loan amounting to €2.5 million and the second is a €2 million loan that the majority shareholder granted to the company. “This acquisition has been financed using available cash following the drawdown of new financing subscribed by the company”, said the group in a relevant fact sent to the MAB.

Galil Capital owns a portfolio comprising seven residential properties located between Madrid and Barcelona. The valuation of its assets exceeds €31 million.

The Socimi’s plans at the time of its debut on the MAB included carrying out two acquisitions during the course of 2018. For the time being, it has fulfilled half of that objective through this operation in Cataluña.

The company seeks residential assets in Barcelona and Madrid, above all small- and medium-sized buildings (with between ten and fifty assets per building), although it does not rule out investing “at least 25% of its funds in commercial assets in Madrid and Barcelona and even in properties outside of the two major capitals”.

Original story: Eje Prime

Translation: Carmel Drake

MK Premium Acquires First Property in Madrid

12 December 2017 – Eje Prime

MK Premium has arrived in Madrid. The family office has acquired a property measuring 728 m2 in the Chamberí neighbourhood, in which it will invest €2.4 million in total between the purchase and subsequent planned renovation. The company will close 2017 with more than 95 assets in its portfolio.

MK Premium’s first building in the Spanish capital, located at number 10 Calle Santísima Trinidad, is around fifty years old. Inside, the property contains four homes, one per floor, with a surface area ranging between 66 m2 and 99 m2, as well as a penthouse flat with a terrace, measuring 107 m2.

Founded by the brothers Daniel and Sergio Leiva, the real estate company MK Premium started its real estate activity five years ago in Barcelona, where just a few weeks ago, it acquired two more properties. Now, it is working on its expansion across Spain, which has led to the opening of an office in Madrid. With its first asset in the capital, the real estate company’s portfolio now contains almost 100 assets (95, to be specific).

The company expects to close 2017 with revenues of almost €25 million, after recording turnover of €14 million during the first half of the year, and profits of around €1.7 million.

Original story: Eje Prime

Translation: Carmel Drake

KKH Gets Green Light to Convert Deutsche Bank Building into Super-Luxury Apartments

11 December 2017 – Expansión

The former Deutsche Bank building in Barcelona, which saw its plans to be turned into a five-star hotel fall by the wayside, has finally obtained the municipal licence it needs to execute its plan B. As such, the former office building is now going to be transformed into a super-luxury residential property.

Its owner, KKH Property Investors, is going to invest around €180 million in total, according to market sources, to carry out the complete renovation of the property and build 34 homes with high-end services. One of the features of the project approved recently is that part of the four-storey commercial building located opposite the tower will be sacrificed and a passage will be built to make the residential building independent, and it will be made lighter.

KKH, led by the former CEO of Renta Corporación, Josep Maria Farré, has set out to build the most exclusive residential property in Barcelona. That distinction is currently held by the former Barcelona headquarters of Winterthur, owned by Squircle Capital, whose homes, measuring 500 m2, are sold (unfinished) for around €6 million, equivalent to more than €12,000/m2.

The 34 homes in the Deutsche Bank building will have a surface area of 200 m2 each and, as well as their privileged location, on the corner of Paseo de Gràcia and Avenida Diagonal, are going to enjoy panoramic views over the city. The common areas will include private parking, a gym, a spa, communal terraces, a swimming pool and meeting rooms. One of the features that will distinguish this residential community from others in the city, and which will make it equivalent to the best buildings in London and New York, will be the team of 20 employees that will be on hand to perform maintenance, cleaning, concierge, security and general support services for residents.

Plans

The project’s design has been entrusted to the architect Carlos Ferrater, and the first phase of construction has been subcontracted to Copcisa. The retail building, where Casa Seat will open, is expected to be finished in 2019 and the residential area, which will house another retail store on the ground floor, measuring around 500m2, should be ready by the beginning of 2020.

KKH Property Investors, a vehicle in which KKH Capital Group and the NYC fund Perella Weinberg Real Estate Fund II LP hold stakes, paid €90 million for the property in 2014. It then spent another €20 million to ensure that the Town Hall of Barcelona, led at the time by the convergent Xavier Trias, gave it permission to demolish the property and construct a hotel in its place.

The €20 million was spent buying equipment to lend to the city, to acquire buildability rights, and to pay €10.5 million to the Town Hall. But, when the project had received the municipal green light, Ada Colau arrived in government and, with her, the moratorium and new urban development plan that prevented the construction of the hotel, in which chains such as Four Seasons had expressed an interest and which would have resulted in the creation of 400 jobs.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Aligrupo Family Office Acquires Residential Building In Chamberí

7 November 2017 – Eje Prime

Family-owned real estate companies are continuing to fatten up their asset portfolios. In this vein, Aligrupo has just acquired number 13, Calle Francisco Ricci, located in the Madrilenian neighbourhood of Chamberí. Until now, the property was owned by a private investor.

Aligrupo plans to turn the property into a new housing development to meet the growing demand in the area. The building is located next to the ICADE study centre and the El Corte Inglés store on Calle Princesa. The operation has been brokered by the real estate consultancy firm JLL.

It is a residential building that needs renovating and which, given its surface area and layout, lends itself to the construction of homes with space for common areas such as garden areas or a swimming pool.

Original story: Eje Prime

Translation: Carmel Drake

Renta Corporación’s Profits Rose By 255% In H1 To €7M

21 July 2017 – Diario Vasco

The real estate company Renta Corporación has seen its profits soar by 255% during the first half of this year, to €7.1 million, up by €5 million compared to the same period last year.

During the first six months of 2017, the company closed operations in Barcelona and Madrid amounting to €142 million and launched a Socimi – listed real estate investment company – together with the Dutch pension fund APG containing residential rental assets.

In declarations to Efe, the CEO at Renta Corporación, David Vila, assessed these results “very positively”, since they confirm the strong performance of the real estate company over the last few years and allow us to forecast that the company will achieve its goal of earning €13 million in 2017 as a whole.

“Renta Corporación closed 2016 with a solid business portfolio, which gave us good visibility for this year”, explained Vila.

Specifically, the business portfolio amounted to €210.2 million at the end of June, a very similar figure to that registered in December 2016.

According to Vila, this quantity is “optimal” for its business model, given that they tend to move between €200 million and €250 million to properly carry out their activity.

During the first half of the year, the operating margin amounted to €9.5 million, double the figure recorded in the same period last year (€4.8 million).

Similarly, the real estate company has closed operations in Barcelona and Madrid amounting to €142 million, cities that Vila considers to be “the most import and most liquid” for the real estate sector and which “are leading” the recovery process.

In Barcelona, Renta Corporación closed the sale of Edificio Mercurio for €30 million as well as that of an office building on Avenida Diagonal for €7 million.

In Madrid, the company sold an office building on Calle General Moscardó for €5.6 million as well as that of a residential property on Calle Jorge Juan for €8.4 million.

The director also highlighted the good results obtained by the Socimi that Renta Corporación has created together with APG, which has committed share capital of €130 million.

He said that the company has recorded “strong activity”, given that it has made its first purchases amounting to €25 million in the Madrilenian municipalities of Navalcarnero and Rivas-Vaciamadrid and will undertake new acquisitions over the next few weeks.

The CEO forecasts that the Socimi will make “significant” contributions as its activity increases, even though it currently represents a small proportion in comparison to the real estate company’s overall result.

Renta Corporación closed the first half of the year with a share price of €2.84, which represents a 55% increase compared to the figure recorded at the end of last year (€1.84).

Original story: Diario Vasco

Translation: Carmel Drake

Arcano’s RE Fund Acquires 2 Assets For c. €20M

27 March 2017 – Observatorio Inmobiliario

On Tuesday (21 March), Arcano’s real estate fund, the Arcano Spanish Opportunity Real Estate Fund (ASOREF), announced the acquisition of two new assets for almost €20 million. The assets acquired comprise an office building in Barcelona’s Plaza Europa (number 22-24) and a residential building on Calle Divino Pastor, 5 in Madrid.

Following these operations, the fund has now invested 50% of its capital; it plans to complete the rest of its investments this year.

The office building on Plaza Europa, 22-24 in Barcelona (pictured above) involved an investment of around €13 million. The asset is located in one of the fastest growing areas of the city for high-quality office space. The property currently has an occupancy rate of 84% and a gross leasable area of 7,334 m2, along with 83 parking spaces and storerooms covering 452 m2. It also has 164 parking spaces as an administrative concession.

Now that Arcano has acquired the property, its objective, as part of its added-value strategy for this fund, is to invest in its refurbishment and update, to increase the value and appeal of the building. “Our strategy will involve repositioning the property through the active management of it. From our point of view, Plaza Europa is the natural area of consolidation for the office market in Barcelona – it is going to undergo significant changes over the next few years”, said Pablo Gómez-Almansa, Investment Director at ASOREF.

The asset acquired in Madrid, on Calle Divino Pastor, 5, for a price of just over €6 million, is for the construction of 28 new homes with 1 and 2 bedrooms, a commercial space and 88 parking spaces. It is an 810 m2 plot of land with a constructed residential surface area of 2,371 m2. The plot is located in the Malasaña neighbourhood, in the Centro district of the city of Madrid, between Calles Fuencarral and San Bernardo. The building is very well located and in a strategic area between Calles Princesa, Gran Vía, Fuencarral and Carranza. It will benefit from the lack of land and shortage of new residential developments in the area.

In the words of Eduardo Fernández-Cuesta, Head Partner at ASOREF, “the two acquisitions announced today underline Arcano’s commitment to forming a diversified portfolio and adding value to its properties, through renovation, new builds and better positioning of its buildings in the market, to increase the supply of high-quality assets”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Socimi Inmofam 99 Will Debut On The MAB On 21 Dec

19 December 2016 – Finanzas

The Socimi Inmofam 99 will debut on the Alternative Investment Market (MAB) on Wednesday 21 December, at a price of €17.60 per share, according to the BME.

This price values the company at €38.83 million. Inmofam 99 owns a portfolio of retail premises located on the main shopping streets of a number of Spanish capital cities, as well as one residential building in Oviedo.

The portfolio includes a shop on Calle Raimundo Fernández Villaverde in Madrid and another two on Paseo Zorrilla in Valladolid.

On the financial side, Inmofam 99 has two loans, granted by the entity Banca March and both are secured by mortgaged assets. The first, amounting to €2.48 million, expires in December 2019 and €1.72 million has been drawn down to date. The other, amounting to €3.90 million, matures in 2022 and €3.12 million has been drawn down so far.

This is the 27th Socimi to debut on the MAB in 2016 and, like its predecessors, it will begin trading by means of a price fixing system.

Original story: Finanzas

Translation: Carmel Drake