6 July 2017 – Eje Prime
Optimum III, the residential Socimi created by BMB Investment Management and the US fund Bluemountain, is continuing to grow its portfolio of assets with new purchases. In its latest deal, the company has acquired a residential building in the neighbourhood of Sarrià-Sant Gervasi, in the upper area of Barcelona. The purchase of this property has seen the group invest €6.6 million.
The property is located at number 46 on Calle Calaf, in one of the most expensive districts in the Catalan capital. Until recently, Sarrià-Sant Gervasi was the most expensive neighbourhood in the country in which to buy a home, according to data from Tinsa’s IMIE Local Markets index. During the fourth quarter of 2016, the upper area of Barcelona became the most expensive in Spain, with an average house price per square metre of €3,901/m2, up by 8.6% compared to the fourth quarter of 2015.
Nevertheless, during the first three months of this year, the boom in Madrid saw the tables turn, with the neighbourhood of Salamanca becoming the most expensive in the country, exceeding €3,800/m2 (up by 6.8% compared to a year earlier). Meanwhile, Sarrià-Sant Gervasi was ranked in second place, with an average price of €3,778/m2 during the first quarter of the year.
Optimum III is continuing to increase its portfolio of assets (…), however, its business is different in several ways to that undertaken by its predecessor Optimum Real Estate. Firstly, due to the reactivation of the real estate market, the average price of acquisitions will now be approximately €2,500/m2 in Barcelona and €2,800/m2 in Madrid, according to the group. Secondly, the capital of Spain will play a greater role in the portfolio; the city accounted 20% of the total assets owned by the previous Socimi, whereas it will now account for 30% of the total, with Barcelona accounting for the remaining 70%.
Moreover, taking advantage of the work already performed by BMB for Optimum Re Spain between December 2016 and February 2017, Optimum III has now acquired five properties in the two cities. In Barcelona, it purchased buildings located on Avenida Diagonal at the intersection with Calle Girona, and on Calle Bruc at the junction with Calle Aragó, amongst others. BMB’s intention is to invest €100 million through the new vehicle, in the form of both acquisitions and improvements. In this way, Optimum III’s portfolio will comprise more than twenty buildings.
Optimum Real Estate, the older sister
In parallel to Optimum III, BMB and Bluemountain are continuing to fatten up their other Socimi in Spain, Optimum Real Estate. Currently, the asset portfolio of that Socimi, which was created following the success of two vehicles constituted in 2007 to purchase residential buildings in Berlin (Germany), comprises fifteen assets located in Barcelona, in central areas such as El Eixample, Gran Vía, El Born and Ramblas, as well as one in Madrid, located at number 8, Calle San Bernardino. Optimum’s portfolio is currently valued at €63.7 million (…).
Original story: Eje Prime (by C. Pareja)
Translation: Carmel Drake