Tag: retail premise

MK Premium Buys its First Retail Premise in Barcelona for €1.7M

26 July 2018 – Eje Prime

MK Premium is diversifying its investments. Specialising in the residential market, the Catalan family office has purchased its first retail premise in Barcelona for €1.7 million. The asset is located very close to Las Ramblas in the Catalan capital.

Spanning a retail surface area of 440 m2, the premises are located at number 44 Calle Escudellers, next to Plaza Orwell. The property is going to be renovated to recover the original serigraphs on its façade.

The property acquired by the family office that is owned by the brothers Daniel and Sergio Leiva was constructed in the 16th century, although the upper floors, dedicated to residential use, were built in 1769. The building has been declared an Asset of Cultural Interest by the Town Hall of Barcelona. MK Premium aspires to achieve an annual return of 5.5% from this property, located in one of the prime retail areas of the Catalan capital. The Leiva brothers will establish a monthly rent of €10,500 for the asset.

With this new purchase, the Catalan real estate company has finished the first half of the year with investments worth more than €9.3 million, spread between its offices in Barcelona, Madrid, Lisbon and Porto.

MK Premium ventured into Portugal at the beginning of 2018, as reported by Eje Prime. Its commitment to the neighbouring country is in line with the real estate company’s roadmap, which details that it is willing to invest up to €25 million this year.

Specifically, the most recent purchase that the company has carried out in the residential sector was in Lisbon. The Catalan real estate firm invested €0.5 million a few weeks ago in its first residential building in the Portuguese capital, as revealed by Eje Prime.

The family office’s portfolio now contains almost fifty assets, although it still needs to buy many more buildings and premises to reach the target of having eighty properties in its portfolio by the end of this year.

Original story: Eje Prime 

Translation: Carmel Drake

Hadley Sells a Prime Commercial Premise in Pamplona for €8M

7 May 2018 – Eje Prime

Whilst some Socimis are continuing to add new assets to their portfolios in Spain, others are starting to divest. In this vein, Hadley Investments, whose sole shareholder is Stirling Adjacent Investments, has closed the sale of a property on the most prime street in Pamplona. The Socimi has received €7.8 million for the asset, according to explanations from the group.

The premises are located at number 1 Plaza Merindades, where the main fashion, technology and telephony operators are located in the city. The store has a retail surface area of 587 m2. The sales price fixed by the Socimi is equivalent to 105% of the appraisal value of the property, according to sources at Hadley.

The removal of this asset from Hadley’s portfolio represents a 1% reduction in the Socimi’s total portfolio in terms of gross leasable area. Revenues from the rental of the property in 2017 accounted for 13% of the company’s total turnover during that period.

Hadley Investments, constituted in 2014, has the objective of acquiring and managing residential rental assets in Spain. According to the group, “Hadley’s strategy is aimed at working with real estate investment opportunities in Spain, focusing on the acquisition, rental and management of residential, office and commercial assets located all over the country”.

Since its debut on the MAB in June 2016, when the Socimi was worth €30.75 million, the company has been growing its portfolio of assets, which now comprises several retail premises and residential developments located all over Spain.

Hadley Investment is the owner of a retail premise in Palma de Mallorca, located at number 125 Calle General Riera. That property has a constructed surface area of 1,780 m2, distributed over several rooms, and leased to the household décor chain Maisons du Monde.

The Socimi also owns another retail premise, located in the La Laguna shopping centre, in Santa Cruz de Tenerife, which has a surface area of almost 12,000 m2.

Finally, Hadley Investments also operates two residential assets. The first is located in Vallecas and comprises several blocks with 245 homes in total, plus 4 commercial premises and 248 garages. In 2015, a series of repairs were carried out (to the roof, structure and facilities, amongst others) to ensure the safety of the building, amounting to €134,000.

The second residential asset is located at number 1 Calle Nador, in Madrid. This asset, which is leased in its entirety to Ivima (Community of Madrid) comprises several housing blocks with 110 homes in total, plus 2 commercial premises and 110 garages.

Hadley’s sole shareholder is Stirling Adjacent Investments, a firm that is owned by the company TAO Finance 3, which is, in turn, owned by private investment funds. The management of the Socimi’s asset portfolio is carried out by Servihabitat.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake