14 September 2018 – Eje Prime
Corpfin has placed one of its assets in Madrid. The real estate manager has agreed the sale in 2021 of a retail property located at number 55 Gran Vía, in Madrid. The company has signed a purchase option agreement, which the buyer of the property is expected to execute in 2021.
According to a statement filed by the company with the Alternative Investment Market (MAB), the agreement includes a payment by the buyer, whose identity has not been revealed, amounting to €2.64 million as an option premium.
The asset currently belongs to Corpfin Capital Prime Retail Assets II, which is owned by Corpfin Capital Prime Retail III Socimi (40%) and Corpfin Capital Prime Retail II Socimi (60%).
In July, the real estate manager sold thirteen retail premises to Swiss Life for €83 million, and in July, it purchased a centre operated by Makro in Madrid for €8 million. In April, Corpfin created a Socimi with €400 million to invest in high street premises.
Original story: Eje Prime
Translation: Carmel Drake
6 August 2015 – Property Magazine
Patrizia Immobilien AG has taken over the retail space in the prestigious “Plaza de Félix Sáenz” residential and commercial building in Málaga. The listed corner building, which underwent a complete renovation as recently as 2011, is located in the middle of the pedestrian area of the Andalusian city, which has a population of around 570,000. “The retail space, totalling 1,824 square metres, is leased on a very long-term basis to a renowned European fashion retailer,” reports Borja Goday, Managing Director of Patrizia Activos Inmobiliarios España, the national subsidiary responsible for Spain and Portugal.
The interior of the “Plaza de Félix Sáenz” building has been developed to a high standard and also delivers a high degree of space efficiency. The total floor space of 1,824 square metres is divided approximately equally between the ground floor and the first floor. “This property is something special, as Spanish city centres are generally characterised by small spaces. Large spaces such as the one that has just been acquired are therefore in high demand with large chain store operators and accordingly are very lettable,” Goday continues. The purchase was made for a real estate fund launched by Patrizia as part of an individual mandate from a professional superannuation scheme in Germany. Confidentiality has been agreed with the seller, a private investor, in relation to the purchase price.
Patrizia has been monitoring the Spanish real estate market for a very long time now. In the last 12 months, the market has shown extremely positive development. After seven crisis years, the recovery is occurring more quickly than expected and the interest of many investors has returned.
Original story: Property Magazine
Translation: Carmel Drake