Optima Retail Buys Store in Marbella for €3M as part of €60M Investment Plan

12 September 2018 – Eje Prime

The retail sector in Marbella is attracting attention from investors. Optima Retail, one of the funds owned by the Spanish real estate and energy consultancy Optima Global Services, has acquired a retail outlet in Puerto Banús for €3 million. The operation forms part of the fund’s investment plan, through which it intends to disburse €60 million between now and 2019, according to explanations from Javier Alcalde, CEO of the group, speaking to Eje Prime. The objective will involve the firm spending €30 million in 2018 and another €30 million in 2019.

Launched in 2017, Optima Retail has just signed the purchase of the store located at number 17 Muelle de Benabolá in Puerto Banús from a family office. The asset, which has a surface area of 100 m2, is, and will continue to be occupied; it is let to the multi-brand footwear firm RKS. The operation has been advised by the real estate consultancy Catella.

The store displays the characteristics that the fund Optima Retail seeks for its portfolio: located in a prime area or provincial capital, as well as prices that do not exceed €4.5 million. The fund currently owns six units, located in cities such as Segovia, Vigo, Marbella and León.

Founded in 2004, and headquartered in Madrid, Optima Global Services comprises a group of companies dedicated to the real estate and energy sectors. One of the company’s areas of operation is the creation and management of real estate funds, both for external clients and on its own behalf. The company operates in a number of sectors, from retail to residential, to industrial, to hotel and including alternative assets such as hospitals and student halls.

Besides Optima Retail (its youngest vehicle), the company also operates through the fund Vastned, based in Amsterdam. In that case, Vastned focuses on assets located on prime streets of European cities, with Madrid and Barcelona amongst its targets in Spain. For example, Vastned’s assets in the Spanish capital include the properties at number 15 c/Ortega y Gasset and number 37 c/Fuencarral.

Optima Global Services also manages a portfolio of six shopping centres in Spain, located in Madrid (La Dehesa), Valencia (Mercado de Campanar), Zaragoza (Plaza Imperial), Córdoba (Connecta), Ciudad Real (Puerta del Ave) and Vigo (Travesía de Vigo). The company manages assets worth €600 million.

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

RKS Prepares Its Residential Socimi To Debut On The MAB

10 March 2017 – Expansión

The Socimi boom continues unabated. Ores, the listed real estate vehicle backed by Bankinter and Sonae Sierra, which debuted on the Madrid stock market a few weeks ago, was the thirty-first company of its kind to list on the MAB. And, all indications are that this phenomenon is going to continue to grow.

Socimis specialising in offices, hotels, shopping centres and the residential sector. In this environment, and in the face of investor interest in the real estate sector, a Socimi backed by RKS, specialising in residential assets in peripheral areas and going by the name of Ktesios Properties, is also planning its debut on the stock market. The intention is for this Socimi to make its stock market debut with assets worth around €20 million and a portfolio of approximately 250 homes.

Timeframe

The Managing Partner of RKS, Henry Gallego, explains that this Socimi, which is backed by the fund RKS Real Estate as an anchor investor, will be ready to debut on the stock market by the end of this year and will offer investors “better returns” by focusing on cheap rental properties with high occupancy rates.

“We are looking for opportunities with potential. Prime areas are not our core focus because they already have too many suitors and their yields are not as attractive. Whilst rents in prime areas amount to €1,000/month, our products are rented out for around €400/month”, said Gallego. The fund currently owns 136 properties – homes and garages – worth around €11 million, and the aim is that by the end of this year, it will have acquired new properties to double that valuation. In this sense, the company has selected more than 2,500 properties that are suitable for including in its portfolio of assets.

Gallego explains that its process for incorporating assets includes: searching for properties, analysing them, updating the assets and negotiating with creditors. “The fund identifies property developers that have bank debt, acquires the right to operate their properties and, in parallel, begins conversations with their creditors”, he said.

Gallego explains that the portfolio includes properties with non-performing mortgages (overdue portfolio) that are overvalued (…).

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake