Merlin to Make its Portuguese Stock Market Debut on 15 January

9 January 2020 – Europa Press

Merlin Properties, the Socimi led by Ismael Clemente (pictured below), is going to make its debut on the Lisbon stock market on Wednesday 15 January.

Merlin will thus fulfil its objective, announced in 2019, of trading its shares in Portugal (as well as on the Ibex in Madrid), given that it is a strategic market for the entity.

Specifically, the Socimi already owns 9 offices, 2 shopping centres and 1 logistics warehouse in the neighbouring country, assets which together account for 8% of its total portfolio. They span a combined surface area of 113,000 m2 and generating €44 million in annual revenues.

Original story: Europa Press 

Translation/Summary: Carmel Drake

CBRE GI to Invest €350M in Real Estate Projects in 2020

6 January 2020 – Eje Prime

CBRE GI is entering the real estate finance market. Following its acquisition of Laxfield Capital, a British real estate debt platform, at the end of last year, the group has announced that it is going to invest €350 million in new purchases in 2020, focusing not only on the acquisition of assets but also on the commissioning of real estate projects.

CBRE GI already reported that the Spanish market will be a clear objective for this new line of business. Last year, the firm invested €350 million in Spain and Portugal, where it currently owns 13 shopping centre, 43 logistics platforms, 3 office buildings, 10 hotels, 37 halls of residence and 73 homes.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Talinda Investments to Revitalise the Puerta de Toledo Shopping Centre

8 November 2019 – Talinda Investments, the new owner of the Puerta de Toledo shopping centre located in the municipality of Olías del Rey, is looking to renovate and upgrade the facility. The firm expects to create 150 new jobs in the process.

The firm added that it hopes to vitalise the area, investing in local commerce, providing added value to the community, in addition to generating employment opportunities.

The government in Toledo has recently focused on attracting businesses willing to invest in the region, with a particular eye towards creating jobs.

Original Story: CLM 24

Adaptation/Translation: Richard D. K. Turner

Blackstone Looks to Sell Espacio León for €100 Million

16 September 2019 – Blackstone is looking to sell the Espacio León shopping centre, in the provincial capital of León, for 100 million euros. The US-based investment giant initially acquired the asset in 2015, together with another two shopping centres in Portugal.

Espacio León has an area of 37,000 square meters, with 1,500 parking spaces. In mall boasts 141 stores and receives approximately five million visitors per year.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Barings Lends Kronos €40 Million to Finance Construction of New Shopping Centre

6 August 2019

The Kronos Investment Group announced that it had arranged a €40-million loan with Barings to finance the construction of a new shopping centre in the town of Dos Hermanas, Seville. The investment manager has lent 40 million euros to the union between the developer and another company to build a commercial park of 48,646 square meters and 2,000 parking spaces.

The new complex will have 64 stores, 70% of which have already been pre-leased. Construction is set to begin shortly and the mall is slated to open by the summer of 2020.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Castellana Properties Acquires Puerta Europa Shopping for €57 Million

5 August 2019

Castellana Properties, the socimi controlled by the South African fund Vukile, acquired the Puerta Europa shopping centre in Cadiz for 56.8 million euros. Located in the town of Algeciras, the shopping centre opened a decade ago and has more than 100,000 square meters of surface area, of which 29,531 square meters are commercial area.

The mall has an area of influence with more than 250,000 inhabitants, and has 100 stores, including a wide range of fashion and leisure shops and restaurants. Tenants include such established brands as Primark, Zara, H&M, Yelmo cinemas and a Mercadona supermarket.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Generali’s Axis Retail Partners Seeks to Acquire Two of Intu’s Shopping Centres in Spain

29 July 2019 – Richard D. K. Turner

Last March, Generali Real Estate, the real estate arm of the Italian insurer, announced the launch of Axis Retail Partners, a new subsidiary specialising in shopping centres. Axis received a 500-million euro infusion from the insurer.

This week, Axis is closing in on a potential acquisition of two of the most important assets currently on sale in Europe: the Puerto Venecia (Zaragoza) and Intu Asturias (Oviedo), two giant Spanish shopping centres listed for sale by the UK’s Intu Properties.

In a process led by UBS and CBRE, Germany’s ECE and Axis Retail Partners have appeared as two of the likeliest buyers, with Axis out front. Intu values its 50% stakes in Puerto Venecia and Asturias at around €425 million. Canada’s CPPIB, which shares ownership, declined to exercise its option to purchase the assets.

Original Story: El Confidencial – Ruth Ugalde

Silicius Adds Bahía Plaza Shopping Centre to Portfolio in Non-Monetary Capital Increase

28 July 2019 – Richard D. K. Turner

The socimi Silicius, managed by Mazabi, has finalised a third capital increase of more than 20 million euros through the addition of the Bahía Plaza Shopping Center (Los Barrios, Cádiz) to its asset portfolio of assets. The shopping centres previous owners joined Silicius as new shareholders.

The centre, which has a gross leasable area of 19,190 m2, has an occupancy rate of 98%. Its current tenants include Burger King, Foster’s Hollywood , La Tagliatella, 100 Montaditos and Odeon.

Original Story: Idealista

Savills: Spain willl have 260,524 m2 of New Innovative Commercial Space in 2019

3 June 2019 – La Vanguardia

According to the latest edition of the Retail Report Spain, compiled by Savills Aguirre Newman, Spain will see the addition of new innovative commercial space spanning 260,524 m2 this year, where 10 new shopping centres are going to be developed.

In addition, the real estate consultancy forecasts that shopping centres worth up to €2.5 billion could be put up for sale, including Intu’s portfolio comprising four shopping centres, which are worth c. €1 billion. The pipeline also includes other non-prime shopping centres and portfolios of supermarkets and hypermarkets.

Nevertheless, the report forecasts that investment levels in 2019 will be lower than in the previous two years, as many overseas investors, particularly those from the UK and USA, adopt a ‘wait and see’ approach to the Spanish market in light of the slow-down in the world economy and the boom in e-commerce.

In this way, demand is expected to focus on small convenience centres, particularly those linked to supermarkets, and prime and secondary retail parks that are not so affected by e-commerce.

Original story: La Vanguardia

Translation/Summary: Carmel Drake

Apollo Submits an Offer for El Corte Inglés’s Entire Real Estate Portfolio

23 May 2019 – Eje Prime

According to financial sources, in April, the fund Apollo Global Management submitted a bid for the whole real estate portfolio that El Corte Inglés has had on the market since the beginning of the year. However, the offer did not convince the management team of the department stores.

Since then, the ECI group has opened up the possibility of allowing interested parties to bid for part of the portfolio so as to maximise the value of the properties. However, the risk with that option is that some properties will end up being left unsold.

With the deadline for bids closing today, nothing is being ruled out. In fact, Apollo could still win if it was willing to increase its offer.

The portfolio contains 95 assets and includes shopping centres, offices and other types of assets such as parking lots, land and homes.

Original story: Eje Prime 

Translation/Summary: Carmel Drake