Belgium’s Cofinimmo to Invest in Geriatric Residences in Spain

10 September 2019

Cofinimmo, a Belgian socimi specialised in developing and managing rental properties, is now investing in the healthcare market. The company has begun construction on its first residence for senior citizens in Spain, in Vigo. Cofinimmo will also invest in a second such residence in the province of A Coruña.

Cofinimmo’s subsidiary Gloria Health Care Properties is building the residence in Vigo, with a planned investment of eight million euros. The 8-floor building will have a total of 140 beds and is expected to be ready by November 2020. Clece Vitam, geriatric facility management group responsible for 145 residences and 92 daycare centres throughout Spain, will manage the facility.

Original Story: Planta Doce – A. Escobar

Adaptation/Translation: Richard D. K. Turner

Ores Acquires Store Leased to Inditex for €11 Million

23 June 2019Idealista

The Ores socimi, which is owned by Bankinter, has just acquired a new commercial space. The store, located in the town of San Sebastián, is currently leased to the Spanish retail giant Inditex and has a total area of ​​729m2.

The store is located at 26 Calle San Marcial and is occupied by a Zara Kids store.

Ores paid €10.9 million for the asset as part of its continuing strategy to seek growth in its home market of Spain. Last year, the socimi paid out almost 180 million euros in acquisitions. Ores Socimi currently has 34 assets in its portfolio, with a market value of over 357 million euros and a gross annual income of 21 million euros.

Original Story: Idealista – Custodio Pareja

Translation/Summary – Richard D. Turner

 

Trajano Iberia Receives Offers of €60M+ For its Manoteras Business Park

2o June 2019 – El Confidencial

The Socimi Trajano Iberia has received several offers amounting to more than €60 million for the Isla de Manoteras Business Park in Madrid that it purchased three years ago for €44.3 million.

The asset, located on Avenida de Manoteras 48, in the Manoteras, Las Tablas and Sanchinarro office district of the Spanish capital, has a leasable surface area of 13,442 m2 and 274 parking spaces.

The Socimi created in 2015, which is managed and promoted by Deutsche Bank and in which the Alcaraz brothers hold a 10.55% stake, is hoping to close the operation at the beginning of July.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Prologis, Blackstone & Deutsche Bank Bid For Colonial’s Logistics Portfolio

20 June 2019 – Cinco Días

Inmobiliaria Colonial has chosen the three finalists who have submitted the highest bids for its logistics portfolio and they are: Prologis, the largest owner of warehouses in Europe; Blackstone, the US fund; and Deutsche Bank, through its manager DWS, according to market sources.

Colonial inherited a sizeable logistics portfolio from Axiare following its takeover of that firm last year, but since the Socimi focuses on offices in prime areas of Madrid, Barcelona and Paris, it put the logistics portfolio up for sale a few weeks ago.

The company has received around a dozen offers, from which it has selected three that exceed €400 million. It is planning to close the operation before the summer.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake

Merlin Enters the Top 10 Ranking of the Largest Logistics Owners in Europe

19 June 2019 – Cinco Días

Merlin Properties has been a major player in the European office and shopping centre markets for several years. But now, the Socimi led by Ismael Clemente has entered the Top 10 ranking of the largest logistics owners on the Continent, with its portfolio of 1.6 million m2 under management, according to a report about the logistics market compiled by Deloitte.

The Top 10 ranking is led by the listed US firm Prologis (17 million m2); Logicor, the firm controlled by China Investment Corporation and Blackstone, (13.5 million m2); and the fund manager CBRE GI (7.7 million m2). They are followed by the logistics specialists Segro, P3 Logistics Parks and Goodman.

Merlin owns 1.1 million m2 of logistics space outright and holds a 48% stake in a company that owns another 469,000 m2 of logistics space in the port of Barcelona. It also has 1.254 million m2 of surface area under development.

Investment in logistics assets is currently breaking records across Europe and in Spain, in particular, boosted by attractive returns and the boom in e-commerce. With the rising demand, the availability of high-quality warehouses is decreasing, hence the need to build more. According to Deloitte, investment in warehouse purchases amounted to €1.5 billion last year, the second best year ever after 2017, when the figure reached €1.6 billion.

Merlin is planning to invest €484 million in its Best II and Best III logistics funds between now and 2022. Most will be targeted in Madrid and its surrounding areas (Guadalajara and Toledo) and Cataluña, but investment will also be made in Lisbon, Zaragoza, Sevilla and Vitoria.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake

Quid Pro Quo Launches a €3.5M Capital Increase to Grow its Portfolio

18 June 2019 – Eje Prime

Quid Pro Quo has launched a €3.5 million capital increase to continue investing. The increase will be carried out through the issue and launch into circulation of almost 3.5 million shares with a nominal value of €1 each, according to the Official Gazette of the Mercantile Registry (Borme).

The Socimi owned by Alquiler Seguro will use the funds to continue growing its portfolio. Historically, the company has invested in rental homes costing less than €100,000, mostly in Madrid, but also in Barcelona, Valencia, Alicante, Málaga and Álava.

If the capital increase goes ahead, its total share capital will amount to €12.5 million.

Original story: Eje Prime (by M. C. P.)

Translation/Summary: Carmel Drake

Colonial Finalises the Sale of its Logistics Centers Worth €480M

14 June 2019 – La Vanguardia

Colonial is finalising the sale of a portfolio of 15 logistics centres worth €480 million that it inherited from Axiare. The assets span a surface area of 574,462 m2 and are located on the outskirts of Madrid, Barcelona and Sevilla.

The Socimi led by Pere Viñolas hopes to complete their sale within a maximum of two months as it seeks to take advantage of the strong demand for these types of assets thanks to the boom in online commerce.

Colonial’s core portfolio comprises office buildings located in the centres of Madrid, Barcelona and Paris, with a market value of around €11.4 billion. The firm is also working on fourteen new projects located in its three key markets, which have an associated investment of €1.3 billion.

At its recent General Shareholders’ Meeting, Colonial approved the appointment of two new independent directors and ratified the distribution of a dividend amounting to €0.20 gross per share, up by 11% YoY.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake

Project Castillo: Blackstone Puts 11,000 of Catalunya Banc’s Subprime Mortgages Up for Sale

13 June 2019 – El Confidencial

Blackstone has engaged Bank of America to liquidate almost all of the remaining Catalunya Banc subprime mortgages that it purchased from the State between 2014 and 2015 as part of Project Hércules.

After almost five years of actively managing the portfolio, the US fund now has just 31,000 of the more than 100,000 subprime mortgages that it purchased, which are worth €1 billion compared with €5.7 billion in 2015.

Project Castillo is going to contain almost 11,000 of those mortgages, all of which are up to date in terms of payments, but which have been refinanced at some point over the last 5 years.

This sale forms part of a series being undertaken by Blackstone as it completes its first cycle of investments in Spain. In this context, the US fund’s rental home Socimi Fidere put most of its assets up for sale recently.

Original story: El Confidencial (by Jorge Zuloaga)

Translation/Summary: Carmel Drake

Cerberus Submits Bid to Acquire Socimi Optimum Re for €70.5M

13 June 2019 – Expansión

The US fund Cerberus has submitted an offer to acquire 100% of the Socimi Optimum Re Spain, which is listed on the MAB with a market capitalisation of €60.5 million.

Through its shell company Promotora Holding 295, Cerberus is offering €14.10 per share, which represents a premium of 16.5% over the Socimi’s closing share price yesterday of €12.10. As such, Cerberus is valuing the Socimi at €70.5 million.

Optimum Re was created in 2016 and has invested €65 million in the purchase of buildings and another €5 million in the renovation of homes. As at 31 December 2018, its assets were worth €104.77 million.

Original story: Expansión (by S.S.)

Translation/Summary: Carmel Drake

Vivenio Invests €90M in the Purchase of 2 Buildings in Madrid

10 June 2019 – Eje Prime

Vivenio has purchased two buildings in Madrid from a Madrilenian family office for more than €90 million.

The Socimi owned by the Dutch fund APG and Renta Corporación has acquired one building located on Avenida San Luis, comprising 140 homes and 18 premises and another on Calle Hermosilla, with 80 homes and two premises.

Together, the two properties span a surface area of more than 21,500 m2.

Original story: Eje Prime

Translation/Summary: Eje Prime