Merlin to Build a Logistics Warehouse for DSV in Zaragoza

17 January 2020 – La Vanguardia

Merlin Properties has agreed to build a warehouse in Zaragoza for the Danish transport and logistics company DSV. The Socimi led by Ismael Clemente will lease the 12,000 m2 property to DSV for ten years.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake

Blackstone Creates ‘Testa Home’ to Manage 20,000 of its Rental Homes

10 January 2020 – El Economista

Blackstone has created a new company, Testa Home, to manage 20,000 of the rental flats owned by its Socimis and other subsidiaries.

The entity will be led by Fidere’s current president, Juan Pablo Vera, and will owned by Testa (58.12%) and Fidere (41.88%).

The aim is to make the management of the portfolio more efficient, optimise operating costs and returns, and render an improved service to tenants.

Of the 20,000 flats, 11,000 are owned by Testa, 6,500 by Fidere, 2,000 by Aliseda and 500 by Hispania.

Original story: El Economista (by Alba Brualla)

Translation/Summary: Carmel Drake

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

Vivenio, Millenium & Atom Invested €543M in New Purchases in 2019

9 January 2020 – Eje Prime

Vivenio and the hotel Socimis drove the MAB in 2019. The Socimi controlled by Renta Corporación, plus Millenium Hoteles and Atom Hoteles together invested €543 million in new acquisitions during 2019. That figure accounted for 71.2% of all the funds spent on asset purchases by the MAB’s Socimis during the year.

Specifically, Vivenio invested €234 million, including €75.5 million on some of the Operación Calderón plots; Millenium closed 3 operations amounting to €192.4 million, including the purchase of 2 buildings in central Madrid which it is going to convert into a 5-star hotel; and Atom Hoteles spent €116.6 million on 5 hotels in Madrid, A Coruña, Cádiz, Tenerife and Gran Canaria.

In total, all of the Socimis on the MAB spent €762.1 million on the purchase of assets during 2019, up by 34.1% compared to 2018.

Original story: Eje Prime (by Marc Vidal Ordeig)

Translation/Summary: Carmel Drake

Partners Group Negotiates the Purchase of 5 More Office Buildings from Meridia Capital

10 January 2020 – El Confidencial

The Swiss manager Partners Group is in talks with Meridia Capital, led by the Catalan businessman Javier Faus, with a view to purchasing half of the office portfolio that Meridia put up for sale at the end of last year.

The two players enjoy a close relationship following a deal closed last April, which saw Partners acquire a portfolio of 18 offices from Meridia for €215 million, and the Socimi continuing to manage the portfolio.

A similar arrangement could be sought this time around. The portfolio on the table in 2020 comprises a dozen offices in Madrid and Barcelona worth around €200 million, although Partners is only interested in half of the properties.

Both parties declined to comment on the reports of a potential sale, however, sources in the know confirmed that a due diligence process has begun on five of the assets.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

CBRE: Hotel Investment Fell by 49% in 2019 Due to Lack of Large Deals

8 January 2020 – Expansión

According to CBRE, investment in the hotel real estate sector amounted to €2.5 billion in 2019, down by 49% YoY. In total, 126 hotels changed hands last year, containing 15,000 rooms, together with another 3,200 planned rooms.

Most of the transacted properties were individual assets (72%), with just 28% of the hotels forming part of portfolios, down from 65% in 2018. The main reason for the decrease is a reduction in corporate operations in 2019. Blackstone took the market by storm in 2018 when it made a takeover bid for the Socimi Hispania, which was the largest hotel owner in Spain.

By type of asset, more than half of investors (51%) invested in urban assets in 2019, resulting in a decrease in investment in the vacation sector.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

Vitruvio Finalises the Absorption of Fidelges

3 January 2020 – Eje Prime

Vitruvio, the Socimi led by Joaquín López-Chicheri has convened an extraordinary general shareholders’ meeting on 5 February to approve the merger by absorption of the real estate company Fidelges.

Last September, Vitruvio reached an agreement to acquire 35% of Fidelges’ shares for €6 million. If that operation is approved by the Socimi’s shareholders next month, it will result in the absorption of the company.

Fidelges has a real estate portfolio worth €21.4 million, which will increase Vitruvio’s asset portfolio to more than €180 million.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

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