Vivenio to Issue New Shares Worth €149.9 Million

14 October 2019 Vivenio, the Spanish socimi controlled by the Renta Corporación and the Dutch fund APG, has launched a €149.9-million capital increase. The socimi will issue 127.1 million new shares with a value of one nominal euro each and an issue premium of 1.18 euros per share. Should investors fully subscribe the capital increase, the company’s total share capital would rose to €564.6 million.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Árima to Undergo €100-million Capital Increase

3 October 2019 – The socimi Árima intends to conduct a €100-million capital increase to continue with its strategy of pursuing growth through the acquisition real estate assets.

The firm announced that it would seek to approve the increase at an extraordinary shareholders meeting scheduled for November 5.

The capital increase will be directed towards new investors since the current partners will not have the right to first refusal over the emission.

Original Story: Europa Press

Adaptation/Translation: Richard D. K. Turner

Cerberus Extends €30.9-Million Loan to Optimum RE After Acquisition

24 September 2019 – The American private equity firm Cerberus, through its Irish subsidiary Promontoria Bravo, has granted a €30.9 million loan to the socimi Optimum RE. The unsecured loans were granted in two separate agreements worth 28.9 million euros and 1.9 million euros.

Optimum was able to substitute the new loans for a previous, secured loan worth 28.9 million euros. Promontoria Bravo acquired 99.4% of the socimi in September for €69 million.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Värde Partners May Force Breakup of LaFinca Socimi Due to Villarejo Case

24 September 2019 – The British fund Värde Partners, which owns 37.7% of the shares of LaFinca, may force a redistribution of the socimi’s assets should it fail to receive an acceptable offer for its shares in the firm, due to the socimi’s possible indictment in the Villarejo case.

Spanish prosecutors are investigating LaFinca concerning a series of possible crimes, including bribery, based on actions by the firm’s president and largest shareholder, Susana García Cereceda. Cereceda allegedly hired a firm owned by the commissioner Villarejo to spy on her sister Yolanda, who owns about 10% of the socimi’s shares.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

US-Fund TPG Looks to Sell Portfolio of Rental Flats for €75 Million

17 September 2019 The US fund TPG announced its intention to sell nine buildings with rental flats located in Malaga, Tarrassa, Badalona, ​​Girona, Sabadell, Alicante, Valencia, Madrid and Valdemoro. The firm hopes to raise at least 75 million euros through the sale.

The nine buildings have a total of almost 400 flats and 600 parking spaces and are currently 90% occupied. TPG acquired the buildings just over two years ago through its subsidiaries Sardes Holdco and Hadley Investments.

The Catalunya Caixa Propietat FII real estate investment fund, which was liquidated, previously owned the nine residential developments.

Original Story: El Confidencial – Elena Sanz

Photo: E.S.

Adaptation/Translation: Richard D. K. Turner

Mansfield Invest to Debut on MAB Today

17 September 2019 – The socimi Mansfield Invest, which is controlled by Värde Partners and which has a 37.78% stake in the La Finca socimi, will debut on the Alternative Stock Market (MAB) on September 17 at 13 euros/share, valuing the company at 115.4 million euros. Mansfield, which invests in offices for lease, was incorporated on November 16, 2015.

Renta 4 Corporate is the Registered Adviser while Renta 4 Banco will act as Liquidity Provider.

Original Story: Inversión & Finanzas

Adaptation/Translation: Richard D. K. Turner

Rental Housing Suffers as Demand Swells Amidst Falling Supply

16 September 2019 – The supply of homes for rent has fallen over the last year, even as demand is increasing, placing upward pressure on prices and sparking furious debate within Spain. Arguments are raging in the media and political circles, with a rising number of people criticising socimis, investment funds and short-term rental operators like Airbnb.

According to a study by the real estate website Fotocasa, the supply of homes for rent on the market fell by 27% in the last year.  At the same time, there was a 56% increase in demand, leading to a search for the basis of the market changes.

However, the criticism leveled at investment funds and Airbnb seem to be unfounded. According to the Ministry of Development, the total stock of rental housing exceeds 2.3 million residences. The market share in the hands of large investors, however, is  just under 3% of the market, or about 115,000 homes.

Short-term real estate operators like Airbnb and its ilk also seem to be taking an unfair amount of blame.  Unlike in neighbouring Lisbon, Portugal, these operators only control about 4% of the total stock of such real estate in Barcelona, 0.8% in Madrid and 1.2% in Palma de Mallorca.

Original Story: Libre Mercado – Diego Sánchez de la Cruz

Photo: Europa Press

Adaptation/Translation: Richard D. K. Turner

Vbare to Invest Up to €30 Million By Year-End in Real Estate Assets

10 September 2019 – Vbare, a Spanish socimi which specialises in rental assets, is forecasting investments of €20-30 million in the coming months. The firm recently received a €16.3 million capital injection and is looking to increase its existing portfolio of 58.6 million euros in real estate assets to €100 million. The firm currently focuses its investments in assets in metropolitan Madrid.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

Vukile Looking to Launch Takeover of Lar España

10 September 2019

The South African firm, Vukile Property, is looking to take a stake in Socimi Lar España, a major investor in shopping centres, with 16 assets valued at 1.462 billion euros.

Vukile, which operates in Spain through Castellana Properties, has already arranged financing for the deal. UBS will represent the firm, while Lar España has hired Lazard.

Lar España was the first socimi to list on the continuous market and currently has a capitalisation of €615 million, a 36% discount to net asset value. Lar España’s largest shareholders, Pimco and Grupo Lar, are expected to insist on a 30% premium to the share price. The socimi ended the first semester with sales of €39 million and a net profit of 29 million euros.

Lar España has been focusing its investments on shopping centres, selling the office buildings it had in its portfolio, as well as logistic assets. In the last 18 months, the firm has raised €425 million, including the €120-million sale of a logistics portfolio to Blackstone and the €190-million sale of four office buildings in Madrid and Barcelona.

Lar España currently has fourteen assets in its portfolio, with a gross rental area of ​​580,000 m2 and a market value of €1.462 billion (June 30, 2019).

Original Story: Expansión – Rebeca Arroyo / Nicolás Sarriés.

Adaptation/Translation: Richard D. K. Turner

Meridia Capital Begins Trading on Euronext Access

2 September 2019

Meridia Capital, which specializes in real estate investment in Barcelona’s 22@ technological district, began trading on Euronext Access at the end of July.

Among the socimi’s assets is an ambitious project consisting of two newly constructed office buildings and two residential buildings.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner