Tag: Socimis

Meridia to Sell a Major Portfolio of Office Buildings in Madrid and Barcelona

31 October 2019 – Meridia is selling the largest portfolio of office buildings currently on the market. The portfolio, known as Project Square, is made up of a dozen real estate assets in Madrid and Barcelona. The sale of assets from the socimi Meridia III could be worth up to 200 million euros.

The assets in Madrid include the Omega Building in Alcobendas; three buildings on Calle Julián Camarillo, and the Virgilio II building in Pozuelo de Alarcón.

In Barcelona, ​​the portfolio consists of the Citypark in Cornellá; two office buildings in Viladecans; the Diagonal Business Park in Esplugues de Llobregat, and another asset at Paseo de San Joan 75.

In total, the portfolio has around 80,000 square meters of surface area, with approximately 1,200 parking spaces.

Original Story: Cinco Días – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Corpfin Capital Prime Retail II and Corpfin Capital Retail III Post Strong Gains

30 October 2019 – Corpfin Capital Prime Retail II and Corpfin Capital Retail III both posted strong performances in the first semester of 2019. The former took in receipts of €4.5 million, ten times the amount one year before. Corpfin Capital Retail III had profits of three million euros, once again, ten times more than in 2018.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Grupo Lar to Create New Investment Vehicle With €1 Billion in AUMs

24 October 2019 – The developer Grupo Lar is studying whether to incorporate a new socimi for its rental housing business. The new investment vehicle would have more than €1 billion in assets, including more than 5,000 homes. Yesterday, Grupo Lar announced that it would start work on a project to build 66 rental homes in Valladolid, in an initial investment of nine million euros.

The development is part of the firm’s initial strategic plan to build 500 rental homes. Grupo Lar also has two other projects under development in Parla and Móstoles.

The company is studying the best investment structure for the new vehicle, potentially creating a new socimi.

Original Story: Cinco Días – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Whiteni RCajal Acquires Two Buildings in Madrid for its Co-Living Business

24 October 2019 – The socimi Whiteni RCajal, which is listed on Paris-based stock exchange Euronext, announced that it had acquired two buildings in Madrid. The firm intends to redevelop the properties for use in its co-living business.

Construction is set to begin in the middle of next year and finish by 2022. The building, located on Calle de Fomento and Calle del Rio, have a total surface area of 2,000 m2.  Whiteni RCajal will build and operate fifty flats and studios, in addition to 330 m2 of common areas, with meeting rooms, study and leisure areas.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

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