Tag: strategic

Mazabi Launches a New Retail Park Project with €30M of Own Funds

16 October 2018 – Eje Prime

Mazabi is committed to retail parks. The Spanish property manager has launched Atalaya Superficies Comerciales onto the market, a project that has been created to develop retail parks and premises, which is going to be led by Sebastián Ojeda, according to a statement issued by the group.

Ojeda, who comes from Bankinter, is joining Mazabi with the purpose of leading the retail park sector in Spain. The new management vehicle is being created with €30 million of own funds contributed by various domestic and Latin American family offices. Atalaya has set itself the objective of achieving sales of more than €180 million over the next six years.

In addition to Ojeda, who has more than twenty years of experience in the banking sector, Mazabi is going to recruit other professionals and it will also engage specialist external advisors. The commitment of the real estate company to retail parks responds, according to the company, to the fact that it is “a sector with a high demand for professionalization and with high growth expectations over the medium term”.

“With the platform and experience offered by our multi-family office, the incorporation of Sebastián (Ojeda) into the project allows us to professionalise this area of the business, which has always been strategic for our group”, says Juan Antonio Gutiérrez, the CEO of the company.

Currently, Mazabi manages properties worth more than €1.3 billion, has investments in fourteen countries with fifty funds and has a specialist team of 25 professionals located in Madrid, Bilbao, Santander, Málaga and Luxembourg. The manager has the objective of growing its portfolio to reach €2 billion and, to that end, has engaged KPMG Real Estate to look for a long-term partner, to contribute equity of €200 million to acquire a “pipeline” of around €500 million.

Original story: Eje Prime

Translation: Carmel Drake

Residential Rental Specialist VBare Launches €14.1M Capital Increase

4 April 2018 – Eje Prime

VBare is pushing ahead with its business plan and is continuing to put together its perfect portfolio of assets. The company, which specialises in the acquisition of residential buildings, has launched a €14.1 million capital increase through which it is hoping to acquire new properties in the main cities in which it operates, according to sources at the real estate group speaking to Eje Prime.

“On 23 March, the company’s Board of Directors approved an increase in the share capital up to a maximum of €5,310,465.00, with the aim of continuing with its growth and investment acquisition strategy, as set out in its business plan, through the issue of a maximum of 1,062,093 ordinary shares”, explain company sources.

VBare’s new shares will be issued with a nominal value of €5 plus an issue premium of €8.30 per share, resulting in an issue price of €13.30 per share. “The total amount of the capital increase, in the event that it is subscribed in its entirety, will amount to €14,125,836.90, in other words, €5,310,465.00 as share capital and €8,815,371.90 as the issue premium”, they add.

The funds obtained through the capital increase will be used to equip the company with the capital resources necessary to continue with its expansion and growth strategy, “through the acquisition of identified real estate assets that fulfil the criteria established in the strategic guidelines, as well as allowing it access to external sources of financing with the aim of achieving the target returns”, say sources at the Socimi.

The products that the Socimi is going to consider acquiring once it has completed this capital increase include “entire buildings, portfolios of (geographically) scattered assets and portfolios of assets in the same complex, with the aim of maintaining a balanced portfolio to avoid concentration risks, and to obtain a competitive advantage over other players in the market, involving the identification of opportunities with limited competition and the achievement of below market prices”.

Moreover, the company’s roadmap involves acquiring assets with a net direct asset yield of “no less than 4%, as well as properties that it can acquire for an average discount over the market value of no less than 10% overall”.

In March, the company acquired a package of assets comprising 12 homes and a commercial property at number 5, Calle Concordia in the Madrilenian town of Móstoles, according to a report submitted by the group to the Alternative Investment Market (MAB).

Of the twelve homes that it acquired from the Eureka business group, five of them have tenants and the others are “in optimal conditions to be let out immediately”. The net yield on these assets is estimated to amount to 5.9% when they are fully occupied.

“VBare’s objectives for 2018, which it presented together with its results for last year, include, not only to generate returns from its assets when the portfolio is fully operational, but also to make investments in other cities, besides Madrid, wherever the firm expects a potential increase in rents in the short-medium term”, explain sources at the group.

VBare is a real estate investment vehicle specialising in the acquisition and management of residential assets for rent. The company was constituted in March 2015 (…) and currently manages a portfolio of 197 assets. To date, the company has analysed assets worth more than €500 million and it is constantly on the lookout for new business opportunities within the scope of its investment policy.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake