Sareb Invites 20 Investors to Participate in the Sale of its Socimi Témpore

20 December 2018 – El Economista

A formal process is being launched after initial interest was received from three buyers, including one that stood out from the US fund TPG.

On Tuesday, Sareb opened a formal process to sell Témpore, its rental home Socimi, according to confirmation provided by sources in the sector speaking to El Economista. The bad bank, which has not engaged an external advisor for this divestment process, has invited 20 investors to participate.

In November, Nicolás Díaz Saldaña, CEO of the residential company, acknowledged that a Data Room had been enabled containing information about the Socimi and that access had been granted to it for five investors interested in the acquisition of Témpore.

In the end, three offers were received, of which the ones from Ares and TPG stood out, the latter being the highest. In light of the expressions of interest, Sareb decided to raise the matter to its Board of Directors, which yesterday launched an orderly sales process in which investors may participate by invitation only.

According to the same sources, Sareb has not imposed any conditions regarding what percentage of its stake is for sale (it held 98.38% at the end of June), and so it will be open to all offers.

The Socimi has just carried out what will be its last non-monetary capital increase subscribed by Sareb amounting to €150 million to acquire 1,769 assets in total, of which 850 are rental homes. The operation, which forms part of the right of first refusal agreement (ROFO), which Sareb and the Socimi signed, allows Témpore to double in size to reach €325 million.

Growth plan

Before announcing the sales process, Témpore had a growth plan underway with the aim of achieving a portfolio worth €500 million and in this way having sufficient volume to make its debut on the main stock market. That was explained at the time by Díaz Saldaña, who noted that in order to continue growing, “we will have to look for financing, be it from the bank or an alternative, such as a bond issue”.

Amongst the different options, the Socimi is analysing the purchase of whole buildings of rental homes and is also studying the acquisition of developments under construction that are currently in the hands of Sareb. In addition, it is considering buying turnkey projects through delegated promotion. “In the case of the latter, the first projects would be with Sareb, given that at the moment, for the other property developers that we have spoken to, it is more profitable for them to sell in the retail market”, said the CEO.

Meanwhile, yesterday, Sareb announced the sale of some land in the Torre Salses area, in Lleida, for the construction of a large shopping centre, spanning more than 60,000 m2. Eurofund Capital Partners has paid €8.3 million for that plot, whose sale was agreed in 2016.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Eurofund Logistic Capital Partners Acquires a 130,000 m2 Plot in Corredor de Henares

15 October 2018 – Eje Prime

Eurofund and Logistic are continuing to push ahead together in the Spanish logistics sector. The joint venture, created by the two groups in 2017, Eurofund Logistic Capital Partners (Elcp), has purchased a plot of land measuring 130,000 m2 in the Corredor de Henares for the development of a new logistics project on the site, according to explanations provided by the company to Eje Prime.

The plot is located in the third ring of Madrid, on a large industrial estate in Torija (Guadalajara), with direct access to the A2 motorway, one of the main logistics axes in Spain that links Madrid and Barcelona.

Elcp is going to develop a Class A logistics project spanning 80,000 m2 on the site. Located 30 minutes from Barajas airport and 45 minutes from the centre of the Spanish capital, the land is “one of the few available buildable sites with the capacity to house a new building of this size”, said the Director-General of LCP, James Markby.

Marketing of the project, which is going to be a turnkey development, will begin immediately. On the same industrial estate in Torija where it has purchased this land, Eurofund Logistic already owns logistics centres leased to large multinationals such as Primark, Leroy Merlin and Bridgestone, amongst others.

During the nine months to September, logistics leasing in Spain amounted to 1.38 million m2, up by 17% with respect to the same period in 2017. In parallel, investment exceeded the €1.1 billion threshold during the first nine months of the year, up by 43%, according to data from the consultancy firm CBRE.

In Madrid, 632,000 m2 of logistics space was leased, almost equalling the figure recorded during the same period in 2017. Of that amount, more than 50% of the assets corresponded to operations involving warehouses with a surface area of more than 20,000 m2.

Eurofund Logistic: almost 1 million m2 under management

The latest purchase by Eurofund Logistic forms part of the growth plan that the company has underway in Spain and Portugal. Created in February 2017, the joint venture currently has 775,000 m2 of logistics assets under management.

Moreover, the joint venture is planning to start work on 650,000 m2 of logistics properties. One of the parties, Eurofund Capital Partners is a subsidiary of the Spanish group Eurofund, which, in addition to the logistics sector, also develops and manages assets, primarily in the retail segment.

Last week, Eurofund was given the green light for its new commercial macro-project in Lleida, as reported by Eje Prime. That project is known as the Torre Salses retail complex; it has a surface area of 56,000 m2 and construction of it will begin in the autumn of 2019.

Original story: Eje Prime

Translation: Carmel Drake

Eurofund Gets Green Light for its Retail Macro-Project in Lleida

8 October 2018 – Eje Prime

Eurofund Group has been given the green light for its macro-project in Lleida. Last Friday, the plenary of the Town Hall of Lleida capital approved the commercial development of the Torre Salses project, a retail park complex with a surface area of 56,000 m2. The construction work is expected to begin in the autumn of 2019, according to comments from sources close to the operation speaking to Eje Prime.

The plots on which Torres Salses is going to be built are located between the Magraners and La Bordeta neighbourhoods and “will involve their integration with the city centre”, explained the spokeswoman for the municipal government, Montse Mínguez, recently.

After passing the Town Hall’s filter, Eurofund is now only awaiting the commercial licence to be able to start work on the development of the land. On 21 September, the Informative Committee for Management and Development Policies in the City and Sustainability for the Town Hall of Lleida reported favourably regarding the urban planning process for Torre Salses. It also endorsed both the execution of the widening and extension of the Víctor Torres road and the modification of the urban development order for SUR 42.

The Town Hall approved those files on the understanding that, amongst other aspects, the construction of the complex would strengthen interest in the area for the development of large areas of amenities in the neighbourhoods of La Bordeta and Magraners. Moreover, Eurofund will bear some of the costs of the work to build the roads to access the future retail park complex.

Similarly, the Town Hall trusts that the commercial macro-project will facilitate the development of residential projects, in particular, those dedicated to social housing units. According to the Town Hall of Lleida, Torre Salses will have an economic impact of €362 million on the city.

Owner of Puerto Venecia and Dolce Vita 

Eurofund currently owns more than €3.5 billion in commercial assets, including developed centres and those under construction. The fund manager was founded in 1994 and its first major development was Parc Vallès in Terrassa (Barcelona).

With the new upward economic cycle, the company led by Ian Sandford (pictured above) reactivated its investment in the commercial real estate market with Puerto Venecia, a mega shopping centre spanning 206,000 m2 inaugurated in Zaragoza in 2012.

Original story: Eje Prime (by J. Iquierdo & P. Riaño)

Translation: Carmel Drake