Trajano Sells Manoteras 48 for €62.8 Million to BNP Paribas Real Estate

3 August 2019

The socimi Trajano Iberia has sold the Isla de Manoteras Business Park in Madrid for almost 63 million euros to BNP Paribas Real Estate. The company paid 44.3 million euros for the asset in March 2016. The two firms expect to sign the agreement in the next few days.

The property, at Avenida de Manoteras, 48, has a leasable area of ​​13,442 square meters and 274 parking spaces. The business park is located north of Madrid, next to the M-30 and A1, in a consolidated area between Manoteras, Las Tablas and Sanchinarro. The area is home to the headquarters of major companies such as Telefónica and BBVA.

After the sale, Trajano will have just four assets, with a leasable area of ​​almost 140,000 square meters and an occupancy of 99%, in its portfolio. Those four assets consist of two shopping centres, Nosso Shopping in Vila Real (Portugal) and Alcalá Magna in Alcalá de Henares; a mixed-use building with a ground-floor store and offices in ​​Bilbao’s CBD and a logistics complex in the Zaragoza’s Plaza industrial park.

According to the latest available data, the original five assets are valued at €335 million euros.

Original Story: El Confidencial – Ruth Ugalde / Elena Sanz

Adaptation/Translation: Richard D. K. 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

Deutsche Bank Puts its Socimi Trajano Iberia Up for Sale

9 October 2018 – Eje Prime

Trajano Iberia is up for sale. The Socimi, managed by the real estate investment division of Deutsche Asset Management, has expressed its willingness to receive offers to assess the possible sale of its shareholding, according to a statement filed by the company with the Alternative Investment Market (MAB). Trajano controls the Alcalá Magna shopping centre, for which it paid €100 million in 2016.

The listed company has requested the services of Credit Agricole Corporate and Investment Bank to sound out the market. The group has expressed its desire to find out about “the potential interest in purchasing shares that represent more than 50% of its share capital”.

Trajano Iberia recorded net profits of €2.63 million between January and June 2018, compared with €3.5 million during the same period in 2017. Despite the decrease in its net result, the listed company recorded revenues of €983 million during the first half of the year, up by 11.7% compared to the same period in 2017.

The Socimi, in which the Alcaraz family, the founders of the vehicle renting company Goldcar, holds a 10.5% stake, currently has five real estate assets in its portfolio: a mixed-use commercial and office building in Bilbao; a shopping centre in Portugal; an office complex in the north of Madrid; four logistics warehouses on the Campus Plaza industrial estate in Zaragoza; and a shopping centre in Alcalá de Henares (Madrid).

Trajano Iberia’s last major acquisition was its purchase of the Alcalá Magna shopping centre at the end of 2016. The company disbursed €100 million to acquire that asset located in the Spanish capital, which has a gross leasable area (GLA) of 34,165 m2 distributed over two levels.

The space, constructed in 2007 and with an occupancy rate of 95%, receives almost 5 million visitors per year and accumulates annual sales of around €64 million. Its tenants include firms such as Mercadona, Grupo Inditex and Mango, amongst others.

The company, which made its stock market debut in July 2015, reordered its Board of Directors in April. The company appointed Luis Antoñanzas, one of those responsible for the entity’s great fortunes, as CEO following the resignation of Carlos Gálvez Díaz de Bustamante, according to explanations provided by the group at the time.

Since then, Trajano Iberia’s Board has comprised 11 representatives, including José Moya, Chairman of the Board,  Vicente Fernández and Brigit Gabriele, as representatives of Deutsche Bank. Moreover, the Socimi’s management body includes representatives from companies such as Alcor, Dogalcar, Falagal and CNP Partners.

Original story: Eje Prime 

Translation: Carmel Drake

Persán’s Owners Acquire 40% of Río 55 Business Park in Madrid for €70M

25 June 2018 – Eje Prime

A new business saga is investing in the Spanish real estate sector. The Moya Yoldi family, owners of the detergent manufacturer Persán, have invested €70 million in the purchase of 40% of the Río 55 Business Park in Madrid. For this operation, the Andalucían family has joined forces with Inmobiliaria del Sur (Insur), the office property developer, with which it has also signed a second agreement involving a prime residential project in Marbella (Málaga).

The owners of Persán, an integrated supplier of the supermarket giant Mercadona, has increased its commitment to the real estate sector through Concha Yoldi, the co-owner of the company together with her husband, José Moya, and the couple’s children: Juan, José and Francisco Javier, according to El Confidencial.

The saga has acquired a significant stake in Río 55, which already signed the sale of one of its two buildings to the fund manager AEW Europe in March. Insur forecasts that it will hand over the keys to the first tenants of the business complex next year. The two properties will span a surface area of 14,000 m2 each.

Likewise, the Andalucían family is also going to invest in its own region in partnership with Insur. Gestafin Global Investment, another of the real estate companies owned by the Moya Yoldi family, has acquired 40% of the luxury development that the real estate firm is constructing in Marbella. In total, 53 luxury apartments will comprise this project in the sought-after Costa del Sol, whose first phase has been underway since 2017. A third plan in the Sevilla residential market, where Insur is building 238 homes, completes the alliances that the family office has with the group.

A Socimi with the owners of Silestone and the founders of Goldcar

The presence of the owners of Persán in the property sector does not end with their individual investments. The Andalucían saga also shares ownership of a Socimi with other entrepreneurial families such as the Cosentinos, owners of Silestone, and the brothers Juan and Pedro Alcaraz, founders of the vehicle renting company Goldcar, now part of the giant Europcar.

Moreover, through Trajano Iberia, of which José Moya is president, the family owners a share of the Madrilenian Alcalá Magna shopping centre, for which the company paid €100 million last year, and a second in Portugal; an office building in the Spanish capital, in the Manoteras area, to be precise; a mixed-used property, for offices and shops in Bilbao; and a logistics asset in Zaragoza (…).

Original story: Eje Prime 

Translation: Carmel Drake

The Alcaraz Brothers Create Six New Property Developers

3 November 2017 – Eje Prime

The family office owned by the brothers Juan and Pedro Alcaraz is growing. The Alicante businessman, founders of the vehicle rental company Goldcar, have left behind their stage in the transport sector, after selling the remaining 20% stake that they still held in their rent-a-car company to invest in real estate. With this business idea in mind, the Alcaraz brothers have created half a dozen new property developer companies, according to the Official Bulletin of the Mercantile Registry (Borme).

The two brothers are adding these six companies to the five that already exist in their Alibuilding company (…). This strategy of creating a property developer for each project is a method that has been used in the past in the Community of Valencia, as was seen in the case of the creation of the Valencian property developer Attikos, by the builder Juan Armiñana.

In the province of Alicante, the family office owned by the Alcaraz brothers, Aligrupo Global Services, is building a luxury urbanisation in Calpe. And it looks like the company is planning to construct another residential development in the same town, according to Valencia Plaza.

The two businessmen currently own several assets in the real estate sector, including a property in the prime area of Velázquez, in Madrid. They also hold a 10.55% stake in the Socimi Trajano Iberia, whose portfolio includes two office buildings, two shopping centres and a logistics platform.

Original story: Eje Prime

Translation: Carmel Drake

Trajano Iberia Goes Shopping For Offices, Retail & Logistics Assets

31 May 2017 – Eje Prime

Trajano Iberia, the Socimi managed by Deutsche Bank (…) is drafting a roadmap for its upcoming acquisitions, which will see it buy assets worth up to €100 million in Spain and Portugal, according to a statement issued by the Socimi. The company highlighted that it is looking for commercial properties, “primarily, offices, retail premises, shopping centres and logistics assets”.

Madrid and Barcelona will be in the spotlight of Trajano Iberia, which began to trade on the Alternative Investment Market (MAB) back in July 2015. The group has set itself the objective of spending “between €10 million and €100 million” on the acquisition of assets over the next few months.

The type of properties that Trajano Iberia wants to incorporate into its asset portfolio include: offices that need refurbishing or that are empty in prime and semi-prime areas of Barcelona and Madrid; prime offices and retail assets in Lisbon and Spain’s secondary cities; prime shopping centres in Spain’s secondary cities; and prime logistics centres located in the vicinity of transport hubs.

In this way, Trajano Iberia will be able to diversify its range of assets, given that until now, it has been more focused on buying large shopping centres in major cities in Spain and Portugal. One of the Socimi’s most recent purchases was the Alcalá Magna shopping centre, in Alcalá de Henares (Madrid), for which it paid Incus Capital €100 million. (…).

As at the end of 2016, the asset portfolio of the Socimi, chaired by José Moya Sanabria, was valued at more than €200 million and comprised four properties. The Socimi, which plans to increase its portfolio to more than €300 million before the end of the year, acquired its first property in October 2015 (…). A month later, in November, Trajano added the Nosso shopping centre, located in the Portuguese city of Vila Real to its collection of assets, for which it paid €54 million. Then in 2016, the Socimi acquired the Manoteras office building in Madrid, for €45 million. In the middle of last year, the group also bought the Plaza logistics park in Zaragoza, for €43.8 million.

Since its constitution in March 2015, Trajano Iberia has raised funds amounting to approximately €95 million. The administrators and managers of the company estimate a maximum investment period of 2 years (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

ING Granted €1,000M In Loans To RE Sector In 2016

21 March 2017 – El Confidencial

ING has returned to the Spanish real estate market with a bang. The Dutch bank, which was one of the main foreign players in the years before the bubble, has become one of the most active entities in terms of financing in this market, which has taken an about-turn over the last two years.

Last year alone, ING Real Estate Finance granted financing amounting to more than €1,000 million to 13 different real estate operations, ranging from the purchase of offices, shopping centres and logistics assets to corporate refinancing agreements.

The most high-profile deal was the acquisition of Torre Espacio by Grupo Emperador, the Philippine holding company to which ING granted a syndicated loan amounting to €280 million in February last year. That loan has a 7-year term and represented a turning point in the entity’s commitment to this market.

A few months later, the bank, which is now led by César González-Bueno, also participated in the most important corporate operation ever recorded in the sector, the merger between Merlin and Metrovacesa, by granting €170 million to the Socimi and €200 million to the real estate firm.

By the time that merger happened, ING had already financed several operations for Merlin, such as, for example, the acquisition of a portfolio comprising seven logistics assets with a €67.9 million loan over five years, which was signed in January 2016.

Other giants in the sector that have also received support from ING over the last year include GMP, with corporate financing amounting to €75 million, and Axiare, to which the Dutch bank granted a €75 million loan to acquire the building located on Calle Almagro, 9 in Madrid.

The entity’s commitment to the real estate market spans the whole Iberian Peninsula, including Portugal, as the bank showed when it granted €50 million to the Vasco de Gama shopping centre, in Lisbon, which is owned by Sonae Sierra and CBRE GI.

And it was specifically in the shopping centre segment where the entity has closed its first major operation of 2017, granting a €57.5 million syndicated loan over 7 years to Trajano Iberia, funds that have been used almost in their entirety (€55 million) to finance the acquisition of Alcalá Magna.

“This operation strengthens the position of the Real Estate Finance area in the core asset segment, such as high quality offices, shopping centres and logistic assets. Our intense level of activity has allowed us to start 2017 as market leaders”, said Julián Bravo, Head of Real Estate Finance for Spain and Portugal.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake

Trajano Iberia Buys Alcalá Magna Shopping Centre For €100M

3 February 2017 – Expansión

The Socimi Trajano Iberia, which is managed by the real estate division of Deutsche Asset Management, has purchased the Alcalá Magna shopping centre from Incus Capital, for €100 million.

According to a statement released by the Socimi, the shopping centre is located in one of the main residential areas of Alcalá de Henares (Madrid). It has a commercial surface area of 34,165 m2, spread over two levels, and 1,204 parking spaces, spread over two underground floors.

Its tenants include high profile brands from the Inditex group, led by Zara, as well as several recent arrivals, such as Lefties, H&M, Mango, Mercadona, a Virgin Active gym and restaurant groups.

The space, constructed in 2007, has an occupancy rate of more than 95%, receives almost 5 million visitors a year and generates annual sales of around €64 million.

Following this operation, Trajano Iberia has now made investments amounting to €282 million since its launch in June 2015. It currently has five assets in its portfolio, with a total surface area under management of 151,000 m2.

This new investment takes the company to 100% of its investment capacity once again, following its second capital increase, which was carried out in October, amounting to €47.2 million.

For this transaction, the company was advised by Deloitte, JLL and Garrigues. The vendor was advised by CBRE and Dentons.

Original story: Expansión

Translation: Carmel Drake

Paralysis In Trading Amongst The MAB’s Socimis

17 January 2017 – Idealista

The Alternative Investment Market (MAB) has become the catapult for many small Socimis – the real estate investment vehicles that are obliged to debut on the stock market to maintain the tax benefits that they enjoy.

Currently, this platform is home to 28 such companies, of which 17 debuted during 2016, however, not all of them are attracting the attention of investors. What’s more, one in five is trading today at the same price per share at which they debuted and some of them haven’t registered any movements in their share prices at all, which means that they are not being traded.

Examples include some of the most recent companies to debut. One of them is Inmofam 99, a Socimi that has 10 commercial and residential assets in its portfolio, which is owned by the Hinojosa family, the founder of the Cortefiel textile group. It debuted on the MAB on 21 December 2016 at a price of €17.60 per share and it is still trading at that price almost one month later, according to data from BME, the company that manages the Spanish stock market.

The same is happening with RREF II Al Breck, which debuted on the MAB on 30 November 2016, at a price of €5.40 per share, the same price at which it is currently trading. This Socimi, controlled by a company headquartered in Luxembourg, is the owner of almost 700 assets, mainly homes located in Madrid, although it also owns retail premises, one office and several storerooms, garages and basements.

Another Socimi that finds itself in the same situation is Euro Cervantes, a company that holds two investment stakes in its portfolio: one 30% stake in GMP, the owner of homes, offices and land, and one 49% stake in La Maquinista shopping centre, the largest in Barcelona. This vehicle is owned by the Government of Singapore and has been trading at €31 per share since 22 September 2016.

Corona Patrimonial and Heref Habaneras are also experiencing very similar situations. (…).

These five Socimis together have a combined market value of €353.8 million, a figure that increases to more than €900 million in we include Zambal Spain, which has also been having a tough time. This vehicle, which owns several offices and retail premises, whose tenants are giant businesses operating in Spain, has been trading for almost 14 months (it debuted on the MAB on 1 December 2015…). It is currently trading at €1.24 per share, the same level at which it debuted, although its shares have been traded significantly. During its first month on the market, the company moved 10,000 shares and €13,000, whilst during 2016 as a whole, it moved half a million in both shares and cash. (…).

Trading plummets during first fortnight of 2017

A certain degree of apathy is being observed amongst the Socimis on the MAB in these early stages of the year. Some other vehicles should be added to the list above, including Corpfin Capital Prime Retail, Fidere Patrimonio, GMP Property, Hadley Investments, Inversiones Doalca and Mercal Inmuebles. In fact, of the 28 Socimis trading on this platform, only five have been traded, to a greater or lesser extent, during the first fortnight of January.

The most liquid of all of them is Entrecampos Cuatro, the first Socimi to debut on the stock market (back in November 2013) and whose portfolio mainly contains homes, premises, offices and land. In two weeks, this vehicle has seen 188,000 shares traded for €350,000.

The second most liquid has been Trajano Iberia…with 9,000 shares traded for €91,000. It is followed by the office specialist Autonomy Spain Real Estate (3,000 shares traded for €51,000); Vbare Iberian Properties (2,000 shares traded for €32,000); and Optimum RE (€3,000 traded). The latter two hold homes in their portfolios.

As such, and despite the fact that investors do not normally back Socimis on the MAB (because they are smaller entities with less liquidity…), it is true that we have found some companies that have managed to increase their value by double digits since they debuted on the platform, such as Entrecampos and Optimum, which are amongst the few that have seen movement in their shares during the first two weeks of the year.

Original story: Idealista (by Ana. P. Alarcos)

Translation: Carmel Drake

Trajano Iberia Buys 4 Logistics Warehouses For €42.9M

5 December 2016 – Heraldo

The Socimi Trajano Iberia, which is listed on the Alternative Investment Market (MAB) and which is managed by the real estate investment division of Deutsche Asset Management, has purchased four logistics warehouses in Zaragoza for €42.9 million, according to reports from sources at the company on Friday.

The assets are located in the Campus Plaza 3.84 industrial estate in Zaragoza, the city’s main logistics centre. The location is “strategic” given that it is at the centre of Spain’s main logistics thoroughfares (between Madrid-Barcelona and Euskadi-Valencia), according to the sources.

The assets, which are leased in their entirety to 6 tenants, have a combined surface area of 72,484 m2 and 68 loading bays.

The average life of the contracts (until the first maturity date) exceeds 6.5 years. The longest lease is not due to expire for more than 10 years.

After completing this purchase, Trajano Iberia has now invested €181 million in total. It has a combined managed surface area of 117,000 m2 and an average purchase yield of 6.7%.

The company’s current product mix comprises: offices (31%), shopping centres (34%), logistics assets (22%) and high street stores (13%).

In October, the company completed a €47 million capital increase in order to undertake additional investments amounting to between €95 million and €100 million.

The Trajano Iberia Socimi was created in June 2015, with the aim of investing in a mixed portfolio of diverse properties in Spain and Portugal, primarily for rental.

Since its constitution, the company has raised funds amounting to €142 million and has carried out the procedures necessary to enable it to be listed on the MAB, which is a necessary requirement for it to be allowed to operate as a Socimi, say the sources.

Original story: Heraldo

Translation: Carmel Drake