11 December 2017 – Eje Prime
The Socimi Corpfin is continuing to add new assets to its portfolio. The company, through its vehicles Corpfin Capital Prime Retail II Socimi and Corpfin Capital Prime Retail III Socimi, has purchased two retail premises in Madrid and Vitoria, according to a statement issued by the company.
At the end of November, Corpfin formalised the purchase of a store located at number 15 Calle Posats in Vitoria. The acquisition of that asset involved an investment of €1.06 million.
In Madrid, the company has also grown its portfolio of retail assets. In September, the Socimi acquired the store at number 68 Calle Velázquez from Banco de Madrid. That operation, whose consideration has not been disclosed, was formalised through a mortgage with CaixaBank and the company’s own funds.
Corpfin Capital Prime Retail Assets Socimi operates with the vehicles CCPR II Socimi and CCPRIII Socimi, raised in 2013 and 2014, respectively, with an estimated lifespan of between six and seven years.
According to the company, “the two vehicles will invest in around fifteen assets, with a maximum investment amount per asset equivalent to 15% of the total of the funds”. “The forecast combined total investment is €100 million, split between CCPR II, with €30 million and CCPR III, with €20 million, and a target leverage rate of 50%.
Moreover, the company also operates in the real estate sector through its vehicle CCPR Retail Parks. That fund specialises in retail assets, primarily retail parks, involving a high management component. According to the group, the estimated diversified investment for that fund is between twelve and fourteen operations, with an average investment volume of €3 million per operation, including land, capex, acquisition costs and marketing. To date, the fund has committed half of its planned investment.
Corpfin’s most recent operations through CPRP have involved the purchase of a plot measuring 4,345 m2 from the General Foundation of the Universidad Complutense de Madrid. For now, Corpfin has signed a contract to open an Aldi supermarket on that site, which will occupy a surface area of more than 1,200 m2 and which will be that chain’s first establishment in the municipality. The remaining land is still being marketed.
Other operations carried out by the fund are the Las Moruchas Retail Park in Ávila, inaugurated in June 2016, and the construction of a new retail complex in Alcorcón (Madrid), which is currently under development.
Original story: Eje Prime (by C. Pareja)
Translation: Carmel Drake