Tag: Vivenio

Pryconsa and SVPGlobal in Talks to Acquire Land from Atlético de Madrid

30 July 2019 – Richard D. K. Turner

Pryconsa, the Colomer family’s developer, and SVPGlobal, which owns the Benidorm highrise, are bidding to take the last of the three plots being sold by Atlético de Madrid’s Operación Calderón. The first two plots of land went to a joint venture by Azora and CBRE GI, in a deal worth just over 100 millions of euros.

Stoneweg’s partnership with Hines had been seen as likely to win the bidding for the last plot of land, but an unexpected offer from Vivenio and the Dutch fund APG surpassed their bid at the last moment. Talks with Vivenio subsequently broke down when the firm was unable to secure the necessary financing.

Somewhat late to the party, Strategic Value Partners (SVPGlobal) and Pryconsa have both also now also expressed interest in submitting bids. The firms are analysing the asset, which Atlético de Madrid is selling for €3,150/m2. Bids are expected this week.

If neither of the two manages to reach an agreement with the football club, Atlético de Madrid is expected to go back to Stoneweg-Hines and Vivenio for final proposals, looking to finalise a deal shortly.

Original Story: El Confidencial – Ruth Ugalde / Elena Sanz

Vivenio Socimi Set to Acquire Plot of Land from Atlético Madrid

1 July 2019 – Richard D. K. Turner

Vivenio seems to have beat out Stoneweg at the last moment in the race to acquire a plot of land on sale by Atlético Madrid. For weeks, Azora has been known as the likely buyer for two other plots of land, with a total of 40,5000 m2. The plots, known as RC7 and RC8, have views of the Manzanares River.

A third plot of land, RC4, was still up for grabs and the developer Stonweg was leading the race to acquire the land. Vivenio, a socimi owned by APG and the Renta Corporación increased their offer at the last moment. Atlético expects to make a final decision this week, with closing expected shortly thereafter.

The sale of the three plots of land is expected to bring in roughly 180 million euros to Atlético’s coffers. Vivenio is likely to develop residential housing for rent on its parcel, which has a total buildable surface area of 28,481 square meters.

Original Story: El Confidencial – Ruth Ugalde

Vivenio Invests €90M in the Purchase of 2 Buildings in Madrid

10 June 2019 – Eje Prime

Vivenio has purchased two buildings in Madrid from a Madrilenian family office for more than €90 million.

The Socimi owned by the Dutch fund APG and Renta Corporación has acquired one building located on Avenida San Luis, comprising 140 homes and 18 premises and another on Calle Hermosilla, with 80 homes and two premises.

Together, the two properties span a surface area of more than 21,500 m2.

Original story: Eje Prime

Translation/Summary: Eje Prime

Socimi Vivenio to Invest Another €142.5M to grow its Portfolio

11 March 2019 – Idealista

The Socimi Vivenio, owned by Renta Corporación (3%) and the Dutch fund APG (95%), has approved a capital increase amounting to €142.5 million, as it seeks to continue to grow its portfolio. The company will use the funds to buy new residential assets to incorporate into its portfolio, which is worth €470 million, according to the Alternative Investment Market (MAB).

Vivenio’s portfolio currently comprises 24 residential properties (containing more than 2,000 homes, 2,020 parking spaces and 1,600 storerooms) spanning a surface area of 185,500 m2, located mainly in Madrid and Barcelona. It also owns some assets in Valencia and Palma de Mallorca. The Socimi was created in April 2017 and has been listed on the MAB since the end of 2018.

Original story: Idealista 

Translation: Carmel Drake

Renta’s Revenues Soared by 102% to €92.4M in 2018

1 March 2019 – Expansión

Renta Corporación closed 2018 with revenues of €92.4 million, up by 102% compared to a year earlier and a net profit of €16.6 million, up by 33% (…).

The real estate company’s business portfolio amounted to €133.9 million at the end of 2018, plus the assets managed for sale in conjunction with real estate funds for an estimated investment of €35 million.

Dividends

Last October, the Board of Directors agreed the distribution of a dividend amounting to €1.1 million to be charged against the income statement for 2018. At the next General Shareholders’ Meeting, which is going to be held on 11 April, the company is expected to approve the distribution of €1.9 million as a complementary dividend.

In terms of Vivenio, the Socimi that Renta Corporación launched in the middle of 2017 together with the Dutch pension fund APG, it closed 2018 with 18 residential properties in its portfolio containing 2,000 homes under management, which have a gross value of €524 million (…).

Original story: Expansión (by M. Anglés)

Translation: Carmel Drake

Aquila Capital Enters the Logistics Segment after Promoting 5,400 Homes

31 January 2019 – Expansión

The property developer of the German fund Aquila Capital has definitively backed Spain. In just five years, the company has made a name for itself in the Spanish property development sector, one of the key markets for the company. Aquila Capital, which is headquartered in Hamburg, was founded in 2001, by Dieter Rentsch and Roman Rosslenbroich. The fund, which also invests in infrastructure, renewable energy and agriculture, launched its property developer AQ Acentor in 2014.

Since we arrived, we have invested €1.4 billion in Spain”, explained the CEO of AQ Acentor, Sven Schoel.

One of the fund’s first projects in Spain was in Villaverde (Madrid), together with the property developer the Inmoglacier Group, to build 1,300 homes, including 400 units for rental use. That project has almost been sold in its entirety, including the rental properties, which were sold to Catella and the Socimi Vivenio. After concluding that project, the alliance between Aquila Capital and Inmoglacier came to an end last summer.

Following that launch, the company has been adding new developments on a piecemeal basis in Cataluña, Málaga, Madrid and Valencia (…).

In total, the company currently has 5,400 homes in various stages of development. The company has 550 homes in an advanced phase, which are going to be handed over during the course of this year.

In addition to residential development, the company owned by Aquila is now preparing its debut in the logistics sector. Specifically, it is finalising the purchase of two plots of land for development in Madrid and Barcelona with a total surface area of 500,000 m2 for around €50 million.

Potential

“Logistics is one of the sectors with the most potential; we will begin by developing logistics land, although we do not rule out carrying out turnkey projects for tenants in the future”, added Mr Schoel.

The director also highlighted the company’s commitment to the environment and its support for sustainability (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Founder of Pachá Acquires 3% of Renta Corporación’s Share Capital

17 December 2018 – Eje Prime

Renta Corporación has opened up its share capital to a new investor. The businessman Ricardo Urgell (pictured below), founder of the Pachá Group, has acquired 3% of the company through his family office. Specifically, Urgell has entered the share capital of the real estate company after making several purchases in the market and after acquiring a package of shares that had been held by the President of Renta, Luis Hernández de Cabanyes, until now.

Meanwhile, Cabanyes will continue to hold 21.53% of the shares of Renta Corporación, making him the largest shareholder. This latest operation follows other similar deals through which Cabanyes has wanted to facilitate access to the share capital of the real estate company to several investor groups. Now, following the acquisition by Urgell, the President “considers this stage closed and is not proposing any more shareholder movements”, the company said in a statement.

Renta Corporación closed the third quarter with a profit of €11.7 million and is planning to achieve €16 million in 2018 as a whole. The company has acquired more than 2,000 homes over the last 18 months, with a cumulative investment of €450 million. In parallel, the evolution of Vivenio, the Socimi created together with the Dutch pension fund APG, has consolidated its position as a source of recurrent income for the group.

Original story: Eje Prime

Translation: Carmel Drake

Deutsche Bank, APG & CBRE GI Enter Spain’s Residential Rental Market

7 December 2018 – Expansión

The large international investors have placed their focus on the residential market and, specifically, on the rental segment. The success of this sector, together with labour mobility, the difficult access to housing and changes in living habits mean that, increasingly, renting is an option over buying in Spain, and that has fuelled interest from capital in the sector.

Blackstone, the largest real estate investor in Spain, was one of the first funds to back the residential rental sector with the purchase of 18 developments comprising 1,860 units from the Municipal Housing and Land Company of Madrid (EMVS) in 2013, but it has not been the only one. The Dutch pension fund APG, in conjunction with Renta Corporación; the German bank Deutsche Bank; and the international fund manager CBRE GI have been some of the most committed investors in this market in recent months.

In this way, APG reached an agreement in the spring of 2017 with the Catalan real estate company Renta Corporación to launch Vivenio, a Socimi specialising in housing, with the aim of acquiring assets worth €1 billion in Madrid, Barcelona and the provincial capitals. The Socimi is going to close a particularly active year for acquisitions, with a total investment of €400 million and is planning to repeat that amount in 2019 to reach a total portfolio of €1 billion in just over two years. One of the largest purchases it has made this year was the batch of 1,100 homes that belonged to the manager Aquila Capital, headquartered in Hamburg, for €240 million.

With the aim of diversifying its portfolio and entering this growing segment, the international fund manager CBRE GI joined forces with Azora, the Spanish manager founded by Concha Osácar and Fernando Gumuzio, with experience in this sector, and the New York investment firm Madison to invest €750 million over the next two or three years. That three-way alliance started with a portfolio of 65 buildings and a total of 6,458 homes and has the aim of reaching, at least, 10,000 units.

Another large investor that is betting heavily on the Spanish residential sector is DWS, the asset management subsidiary of the German bank Deutsche Bank, which has prepared a budget of €500 million to acquire between 1,000 and 2,000 homes in Spain. In that case, it is backing new build developments and it will do so through three formulae: delegated development, the acquisition of construction projects from other property developers and direct development. The objective is to maintain the assets in its portfolio and rent them out. In that case, the vehicle will not be a Socimi because German regulation of the funds from which the capital proceeds do not allow that. 60% of the investment will be made with own funds and the rest, bank financing. The plan is to invest primarily in Madrid and Barcelona, but they will also study plots in cities such as Bilbao and Sevilla, provided the rental market is very liquid.

Meanwhile, Catella Asset Management Iberia (CAMI), the Spanish subsidiary of the Swedish fund manager is intending to reach 2,000 units by 2020. The manager, which will add 1,000 homes to its portfolio at the beginning of 2019, entered the residential rental market two and a half years ago and has invested around €160 million in the business to date. It plans to double that figure to reach 2,000 homes within two years.

Another real estate company that has teamed up with foreign funds to grow in this segment has been Elix. The firm, which is dedicated to the purchase of buildings, their renovation and the sale of homes by unit, has signed an alliance with KKR and Altamar to invest in buildings, renovate them and dedicate them to the rental market. Its aim is to invest €200 million in Madrid and Barcelona through the Socimi Elix Vintage.

Finally, Redevco has created a new fund to invest €500 million in residential projects in several European markets, including Spain (…). Redevco is planning to build a pan-European residential portfolio comprising approximately 2,500 units.

Original story: Expansión (by Rebeca Arroyo & Marisa Anglés)

Translation: Carmel Drake

Renta Corporación’s Profits Rose by 14% to €11.7M in September

24 October 2018 – Eje Prime

Renta Corporación closed September with good results. The Spanish real estate group recorded a profit of €11.7 million to September, up by 13.6% compared to the same period in 2017, according to a statement filed by the company with Spain’s National Securities and Exchange Commission (CNMV).

Similarly, the company recorded total revenues of €49.1 million during the first nine months of the year, exceeding its turnover between January and September 2017 by 46%. Meanwhile, Renta Corporación’s EBITDA amounted to €12 million, up by €3 million compared to the previous year.

The sale of several properties in Barcelona and Madrid means that Renta Corporación closed September with an increase in its turnover. Currently, the group’s business portfolio amounts to €179 million. Moreover, the company manages assets for sale in partnership with several real estate funds, with an estimated investment amount of €35 million.

In terms of the purchases made by the group between January and September, highlights include the acquisition of fifteen residential-use properties comprising 1,095 turnkey homes, through its Socimi Vivenio. Those assets are located in Madrid, Barcelona, Valencia, Palma and Málaga and involved the disbursement of €533 million for the company.

Renta Corporación is currently in a process of growth. At the beginning of October, the company announced that it is going to build homes on the site of Esteve’s former headquarters in Barcelona, an asset that it has just purchased from Iberdrola Inmobiliaria.

Orignal story: Eje Prime

Translation: Carmel Drake

Vivenio and Aquila Capital sign asset management agreement for Spanish real estate portfolio

4 October 2018

Aquila Capital, a Hamburg-based investment manager, has signed an agreement with Vivenio, a real estate investment trust (REIT) managed by APG and Renta Corporación, for asset management services for a residential portfolio in Spain.

The agreement covers property monitoring, letting management, finance and budget controlling, business reporting, cash management and general administration for a portfolio of over EUR200M and nearly 1,100 housing units.

The units, being developed by AQ Acentor, Aquila Capital’s real estate developer in Spain, are in Madrid, Barcelona and Málaga. They include both subsidised and private housing units at various stages of construction that will be transferred progressively up to 2021.

The developments in Madrid consist of four residential complexes in the district of Villaverde and will contain more than 500 subsidised rental housing units with a 15-year lease. The Barcelona complex, located in the municipality of Sant Adrià del Besòs, will have more than 100 rental housing units. The Málaga development will consist of five complexes with a total of more than 400 rental housing units.

All the developments will have common areas and additional facilities to improve the quality of life for the residents, including co-working spaces, pools, gyms and other such amenities.

This is Vivenio’s first turnkey project and it secures an important medium- and long-term portfolio for the REIT. It also broadens Vivenio’s social and private housing proposition, underlining its leading role in the sector. Furthermore, it marks the entry of Renta Corporación and APG’s REIT to the Andalusia market, having previously performed the bulk of its operations in Madrid, Barcelona, Valencia and Palma de Mallorca.

This latest transaction means that Vivenio, which benefits from Renta Corporación’s extensive experience in the Spanish residential market, has now invested more than EUR650 million since its launch and will manage more than 2,900 housing units by 2021.

José María Cervera, Corporate General Manager of Renta Corporación, says: “This transaction will greatly expand our portfolio and signifies both our first turnkey investment and entry to new geographical areas. It also marks a major step forward in Vivenio’s growth and investment strategy, which will lead to more acquisitions that will be formalised over the coming months.”

Aquila Capital operates independently as a developer in the Spanish market through its brand AQ Acentor. The residential projects include subsidised and private housing units in the cities of Madrid, Barcelona, Málaga and Valencia. AQ Acentor is one of the largest developers of residential land in Spain and one of the few aimed at institutional investors.

“The Spanish real estate market is highly attractive to institutional investors and offers above-average profitability, especially new construction. This is further supported by a growing rent culture and stable economic growth. We are aware that there is an increasing number of investors following us into this interesting market and are convinced that our extensive experience and local presence is key to be successful in this market,” says Sven Schoel, CEO of AQ Acentor.

Property Funds World