30 July 2018 – Eje Prime
Just over a year after expanding its share capital by more than €91 million, Zambal is preparing to undertake a new operation. The Socimi managed by IBA Capital has convened its shareholders for a General Meeting in September to carry out a new capital increase, in this case, amounting to €80 million.
According to a statement filed by the company with the Alternative Investment Market (MAB), the capital increase will be undertaken through the issue of 80 million shares with a nominal value of €1 and an issue premium of €0.25, which “will be subscribed and fully paid up through the offsetting of loans”.
Without resorting to bank financing, Zambal has built a portfolio worth more than €730 million. The company’s main assets include, for example, the property at number 77 Avenida San Luis (which houses the headquarters of Gas Natural in Madrid); the Vodafone Building on Avenida de América, and number 18 Avenida de Burgos, which is leased in its entirety to BMW.
The Socimi, which started life in 2013, is an investment vehicle managed externally by IBA Capital Partners. The company specialises in the investment and subsequent management of assets in cities such as Madrid and Barcelona in the office and retail segments, although the company is also looking at other assets such as nursing homes, hospitals, retail parks and logistics platforms.
One of the most recent operations undertaken by Zambal was the purchase of two office buildings on Calle Albarracín in Madrid, which is leased to the French multi-national Atos. That operation involved an investment of €38 million.
Original story: Eje Prime
Translation: Carmel Drake