Tag: Women’s Secret

Torre Sevilla Shopping Centre to Open in September with 92% Occupancy Rate

20 July 2018 – Eje Prime

Torre Sevilla is getting ready to open with almost a full house. The complex in the city of Sevilla, which will open its doors in just two months time, has commercialised 92% of its space. In recent weeks, the managers of the complex have agreed the entry of several new operators.

In the field of fashion, H&M, Parfois and the jewellery chain Time Road are going to open stores in Torre Sevilla, following in the footsteps of other groups such as Primark, Mango, Women’s Secret, Springfield, Calzedonia and Foot Locker, amongst others.

The shopping centre has also announced the arrival of the supermarket chain Día, as well as several telecoms operators, including Movistar and Vodafone. The gastronomic offer is going to comprise companies such as Udon, Vips, La Tagliatella, Burger King and the bakery chain Granier.

The opening of the complex will complete the Torre Sevilla architectural project, in which CaixaBank has invested more than €320 million. In addition to a shopping centre, Torre Sevilla contains an office block, the Eurostars Torre Sevilla hotel, CaixaForum Sevilla and Magallanes Park.

Designed by the Argentinian architect César Pelli, the retail complex comprises two large buildings, which span a gross leasable area (GLA) of 26,700 m2 and a constructed surface area of 43,000 m2.

Original story: Eje Prime

Translation: Carmel Drake

Cortefiel’s Founder Lists Its Socimi Inmofam 99 On The MAB

21 December 2016 – Expansión

The Hinojosa family has listed its real estate Socimi Inmofam 99 on the stock market. The company primarily owns retail premises worth around €48 million.

Another Socimi will debut on the Alternative Investment Market (MAB) today (21 December) – Inmofan 99 will be the twenty-sixth Socimi to join the market and will do so with a portfolio worth €48.05 million.

Although the name of the company may not be well known, one of the most representative families in the Spanish fashion world is behind this Socimi: the Hinojosa family. The founders of the Cortefiel group, which owns the brand of the same name, as well as Springfield, Women’s Secret, Pedro del Hierro and Fifty Factory, have decided to convert their real estate company into a Socimi and whereby benefit from the tax advantages afforded by this type of investment vehicle.

Founded as a limited company in June 1999, Inmofam has focused its activity on managing the real estate assets of the Hinojosa family. In September 2015, the company converted itself into a Socimi and 14 months later it is debuting on the stock market with a market capitalisation of €38.83 million.

Diversified portfolio

Inmofam 99’s portfolio comprises a batch of stores that the Hinojosa family held onto after selling the Cortefiel textile group to the funds CVC, PAI and Permira in 2005. The nine assets are leased to the textile group that they founded: six of them are Cortefiel stores, two are Springfield stores and one is a Women’s Secret shop. The stores are located in Madrid, La Coruña, Oviedo, Las Palmas de Gran Canarias, Málaga, Valencia, Zaragoza and two in Valladolid.

In December 2004, the company bought its real estate jewel, a 2,620 m2 store located on Calle Raimundo Fernández Villaverde, which is one of the most iconic stores of the Cortefiel brand in Madrid.

The Hinojosa and García-Quirós families (which have been related for years) receive rental income of more than €883,000 for this store. Nevertheless, Cortefield has notified the Socimi of its decision to terminate the rental contract from 31 December, which has led Inmofam to update its value for this property to €11.75 million.

The other eight retail premises are worth between €2 million and €7.1 million. The former relates to a store on Calle Zorrila in Valladolid, which Cortefiel will also vacate at the end of the year, which has been taken into account in its valuation. Moreover, it owns several floors, for residential and office use, in Oviedo.

In 2005, the Hinojosa and García Quirós families sold the Cortefield textile group to the funds CVC, Permira and PAI for €1,440 million. Currently, Joaquín García-Quirós Rodríguez chairs Inmofam and Juan Hinojosa Vacas, Almudena Hinojosa Bermejo, Gonzalo Hinojosa Fernández-Angulo and Dario Hinojosa García-Puente complete the Socimi’s Board of Directors.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake