20 December 2017 – Eje Prime
Zambal is fattening up its portfolio with more new assets. The company, which is managed externally by IBA Capital Partner, an independent private equity firm specialising in real estate investments, has added two more office buildings to its portfolio, according to sources at the group. The investment on the acquisition of the two properties by the Socimi has amounted to €38 million.
The Socimi has completed the acquisition of two buildings, located at number 25 Calle Albarracín, in the Julián Camarillo area, which form part of a large office complex, with a total leasable area of 13,283 m2 and 166 parking spaces.
The complex is leased in its entirety to the French multi-national Atos, specialising in digital transformation and which is listed on the Paris stock market. “A single long-term lease contract has been formalised with the current tenant with a compulsory occupancy period of 12 years”, explain sources at the group.
The acquisition price amounts to approximately €38 million, of which €28 million has been paid at the time of the purchase and the remaining €10 million will be paid within the next six months. The sale will be undertaken in its entirety using own funds and financing from the firm’s main shareholder. In addition, Zambal will remodel the building to bring it in line with market standards
The Socimi has formalised a loan with Altaya, its largest shareholder, amounting to €40 million (comprising two tranches, one for €25 million for the payment in December, and another for €15 million, for the delayed payment), with the aim of partially financing the acquisition of the properties, formalised by public deed today.
With these purchases, the Socimi has further increased its asset portfolio, which is now worth more than €730 million. These two office buildings represent the second set of assets that Zambal has acquired in 2017. As Eje Prime revealed, at the end of last month, the company purchased two more office buildings in Madrid for €70 million (…).
Zambal started to acquire assets in June 2013, when it bought a retail property located at number 23 Plaza Catalunya, in Barcelona, which is leased by El Corte Inglés and which has a gross leasable area of 7,400 m2.
Also in 2013, Zambal added more assets to its portfolio: it purchased an office building located at number 25 Avenida San Luis in Madrid and another property located at number 25 Calle Serrano Galvache. In the following years, the Socimi added a building on Paseo de los Olmos in Madrid and another office block on Avenida de Manoteras. In December 2015, Zambal made its debut on the MAB with a market capitalisation of almost €600 million, making it the tenth Socimi to list on the market.
In addition, in recent years, Zambal has undertaken the divestment of assets that it has not considered strategic for its activity. They include the building at number 9 Calle Preciados, which it purchased in October 2013 and which it sold in February 2016, as well as the retail property located at number 61 Calle Serrano, which it also sold in February last year.
Original story: Eje Prime (by C. Pareja & J. Izquierdo)
Translation: Carmel Drake