Tag: Zambal

Bankinter Acquires Primark’s Future Flagship Store in Barcelona

18 November 2019 – Zambal, a socimi managed by IBA Capital Partners, has sold the future Primark flagship store at Plaça de Cataluyna 23, in Las Ramblas, Barcelona, to a group of Spanish investors led by Bankinter.

The company sold an 89% stake in Trébol Core Properties, the company that owns the asset, for 71 million euros. IBA Capital Partners will continue to manage both the property and the company.

Primark expects to open the store early next year.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Zambal Extends the Ministry of Foreign Affairs’ Rental in the Torres Ágora until 2023

26 February 2019 – Eje Prime

Zambal has renewed its contract with the Ministry of Foreign Affairs and has consolidated one of its main assets. The Socimi, managed by IBA Capital Partners, has signed a new rental contract with the public body for the Ágora Towers, the facilities that house most of the personnel assigned to the Ministry of Foreign Affairs, European Union and Cooperation.

The new rental contract will last for four years, of which the first two are mandatory, according to reports made by the real estate company to the Alternative Investment Market (MAB).

The Ministry of Foreign Affairs has been the tenant of the Ágora Towers, located at number 26 Calle Serrano Galvache in Madrid, since 22 October 2012 (…). Zambal has been the owner of the complex, which comprises two 15-storey twin buildings with three basement floors, since December 2013. The towers have a gross leasable area of 30,469 m2 and 469 parking spaces (…).

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

Acciona Sells a Building in Madrid to IBA Capital for €50M

21 December 2018 – Eje Prime

Acciona Inmobiliaria is continuing to divest. The company chaired by José Manuel Entrecanales has sold a building in the Spanish capital to IBA Capital for around €50 million The asset houses some of the criminal courts for the Community of Madrid.

The building, which has a surface area of 20,000 m2, is located at number 31 Calle Albarracín, in the Julián Camarillo area. With this operation, advised by JLL, the courts have a new landlord, according to reports today from Cinco Días.

This is not the first sale that Acciona has undertaken so far this year. The company has divested some of its office properties and hotels in recent months, as part of its divestment plan carried out with the aim of rotating capital to reinvest in other segments.

For its part, IBA Capital is a manager of real estate funds founded in 2013, which manages assets worth €1 billion. The company also manages the Socimi Zambal, which focuses primarily on the office and commercial sectors.

Original story: Eje Prime

Translation: Carmel Drake

Zambal Socimi Acquires Everis’s Headquarters in Madrid

1 October 2018

Zambal, a socimi managed by the IBA Capital Partner fund, has acquired the Novus Building, the headquarters of Everis, located at 1 Fuente de la Mora (Madrid) for 90 million euros from funds controlled by AXA Im Real Estate.

Market sources explained to Expansión that the price of the transaction, in which the company that owns the property was sold, includes the debt associated with it.

The building, last renovated in 2017, is occupied by Everis NTT Data Company, which occupies 88% of the gross leasable area. In addition to the consultancy, other tenants include Hilti and Eurest.

Novus is located in Manoteras, one of Madrid’s business centres, near the headquarters of Iberdrola, La Caixa and BMW. Overall, the Novus Building has a gross leasable area of 42,945 square meters, divided into five floors of offices, storage areas and common gardens.

The property also has four courtyards and 561 parking spaces. The consultancy Cushman & Wakefield, which had already advised Everis in its leasing operation, and EY Abogados provided services for the seller, while the law firm Garrigues and PwC, the buyer’s financial and tax advisor, advised Zambal.

Other operations

With this transaction, Zambal has strengthened its asset portfolio. The socimi bought two office buildings at the end last year. One is located at 25 Albarracín Street, in the area of Julián Camarillo, in Madrid. The complex is currently leased to the French multinational Atos for about 38 million euros.

The company also acquired an office building located at 77 Avenida de San Luis from Naturgy (formerly Gas Natural) for about €120 million. The gas company is still a tenant. Zambal, created in 2013, debuted on the Alternative Stock Market (MAB) in 2015 and currently has a market capitalisation of 667 million euros.

Original Story: Expansión – Rebeca Arroyo

Photo: zambalspain.com

Translation: Richard Turner

Zambal Buys Everis’s New HQ in Madrid from Axa for €94.5M

1 October 2018 – Eje Prime

Zambal has increased its commitment to offices in Madrid with the purchase from Axa of the Novus Building for €94.5 million. The Socimi managed by IBA Capital closed the transaction a few days ago, to acquire an asset with a surface area of 42,945 m2 and leased in its entirety, according to explanations provided by sources close to the deal speaking to EjePrime.

The property, located in the north of the Spanish capital, hit the headlines last May when Everis signed the largest rental operation in Madrid’s office market since 2013.

At the time, the international consultancy firm leased 37,800 m2 of the building, in which Hilti, the company that supplies technology to the construction sector, also occupies one floor, whilst the ground floor of the property houses the catering company Eurest. The operation has been advised by the consultancy firm Cushman&Wakefield.

The asset is located close to Barajas airport, at number 1 Avenida Fuente de la Mora and comprises six floors, in addition to 561 parking spaces. The property has been owned by Axa Real Assets since the summer of 2015, when that firm acquired it, together with another building in Barcelona, for €110 million. At the time, the property was the headquarters of the French group in the Spanish capital.

Now, the real estate arm of the French insurance company has divested this property (…), taking advantage of the investor appetite of the large Socimis and funds in the Spanish office market. Not in vain, in March, Axa sold another asset in Madrid to GreenOak, for which the company was asking €25 million.

Zambal is on a roll

In recent months, the Socimi has grown its portfolio with operations such as the deal it signed at the end of 2017 in the Julián Camarillo area of Madrid, where it acquired two office buildings for €38 million.

Zambal specialises in the investment and subsequent management of office and retail assets in cities such as Madrid and Barcelona, although the company is also open to assets such as nursing homes, hospitals, retail parks and logistics platforms.

Without resorting to bank financing, the Socimi approved a €80 million capital increase in July, which followed another injection completed last year amounting to €91 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 the property at number 118 Avenida de Burgos, which is leased in its entirety to BMW.

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

Zambal Approves Merger with Iberia Nora & Completes €80M Capital Increase

12 September 2018 – Eje Prime

Zambal has approved its merger with Iberia Nora and has given the green light to its capital increase. Following the General Shareholders’ Meeting, the company managed by IBA Capital has notified the Alternative Investment Market (MAB) that it is going to carry out its integration with the other Socimi, which specialises in the rental of real estate assets.

In addition, Zambal has confirmed the €80 million capital increase that it announced in July. It will conduct it through the issue of 80 million shares with a nominal value of €1 and an issue premium of €0.25, which “will be fully subscribed and paid up through the compensation of loans”.

The capital increase has been fully subscribed by the Socimi’s majority shareholder, Altaya, headquartered in Singapore, which owns 95.21% of the share capital. Of the remaining 4.79%, 4.40% corresponds to Loire Investments Pte. Ltd, also domiciled in Singapore and 0.39% is treasury stock.

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 offices and retail assets in cities such as Madrid and Barcelona, although the company also considers other assets such as nursing homes for the elderly, hospitals, retail parks and logistics platforms.

In a recent operation, Zambal purchased two office buildings on Calle Albarracín in Madrid, leased to the French multi-national firm Atos. That operation involved an investment of €38 million.

Without resorting to bank financing, Zambal has constructed a portfolio worth more than €730 million. Some of the company’s other main assets include, for example, the property at number 77 Avenida San Luis (which is home to Gas Natural’s headquarters in Madrid); the Edificio Vodafone, on Avenida de América; and the building at number 118 Avenida Burgos, which is leased in its entirety to BMW.

Original story: Eje Prime

Translation: Carmel Drake

IBA’s Socimi Zambal to Complete €80M Capital Increase

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

IBA Capital & CBRE GI Sell Preciados 9 to Generali

15 March 2018 – Eje Prime

A new prime retail operation has been closed in the capital. The fund manager IBA Capital, together with CBRE Global Investment, has closed the sale of number 9 Calle Preciados in Madrid to the real estate vehicle of the insurance company Generali, Generali Real Estate. The Italian group has paid €100 million for the asset, which is going to be home to the future Pull&Bear store on that street, one of the most expensive in Spain for opening a store.

The property, which has a surface area of more than 3,000 m2, was the first building that El Corte Inglés sold in the Spanish capital and fired the starting gun for the policy of real estate divestments by the distribution group.

The asset, located in the so-called Golden Triangle of Madrid, was built in the 1940s. The building overlooks the confluence of the areas of Sol, Preciados and Gran Vía, and has a commercial surface area of more than 2,100 m2, distributed over six floors.

The operation, which has been brokered by the real estate consultancy Colliers, has been in the pipeline for six months, but the parties have not signed the agreement until now. In this way, IBA Capital is continuing to transform its asset portfolio in Spain.

Founded in 2013, IBA Capital is headed by Thierry Julienne and Jesús Valderrama, founders of the investment vehicle. The group has the capacity to manage all kinds of real estate assets and, currently, manages assets with a value of approximately €1 billion.

IBA Capital’s activity is divided into three lines of business. The company is continuing to acquire new assets following a phase of “prior selection of opportunities and a process of internal analysis”, according to sources at the company. IBA Capital also manages and sells assets, as well as controls the Socimi Zambal.

Its current portfolio comprises more than a dozen assets situated in prime locations of Madrid and Barcelona for the most part. They include number 18 Gran Vía and the ABC Serrano shopping centre, which have been acquired for their subsequent renovation and enhancement.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Zambal Buys 2 More Office Buildings in Madrid for €38M

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

Zambal Acquires 2 Office Buildings in Madrid for €70M

4 December 2017 – Eje Prime

Zambal is continuing to gain ground as one of the star Socimis in the office sector in Spain. The company, managed externally by IBA Capital Partners, an independent private equity firm specialising in real estate investments, has just invested €70 million in the purchase of two office buildings in Madrid, according to sources at the group.

The company formalised its purchases in November. The first is an office building located at number 96 Calle Santiago de Compostela, in Madrid. The building has a gross leasable area of 14,317 m2 and 182 parking spaces. Currently, the building is leased in its entirety to the Community of Madrid.

The Socimi has also added another property to its asset portfolio in Madrid. That building is located at number 44 Calle Lérida and has a gross leasable area of 4,039 m2. It is currently leased to Gas Natural. According to the group, both acquisitions “have been financed in their entirety using own funds and financing from the main shareholder”. On 23 November, Zambal formalised a loan with Altaya for €60 million.

Moreover, between May and July this year, the company launched a €91 million capital increase on the market through the issue and launch into circulation of 91.2 million shares with a nominal value of €1 each and an issue premium of €0.25 per share, as revealed by Eje Prime. The aim of that capital injection was to add new properties to its portfolio.

With these latest purchases, the Socimi has fattened up its asset portfolio, worth more than €730 million. These two office buildings are the first assets that Zambal has acquired in 2017. Prior to that, the most recent asset that the Socimi added to its portfolio was Gas Natural’s headquarters in Madrid, for which it paid €120 million. That property is located at number 77 Avenida de San Luis in Madrid and is leased in its entirety to Gas Natural (…).

Management team 

The Socimi is managed by executives who have extensive experience in the Spanish and European real estate markets. The head of the company is Thierry Julienne, founding partner of IBA Capital Partners and President of the Socimi. Before taking over the reins of Zambal, the executive was Director of Constructa Asset Managment in Spain and Portugal, Director of the Capital Markets Department at Auguste-Thouard, Co-founder and Director at EXA Real Estate Advisors and founder of Abedo Asset Management.

The executive Jesús Valderrama works alongside Julienne leading the company. He started his career in the international department at Eurohypo and later went on to serve as the bank’s Director of Operations in Spain. Julienne and Valderrama are accompanied by Beltrán Martínez, Administrative and Finance Director of IBA Capital, and Maria Gistau, Director of the Asset Management team at Zambal, who has held several positions of responsibility in companies such as Sonae Sierra.

Zambal has one major shareholder, the company Altaya, which is domiciled in Singapore. The company’s portfolio is primarily focused on buildings used for office and commercial purposes. By region, Madrid accounted for 80% of the Socimi’s rental income in 2015, and Barcelona the remaining 20%.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake