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38 // iberian.propery / 2017
dossier// ISSUE: TOP IBERIAN Investors
Socimis lead the sector’s recovery in Spain
Socimis (the acronym for listed corporations for investment in the real
estate market, also known as Spanish REITs) have been increasingly
asserting themselves as a major alternative for investment and for cap-
italising a sector that, after the real estate bubble burst, was practically
reduced to ashes.
Today, Merlin, Lar, Hispania and Axiare are unavoidable names in Iberian
capital markets, standing not only as the most active socimis in terms
of completed deals, but also as the owners of some of the largest
asset portfolios. A reality confirmed by Iberian Property’s study, which
determined that in only three years since entering the MAB market (in
the Spring of 2014), these four entities have already accumulated assets
amounting to a total GAV of almost 15 billion euros.
A success story in Spain, the REIT format has not reached Portugal yet,
and is one of the industry’s main demands, given these instruments’
recognised potential to increase liquidity in the market. The Government
acknowledges this situation and the Minister in charge of this matter claims
to currently be preparing a proposal to introduce a REIT-like regime in
Portugal, although he does not mention a date for this.
Iberia collects € 4.5 bn from new foreign investors
in 2017
With Spain heading the list, Iberia is undeniably on the map of
new capital attracted for investment in commercial real estate,
receiving 4.5 billion euros of the funds these players plan to invest
in the sector globally in 2017.
In the 2017 edition of the study
«The Great Wall of Money»
, which
monitors the volume of capital recently channelled to the property
sector on a global level, both through debt and through equity,
the consulting firm Cushman & Wakefield places Spain in 13th
position among these players’ favourite markets.
Although we continue to witness an exceptional volume of capital
directed towards the property sector, the rate of growth is now
starting to moderate, the consultancy notes. A current trend in the
global market cycle and which will also reach Iberia.
9. Edificio España
Size (m
2
)
---
Price
(million €)
272
Buyer
Baraka Group
Seller
Wanda Group
10. 50% stake from Xanadu
Shopping Center
Size (m
2
)
153.695
Price
(million €)
264
Buyer
TH Real Estate
Seller
Intu Properties
8. Project Boston - Portfolio
of 14 office buildings
Size (m
2
)
116.000
Price
(million €)
300
Buyer
Oaktree and Freo
Seller
BBVA
Top transactions 2016 / 2017