Spanish private equity firm, Corpfin Capital, is preparing the debut of Inbest on Madrid’s alternative stock exchange. The investment vehicle aims to invest approximately €400M in top-quality high-street units across Spain. The portfolio of the yet-to-be listed fund includes the 15,000m2 commercial area of the Edificio España on Madrid’s Plaza de España for which it paid €160 million.
In addition, Inbest owns three buildings located on Gran Vía 20, in Bilbao; Princesa nº 41, in Madrid; and on Colón street in Valencia – all of which were bought from the El Corte Inglés departament store chain for €184 million. The vehicle also owns a three-story building located on Triana street in Las Palmas.
After heavy listing activity in previous years, 2019 has only seen 4 new Spanish REIT IPOs (those of Urban View Development, Park Rose Iberoamericana, Almagro Capital and Euripo Properties). Corpfin’s new SOCIMI is expected to make its debut during the first half of July, probably around the 9th and other upcoming IPOs include Grupo Millenium’s Hotels REIT and LaFinca Global Assets, a company which is owned by the Cereceda sisters and the North American fund Värde Partners with assets under management of c. €725 million euros.