García-Baquero’s Spanish REIT invests in Córdoba

AM Locales Property SOCIMI (YAML:MCE) has invested €12.3M in the acquisition of 3 prime high street properties in the Andalusian city of Cordoba. The units have a GLA of 1,517m² and are located in the city’s main retail arteries, Calle Conde Gondomar and Avenida del Gran Capitán.

The property fund was created by the heirs of Herminio García Baquero Gómez-Comino, co-founder of Spain’s biggest cheese producer. Herminio sold his share to his brother, Hersilio, in 1996 and created a family office which has since invested in private equity, hedge funds and property. Currently, the main shareholders of the REIT are heirs Herminio, Elena and Maria Luisa, with a 33% share each.

Mr. Herminio García-Baquero Arias currently serves as President and CEO of AM Locales Property REIT and, amongst other positions, is the Managing Director of Inversiones GB Balboa, president of hotel chain Ruta del Quijote and president of GB Residencias retirement homes. He began his professional career in what is now known as Accenture before joining Lacteas Garcia Baquero where he served as director. In 1995 he became a shareholder and board member of Inversiones Ibersuizas where he rose to the position of Chairman. Herminio studied economics and management at the Comillas Pontifical University and holds an MBA from IE.

The Spanish REIT started trading on the 25th of June, 2017 and set a new 52-week high during Thursday’s trading session when it reached 21.40. Over this period, the share price is up 10.31%. and the fund has reached a market cap of €107.6M.

As at the 1st of March of 2018, the REIT’s underlying consists of 39 properties located in the provinces of Madrid, Seville, Ciudad Real, Málaga, Zaragoza, Cantabria, and Córdoba. The portfolio is 83% let and 87% of the portfolio’s rent is generated by properties in the Madrid province.