Prominent footballers Juan Manuel Mata & Fernando Llorente are amongst the shareholders of a Ben Oldman-backed Spanish REIT which made its debut on the Spanish alternative stock exchange today.
Originally, Mistral Patrimonio Inmobiliario, S.A. was incorporated on September 23rd, 2016 with the main objective of purchasing urban income-producing properties and in 2018, the company modified its statutes with the objective of becoming a Spanish REIT which could also act as a fund of funds and invest in other Spanish REITs and property funds.
Although the seed capital of the real estate was originally split equally between Ben Oldman Loan Partners, S.A.R.L. and Mistral Investment Management S.L., the former would become the sole owner of the vehicle by the end of 2016. Ben Oldman would then conduct a fundraising process to purchase various properties owned by now-defunct Spanish property fund, Ahorro Corporacion Patrimonio Inmobiliario FII and by the end of 2017, Mistral had raised c. €11.4 million euros from Juan Antonio Martínez, members of the Marazuela family and footballers Juan Manuel Mata and Fernando Llorente, amongst others.
As at the 30th of June 2018, the portfolio was comprised of social housing and free-hold residential buildings in the provinces of Palma de Mallorca, Gerona, Alicante, Sevilla, Pontevedra, Navarra and Albacete. In total, the fund had 11 buildings with 222 flats, 257 garages, 145 storage units and 17 retail units.
The value of the portfolio is €38 million according to an appraisal made by Ibertasa Sociedad de Tasación, S.A. as of June 30, 2018.