Hispania Activos Inmobiliarios has acquired a 90% stake in ONCISA for an amount of 80.2 million euros, by means of the subscription of a capital increase. ONCISA is the real estate company of Grupo de Empresas de la ONCE (“Grupo ONCE”) and its Foundation (“Fundación ONCE”) and owns 46,416 m2 of office space, distributed in 9 assets, 8 located in Madrid and 1 in Malaga. The implied valuation of the portfolio after the capital increase is 120.4 million euros, including debt.
This transaction has been made in the context of a wider collaboration agreement signed between Grupo Azora -Hispania’s investment manager- and Fundación ONCE. This agreement sets the basis for collaboration in projects related to people with disabilities and their inclusion in society and in the corporate world, as well as on improving their accessibility to goods and services.
All of the assets within the ONCISA portfolio are of high quality and excellently located: those in Madrid are all in highly consolidated areas, in the surroundings of the M-30 ring road, and the building in Malaga is located next to the historic city centre.
In a separate deal, closed last 27th of May of 2014, Hispania acquired -from a third party- two floors of the Murano building for an acquisition price of 4.4 million euros. The rest of the Murano building already belonged to ONCISA. These two floors have been contributed as part of the capital increase subscribed by Hispania – completing the ownership of 100% of the building- along with a cash contribution of 75.8 million euros, making up the full price of 80.2 million euros for the acquisition of the 90% stake.
The success in the completion of this transaction has been significantly influenced by the fact that Grupo Azora, Grupo ONCE and Fundación ONCE share common social interests with a special concern for the promotion of a strong social responsibility across all of their respective company practices.
“This new deal of Hispania in the office market in Madrid fits perfectly with our investment strategy. The association with Grupo ONCE and its Foundation represents a great opportunity to develop new joint corporate initiatives. The agreement signed with Fundación ONCE is an important step for Azora in terms of corporate social responsibility and we are really committed with the opportunity of collaboration that will derive from this relationship”, said Concha Osácar, Board Member of Hispania.
On the other hand, the Chairman of Grupo ONCE y its Foundation, Alberto Durán, has shown his satisfaction for the closing of this transaction because it will allow the group to reinforce other areas of corporate activity in which they are already working and which are more conducive to the creation of employment for people with disabilities, “which is the identity sign and origin of our companies”, he added.
Alberto Durán has highlighted that the collaboration with Grupo Azora will extend during the coming years thanks to the collaboration agreement signed between Fundación ONCE and Grupo Azora, “which foresees, among other things, the integration of up to 75 people with disabilities”.
After this transaction, Hispania has already invested a total amount of 205.7 million euros since it listed on March 14th 2014: 120.35 million euros in offices, in 11 assets with a total GLA of 64,622 m2 (46,416 in the ONCISA portfolio and 18,206 in the 2 buildings in Les Glòries, Barcelona), 63.8 million euros in residential in 213 dwellings in Parque Diagonal del Mar, in Barcelona, and 21.5 million euros in hotels in the Hotel Guadalmina in Marbella, Málaga.
Hispania is a Spanish company that became listed on the Spanish Stock Exchange on the 14th of March of 2014 raising €550 million. Hispania was created with the objective of capturing investment opportunities in the Spanish Real Estate markets and creating a portfolio of high quality assets in the residential, hotel and offices sectors.
Hispania is externally managed by Azora, which has granted it total exclusivity for all of its investment deal flow in Spain, except for student housing. Grupo Azora is a leading Spanish independent asset manager, founded in 2004 and with over €3,000 million of assets under management.