Hermes Properties has closed the sale of two commercial premises in Madrid to an Extremaduran 'family office' for 5.7 million euros.
The assets, located next to the Isla Azul shopping center in the Madrid neighborhood of Carabanchel, form part of two plots with a total surface area of 4,000 sqm, which the investment company of the real estate consultancy Inmoking and Delta Asesores bought from Sareb in 2018 for four million of euros. The operation was carried out through its Hermes II fund, and once the lots had been pre-leased to the fast food chains Burger King and Carl's, which developed two restaurants.
After three and a half years receiving income, the investment vehicle has sold with a capital gain of over one million euros, in an operation that has been advised by Inmoking Real Estate, Savills and Delta Asesores.
In recent years, the real estate co-investment firm has launched two vehicles in order to transact retail operations: Hermes Properties I and Hermes Properties II. Both vehicles have already reached "the desired state of maturity" and, in this sense, the company has adopted a divestment strategy, which includes the sale of these two premises.
Hermes Properties I is 80% divested, and Hermes II, 60%, and the rest of the assets are still in the process of being sold.
Hermes Properties I was established in 2017 with six million euros. Of the three assets it had, it sold two of its properties to a Spanish family office (a Decathlon in Valdepeñas and a Big Home in Alzita), pending the sale of the Aldi supermarket in Plasencia. Since its launch and taking into account the distribution of income and capital gains from divestment, the vehicle offers an annual return of 10%.
Hermes Properties II, for its part, was launched in 2018 with a capital of 14 million euros and, after this sale in Carabanchel, the divestment of the El Puente de Rojales shopping center (Alicante), and the Popeyes and Gasexpress in Puerto Venecia (Zaragoza). The goal is to close sales throughout this year and obtain an annualized return similar to that of the first fund.
Now, from Inmoking they communicate that they are studying "purchase opportunities to develop the Hermes III vehicle (with the relevant attraction of investors for their participation)".
