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Hadley Sells a Prime Commercial Premise in Pamplona for €8M

Posted by: In: Real Estate 07 May 2018 Comments: 0 Tags: , , , , , , , , , , ,
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7 May 2018 – Eje Prime

Whilst some Socimis are continuing to add new assets to their portfolios in Spain, others are starting to divest. In this vein, Hadley Investments, whose sole shareholder is Stirling Adjacent Investments, has closed the sale of a property on the most prime street in Pamplona. The Socimi has received €7.8 million for the asset, according to explanations from the group.

The premises are located at number 1 Plaza Merindades, where the main fashion, technology and telephony operators are located in the city. The store has a retail surface area of 587 m2. The sales price fixed by the Socimi is equivalent to 105% of the appraisal value of the property, according to sources at Hadley.

The removal of this asset from Hadley’s portfolio represents a 1% reduction in the Socimi’s total portfolio in terms of gross leasable area. Revenues from the rental of the property in 2017 accounted for 13% of the company’s total turnover during that period.

Hadley Investments, constituted in 2014, has the objective of acquiring and managing residential rental assets in Spain. According to the group, “Hadley’s strategy is aimed at working with real estate investment opportunities in Spain, focusing on the acquisition, rental and management of residential, office and commercial assets located all over the country”.

Since its debut on the MAB in June 2016, when the Socimi was worth €30.75 million, the company has been growing its portfolio of assets, which now comprises several retail premises and residential developments located all over Spain.

Hadley Investment is the owner of a retail premise in Palma de Mallorca, located at number 125 Calle General Riera. That property has a constructed surface area of 1,780 m2, distributed over several rooms, and leased to the household décor chain Maisons du Monde.

The Socimi also owns another retail premise, located in the La Laguna shopping centre, in Santa Cruz de Tenerife, which has a surface area of almost 12,000 m2.

Finally, Hadley Investments also operates two residential assets. The first is located in Vallecas and comprises several blocks with 245 homes in total, plus 4 commercial premises and 248 garages. In 2015, a series of repairs were carried out (to the roof, structure and facilities, amongst others) to ensure the safety of the building, amounting to €134,000.

The second residential asset is located at number 1 Calle Nador, in Madrid. This asset, which is leased in its entirety to Ivima (Community of Madrid) comprises several housing blocks with 110 homes in total, plus 2 commercial premises and 110 garages.

Hadley’s sole shareholder is Stirling Adjacent Investments, a firm that is owned by the company TAO Finance 3, which is, in turn, owned by private investment funds. The management of the Socimi’s asset portfolio is carried out by Servihabitat.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

The post Hadley Sells a Prime Commercial Premise in Pamplona for €8M appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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