Investment thesis

• Platform for investing in commercial real-estate assets in Spain and Portugal, with a focus on resilient assets, such as food.
• High level of diversification: by location, asset type and paying risk.
• High visibility over cash flows, with a regular and stable dividend generated.
• Protection against economic cycles and inflation, through long-term leases with mandatory minimum terms.
• Build-up strategy which helps to create additional value when exiting the portfolio.
• Conservative leverage.

Investment thesis

• Platform for investing in commercial real-estate assets in Spain and Portugal, with a focus on resilient assets, such as food.
• High level of diversification: by location, asset type and paying risk.
• High visibility over cash flows, with a regular and stable dividend generated.
• Protection against economic cycles and inflation, through long-term leases with mandatory minimum terms.
• Build-up strategy which helps to create additional value when exiting the portfolio.
• Conservative leverage.

Investment thesis

• Emblematic asset in Praça Duque de Saldanha, a prime location in Lisbon's financial district.
• Risk diversification, with three different uses and more than 100 tenants.
• High visibility of cash flows, with long-term contracts and high demand generating recurring stable dividends.
• Protection against the cycle and market volatility through mandatory inflation-indexed leases.
• Active management strategy of the tenant and asset portfolio, allowing optimised profitability.
• Conservative leverage, hedged against rising interest rates.

Investment thesis

• Platform for investing in eight commercial assets in Germany, specifically in supermarkets and home-DIY stores.
• Defensive and resilient assets in the face of different economic cycles: they offer essential products and services for the population.
• Lease contracts with obligatory long-term compliance formalised with leading tenants in Germany and even worldwide.
• High visibility of cash flows generating a recurring and stable dividend from the first year of the investment.
• Attractive entry prices with discounts that beat what the market has offered in recent years, and with the potential for revaluation on exit.
• Conservative leverage of the portfolio.

Investment thesis

• Platform for investing in hotel real-estate assets in Spain (occasionally, also abroad), in popular tourist regions.
• High level of diversification: by location, asset type and paying risk.
• High visibility over cash flows, with a regular and stable dividend generated.
• Defensive business model through long-term leases with guaranteed minimum incomes.
• Build-up strategy which helps to create additional value when exiting the portfolio.
• Conservative leverage.

Investment thesis

• 8 Meliá hotels in top-tier locations.
• Meliá is part of the vehicle as a sign of its commitment to the project.
• 15-year contract with a guaranteed minimum income of 85% of the gross operating margin.
• Very attractive risk/return ratio.
• High visibility over cash flows.
• Support from GMA, a first-rate partner with an excellent relationship.

Investment thesis

• Leading platform for investing in student halls of residence in Spain and Portugal.
• Comprehensive construction, development and asset-management model.
• Regular and stable dividends generated once the assets are operational.
• High-quality assets, as you would expect from mature markets, such as the US or the UK.
• Build-up strategy which helps to create additional value when exiting the portfolio.
• Differentiating fund, with a recognisable brand and potential for integration into a pan-European platform.

Investment thesis

• The go-to logistics platform on the Spanish market with high-quality, state-of-the-art assets.
• Portfolio in operation at the year end which accounts for 65% of the project's stabilised income, with long-term agreements (average of 19 years).
• Outstanding manager with great experience, proven ability to succeed and close relationships with leading logistics and commercial operators.
• Appealing profits on offer, with a net IRR for investors of more than 10% and an average annual distribution of 5% over the life of the project.
• The sector and the portfolio's key approach: increasing income and growing the portfolio through at-cost developments.
• Protection against economic cycles and inflation thanks to low volatility (inflation-linked rental agreements with mandatory minimum terms).

Investment thesis

• Iconic building located in Plaza de Cataluña, Barcelona.
• Primark flagship store. A first-class tenant, with more than 390 stores in Europe.
• It has a 30-year agreement, with a mandatory 10-year minimum term.
• Very attractive risk/return ratio.
• Visibility over cash flows and excellent relationship with the tenant.
• Support from an experienced team: IBA Capital Partners.

Investment thesis

• Asset located on Calle Serrano in the Salamanca district of Madrid.
• The premises is the Caixabank flagship branch in the Salamanca district.
• It has a 15-year minimum-term agreement that came into force in February 2019.
• Very attractive risk/return ratio.
• High visibility over cash flows.
• Support from Sonae Sierra, a top-class partner with an excellent relationship.

Investment thesis

• It is located on the corner of Calle Preciados and Puerta del Sol.
• The premises is the outstanding flagship store in Madrid.
• It has 5-year minimum-term contract, running until October 2026.
• Very attractive risk/return ratio.
• High visibility over cash flows.
• Support from Sonae Sierra, a top-class partner with an excellent relationship.