Located in the outskirts of Oviedo, the capital city of the attractive Asturias region in north-western Spain, Parque Principado is a dominant, prime, supra-regional shopping centre with a number of tenant USP’s servicing a large catchment area. The centre has a strong focus on fashion in combination with an attractive leisure/restaurant offering. The centre is strategically positioned facing the main transportation gateways with excellent accessibility to the whole region.
The Investment Strategy
- Most modern and best-in-class shopping centre within the Asturias region and the catchment (one of the top-10 shopping centres in Spain)
- Established centre with strong KPIs and continuous growth recorded, offering a multitude of unique concepts for the region and high tenant demand to open or expand
- Further value-add opportunities have been identified to strengthen attractiveness and to support income and value growth of the centre (incl. a restructuring and refurbishment of the existing outdated hypermarket, tenant upgrades and unit extensions and strategic re-leasing measures)
FAIFEY INVEST SOCIMI
FAIFEY INVEST SOCIMI, S.A., (hereinafter, “FAIFEY”) with Spanish tax identification number (TIN) A-88525563 and LEI 894500HRR6V5GXLJ7716, is a Spanish company incorporated on 12 November 2019 and running under the special tax regime applicable to Spanish listed real estate property investment companies (sociedades cotizadas de inversión en el mercado inmobiliario ‒“SOCIMI” or “SOCIMIs”‒) and registered at Calle Príncipe de Vergara 112, 4º, 28002 Madrid (Spain).
On 25 September 2020, the Company’s General Shareholders Meeting approved the application of the SOCIMI special tax regime established in Law 11/2009, of 26 October, on Listed Real Estate Property Investment Companies, as amended by Law 16/2012, of 27 December (hereinafter “SOCIMI Law” – referred to as “REIT Act” in the Articles of Association–).
The purpose of FAIFEY is the investment in Spanish real estate. Such purpose has been achieved, so far, through the acquisition of 100% of the shares in its currently wholly owned subsidiaries, Asturias Propco Número Uno, S.L.U. (APN1) and Wattenberg Invest, S.L.U (WTB). APN1 owns Parque Principado Asturias, a shopping centre located in Oviedo, Asturias’ Autonomous Community, Spain.
FAIFEY´s main corporate purpose is the performance of the following activities, whether in Spain or abroad:
- the acquisition and promotion of urban real estate for leasing or the refurbishment of buildings under the terms set out in Law 37/1992, of 28 December, governing Value-added Tax –Ley 37/1992, de 28 de diciembre, del Impuesto sobre el Valor Añadido;
- holding equity units in the share capital of other Spanish real estate investment trusts –sociedades cotizadas de inversión en el mercado inmobiliario, SOCIMIs– or in the share capital of other enterprises not resident in Spanish territory that have the same corporate purpose as the foregoing and which are subject to a similar structure as the one established for the aforementioned SOCIMIs with regard to the obligatory, legal or statutory policy on profit share;
- holding of equity units in the share capital of other enterprises, whether or not resident on Spanish territory, whose main corporate purpose is the acquisition of urban real estate for leasing and which are subject to the same structure as the one established for SOCIMIs with regard to the obligatory, legal or statutory policy on profit share and who comply with the investment requirement referred to under Article 3 of Law 11/2009, of 26 October, regulating SOCIMIs (the “SOCIMIs Act”);
- holding of shares or equity units in Collective Investment Undertakings regulated under Law 35/2003, of 4 November, governing Collective Investment Undertakings, or any regulation that replaces this in the future.
The Euronext Listing Board has granted FAIFEY admission to trading of its ordinary shares on Euronext Access in Paris starting from 30 July 2021.
 Ley 11/2009, de 26 de octubre, por la que se regulan las Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario.
 Ley 16/2012, de 27 de diciembre, por la que se adoptan diversas medidas tributarias dirigidas a la consolidación de las finanzas públicas y al impulso de la actividad económica.
The financial year shall begin on the first day of January and end on the thirty-first day of December of each year. By way of exception, the first financial year shall commence on the day of signature of the public deed of incorporation and end on the thirty-first day of December of the same year.
FAIFEY’s business involves investing in real estate assets in Spain, allocated for long-term leases to obtain revenues and improve values. FAIFEY’s objective is to maximize rental income by exploiting the potential of the assets currently in its portfolio and although the Company is currently not looking for new investment opportunities, the land plots adjacent to the shopping centre represent an opportunity for development in the event there was existing demand for carrying out such investment, and other investments could be analyzed in due course.
Corporate and DISTRIBUTIONS
FAIFEY acquired Asturias Propco Número Uno S.L.U, which owns the Parque Principado Asturias, Shopping Centre on 31 January 2020.
Opened in 2001, Parque Principado is the most modern and dominant shopping centre within Asturias and its surrounding regions. As one of the top-10 shopping centres in Spain it has a strong tenant mix including a number of USPs for the region (Primark, MediaMarkt etc.), which attract more than 9.2 million visitors p.a. (2019).
The centre is located only 5 km from Oviedo’s city centre, the capital of Asturias, a prosperous region with high purchasing power in the north of Spain. It is situated adjacent to Ikea at the crossing of the two most important motorways for the region allowing fast access also for people from Gijón and Aviles and its surroundings.
Prime accessibility and visibility from situation on the junction between the A-66 and A-64, the main connecting access road for the Asturias region (1.7 million cars per month). The centre can easily be reached by car from all the main cities of Asturias and is equipped with almost 5,000 free parking spaces. It is also connected by bus (2 lines) to Oviedo city centre and by train with the two other main cities of Asturias (Aviles and Gijón). Pedestrians from the closest neighbourhoods of Oviedo can also reach the shopping centre by foot (10-minutes).
Due to the dominance of the centre and its unparalleled retail offer within the region, it attracts a catchment area including the entire Asturias region (approx. 1 million inhabitants).
The shopping centre offers the best commercial tenant mix of the region. Strong anchor tenants include Primark, MediaMarkt, FNAC, H & M and several concepts from the Inditex group.