Mazabi, a firm specializing in the management of real estate family assets, has opened the door to one or more institutional partners to multiply its current assets by almost two times, reaching 3,000 million euros by the end of 2023. The company he runs Juan Antonio Gutiérrez has already maintained contacts with potential investors and the objective is to add 500 million euros through this channel.
Mazabi, which currently has 40 families from Spain and Latin American countries such as Argentina, Chile, Nicaragua or Mexico as investors, will close the year with a net worth of around 1,700 million euros. This amount means multiplying by more than seven times the amount with which it was born in 2009. The firm has successfully weathered the crisis caused by the pandemic and its expectations for the coming years are to maintain a vegetative growth of between 100 and 150 million euro. Additionally, it has the annual contribution of the Socimi Silicius, for a value of around 100 million euros.
In its expansion, it plans to expand its international presence in European cities
With all this, Mazabi projects to reach 3,000 million euros in two years, although, its CEO stated in statements to elEconomista, “everything will be subject to the real estate cycle.” “We are not going to buy for the sake of buying if we do not see that there are opportunities and what we can do is sell because we believe that the asset has already gone all the way,” she adds.
The firm is already observing a situation in the market that will lead to “selling assets that we do not want to sell.” It is the result of the growing appetite of investors in a context in which “the market is beginning to heat up.” “In prime assets, due to the need for investment, due to inflation and because the banks have returned to the normal situation after the Covid and the solvency of the owners means that there are few transactions, it can lead investors to spend the money more than to invest it”, explains the manager. “I think it will happen in 2022 and that can mean that instead of growing to 3,000 million, we decrease,” he adds, although in the medium term the objective is inalienable. “You always have to mix vegetative growth with the cycle,” he points out.
In its growth objective, Mazabi contemplates the incorporation of one or several financial partners that contribute 500 million. “To make it simple, I wish it were an institutional one that would put in the 500 million, but it could also be a fund with some entity that raises the money from its investors and that we are the managers,” says Gutiérrez. The focus for now is on conservative institutional investors, such as insurance companies and pension funds. But his entry implies limitations. “We are the owners of our properties and the funds are third-party money managers and there are times when the requirements they have mean that we could not go to all the operations that we would like,” he indicates.
The destination of this institutional item would focus, fundamentally, on offices and hotels, since in logistics warehouses or medium-sized parks the opportunities are more limited. However, to invest in offices will still wait to see how the telebrajo evolves. It does envision options in commercial premises.
Alternatives
The investment firm manages alternatives to create thematic societies of hotels or supermarkets, for example, and give minority partners entry into them.
In its expansionary commitment, Mazabi also wants to expand its international presence, with a focus on large European cities such as Paris, London, Amsterdam, Prague, Warsaw, Munich, Hamburg, Berlin or Rome, and other regions such as the Greek islands.
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