Author: Carmel Drake

Nuveen Acquires a Commercial Premise in Canalejas for €30 Million to House a Branch of Santander

The investment manager has purchased one of the commercial premises in the emblematic Canalejas Complex for around 30 million euros to house a Banco Santander branch.

The investment manager Nuveen Real Estate, with USD 125 billion in assets under management, has purchased one of the commercial premises in the Canalejas Complex, located in the central square of the same name in Madrid, for 30 million euros.

The space will be occupied by a branch of Banco Santander, the entity that sold the seven buildings that make up the project to the Villar Mir family in 2012. The Complex will include the first Four Seasons Hotel in Spain, along with twenty luxury homes and a large shopping arcade, according to reports from El Confidencial.

Read the full article in Spanish.

ICC Sells a Logistics Platform in Madrid Spanning 52,000 m2 to DWS

The property developer has sold a 52,000 square metre logistics platform located in the Madrilenian town of Meco to DWS. The asset is ready for immediate occupation.

The property developer ICC has sold a logistics platform spanning 52,000 square metres in the town of Meco (Madrid) to DWS. This transaction is the second operation that the fund has completed following the sale of the Torrejón Casablanca platform last year.

The asset is located on the main logistics thoroughfare in Madrid, the A-2 highway, and has direct access to the R2 highway. In addition, it is available for immediate occupation and its technical characteristics can be adapted for e-commerce, distribution or logistics.

Read the full article in Spanish.

Colonial Sells All of its Logistics Assets to Prologis for €164 Million

The Socimi has sold the rest of the logistics assets included in the agreement signed in 2019 with the US firm. Prologis will disburse 164 million for the seven developments, which together span 159,000 square metres.

The Socimi Colonial has sold all the logistics assets that it still had in its portfolio to Prologis. The American giant has decided to exercise the purchase option that was agreed in August last year with the company led by Pere Viñolas to obtain three logistics assets spanning 100,000 square metres, for which it will pay 164 million euros.

The sale follows the deal signed in August 2019, when Prologis and Colonial reached an agreement regarding the acquisition of 14 logistics properties spanning almost 414,000 square metres, as reported by the Socimi.

Read the full article in Spanish.

Patrizia Acquires an Office Building in Madrid for €45 Million

The German fund manager has acquired a 15,000-square-metre office building in the Arganzuela district of the capital for €45 million.

The German fund manager Patrizia has acquired an office building located on Calle Fray Luis de León, 11 in Madrid, in the Arganzuela district, for 45 million euros. In this way, the investment firm has reactivated the office market in the capital with one of the first purchases in Madrid post-Covid, as reported by the company to Brainsre.news.

The property has a surface area of 15,000 square metres and 176 parking spaces. In addition, the asset is leased for the most part to the company Vodafone, which has a long-term rental contract.

Read the full article in Spanish.

Panattoni Buys 57,000 m2 of Land from Gilsa to Promote a Logistics Park in Vitoria

The logistics developer Panattoni has signed an agreement with Gasteizko Industria Lurra (Gilsa) for the purchase of two plots of land spanning 57,000 m2.

The logistics market is continuing to generate good news for the real estate market. Panattoni is planning to develop a logistics park comprising two state-of-the-art multi-client warehouses on these plots, which are located on the Jundiz industrial estate in Vitoria.

The two buildings, which span 19,000 m2 and 13,000 m2, respectively, will be designed as distribution and storage platforms, in what is expected to be a benchmark logistics park for distribution throughout the Basque Country, as well as neighbouring regions and Southern France. The operation has been advised by the consultancy Busenver and the commercialisation of the park has been entrusted to CBRE and Ucieza Servicios Inmobiliarios.

Read the full article in Spanish.

Real Estate Investment Plummeted by 86% in Q2

Investment in offices, logistics assets, retail properties and hotels plummeted by 86% to 200 million euros in the second quarter of the year.

During the second quarter of the year, operations worth just €200 million were closed in the Spanish real estate sector. That figure represents a decrease in investment of 86% compared to the same period in 2019, according to a study by JLL.

The decline leaves the sector’s performance for the first half of the year in negative territory, given that, with one week to go, the semester is set to end with a reduction in investment of 15% and a total investment volume of 2.5 billion euros, according to El Confidencial. Those figures could have been worse since they do include the sales of Intu Asturias and Puerto Venecia, which were initiated in 2019 but completed at the start of this year, with a combined volume of €800 million.

Real the full article in Spanish.

Airbus Sells its HQ in Madrid to Hines for €29 Million

The fund Hines Global Income Trust (Hines Global) has completed its first operation in the office sector with the purchase of Airbus’s headquarters in Madrid where the aerospace giant will continue as the tenant.

Transactions seem to be returning to the office sector in Spain on the first Monday in more than three months that the country is operating at full capacity after the State of Emergency came to an end. The fund Hines Global Income Trust, Inc. (Hines Global) owned by Hines has acquired the industrial and office complex in Madrid through a sale and leaseback transaction with the aerospace company.

The transaction, which represents Hines’s first foray into the Spanish office market, amounted to 29.2 million euros. The complex, which comprises six office and industrial buildings, has been fully leased to Airbus for six years.

Read the full article in Spanish.

Orion & Wizink Abandon Their Plans to Build a Macro Shopping Centre in Sevilla

Although the project received the green light in January, the opening of the Lagoh shopping centre in 2019 and the rise of e-commerce have forced a rethink.

The impact of the coronavirus pandemic on retail has led to the definitive abandonment of the plans by the investment fund Orion and Wizink to build the Sevilla Park macro-shopping centre. The firms had been planning a large investment in the project, of up to €300 million, according to ABC Sevilla.

The idea to build this 150,000-square-metre shopping centre was originally conceived by the French fund Orion – Neinor’s largest shareholder – and the cultural promoter Octagon – which manages the former Palacio de Deportes in Madrid (currently the Wizink Center) – back in 2014. It was called Sevilla Park and was going to house a large auditorium with capacity for 20,000 people on a site owned by the port of Sevilla and the CLH group.

Almagro Capital Buys Four Residential Properties in Madrid

The residential Socimi has acquired four new assets in Madrid, where it already owns 60 properties, through the ‘reverse housing’ formula.

The Socimi Almagro Capital, which specialises in residential buildings for the elderly, has acquired four new properties in the city of Madrid, taking its portfolio of assets to more than 60.

The assets acquired are located in the neighbourhoods of Goya, Marroquina, Pinar del Rey and Aluche, as reported by the company this morning. In total, the new properties add more than 345 square metres of surface area to the Socimi’s portfolio. Almagro paid 810,000 euros in total for the assets, which it financed using its own resources.

Segro Will Invest €600 Million in Logistics Assets in Spain

The British firm is looking for prime last-mile locations in Barcelona and Madrid, where it plans to invest 600 million euros over five years.

The increase in demand for e-commerce during lockdown has highlighted the need for logistics spaces in the market. To this end, the British Socimi Segro is planning to invest 600 million euros over the next five years in last mile logistics assets located in the prime areas of the first ring-roads around Barcelona and Madrid, according to EjePrime.

In addition to assets destined for the last mile, the company is focusing its efforts on the entire urban distribution chain, including platforms for reverse logistics and cross-docking.