land Market News: Spanish Real Estate Intelligence

The Intempo Tower's Owner Invests in the 22@ District Despite the Suspension of Construction Licences

The owner of the Intempo building, the iconic skyscraper in Benidorm, was in the middle of expanding its business when the Town Hall of Barcelona decided to declare a 4-month moratorium on construction licenses in the 22@ district so as to give it time to upgrade its roadmap.

Despite this, the fund SVP Global has acquired a 7,000 square metre plot of land in the 22@ financial district, on the site of two former factories, according to El Confidencial. The North American company teamed up with Uniq Residencial to acquire the Intempo building from Sareb two years ago.

The fund plans to build 75 luxury loft-style homes on the land in the Catalan financial district. In theory, the recent measure adopted by the Town Hall should not affect these plans, given that Ada Colau's objective is to promote the construction of homes in the 22@ district.

Valdebebas Sells its Commercial Land to Tomás Olivo to Build North Madrid's Largest Shopping Centre

The Valdebebas Compensation Board has signed an agreement with the Socimi ‘General de Galerías Comerciales’ to sell it the commercial land in Valdebebas, where the largest shopping centre in the north of the Spanish capital is going to be built.

Project Ágora in Valdebebas groups together three plots with a commercial surface area of 145,794 m2 and an office surface area of 36,448 m2 with the option for alternative uses, such as healthcare, education, hotel and sports facilities. The space is completed with green areas and parks spanning 24,500 m2. General de Galerías Comerciales has acquired the buildable commercial land spanning 145,794 square metres for €55 million in total, although the Valdebebas Compensation Board was hoping to receive between €80 million and €90 million for the sale of the rest of its assets. At present, the 36,448 m2 of office space that completes the so-called “commercial block” has yet to be sold.

Acciona Sells a 395-Rental Home Development in Madrid to Hines

Hines has signed a forward purchase agreement with Acciona to acquire a 395-rental home development currently under construction in Valdebebas – a fast-rising residential area to the North-east of Madrid. Acciona owns the land and will take charge of building the turnkey project.

This is one of the largest ‘build to rent’ projects that Acciona has embarked on to date and the two companies have agreed that the work will be finished by 2022.

Last year, Madrid accounted for 80% of all of the 'build to rent' projects in Spain, which together amounted to around €1 billion.