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offices Market News: Spanish Real Estate Intelligence

Knight Frank: Investment in Offices Amounted to €1.3bn in Q1 2019

7 May 2019 - Eje Prime

According to data compiled by Knight Frank, investment in the office sector amounted to €1.3 billion during the first quarter of 2019.

By type of investor, in Madrid, 45% of buyers were funds, 25% were institutions, 18% were real estate companies, 9% were corporates and 3% were Socimis. Meanwhile, in Barcelona, 64% of purchasers were investment funds, 19% were corporates, 13% were private investors and 4% were real estate companies.

Yields in the prime areas remained stable at around 3.75% in Madrid and 4% in Barcelona, which are in line with previous years and similar to those observed in other major European cities.

The average prime rent in Madrid also remained stable at around €30.50/m2/month, with prices rising to €38/m2/month in some of the most sought-after spaces in the CBD. In total, 124,000 m2 of office space was leased in the capital during Q1 2019, up by 4% YoY.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

 
Telefónica Finalises the Sale of its Catalan Headquarters

4 May 2019 - Expansión

Telefónica is on the verge of selling its headquarters in Barcelona for more than €150 million in a sale and leaseback operation that will see the group continue to occupy 8 floors of the property, but on a rental basis.

The 16-storey skyscraper, known as Diagonal 00, has a surface area of 34,000 m2 and is located next to the Fòrum on the edge of the 22@ district. The property was constructed by the Consortium of the Zona Franca in Barcelona (CZF) as a turnkey project for Telefónica, which moved in in 2011.

The telecommunications giant went on to purchase the property from CZF in 2014 for €107 million plus VAT (€129.4 million) and is now selling it as part of its debt reduction process, which has already seen it divest businesses in Central America and the insurance company Antares.

Original story: Expansión (by M. Anglés & I. del Castillo)

Translation/Summary: Carmel Drake

 
Axa Puts Up For Sale 8 Buildings Acquired from La Generalitat in 2013

1 May 2019 - Eje Prime

The French insurance company Axa has put up for sale 8 of the 13 office buildings that it purchased from the Generalitat de Catalunya in 2013 for €172 million.

The assets are classified as large offices located in the centre of Barcelona and may have doubled in value in the last six years. The Generalitat de Catalunya still has long-term rental contracts for all of the properties.

Axa has engaged Savills Aguirre Newman to handle the sales process.

Original story: Eje Prime 

Translation: Carmel Drake