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real-estate-news Market News: Spanish Real Estate Intelligence

Pontegadea Leases Seven Floors in Torre Foster to Amazon
20 July 2019 – Richard D. K. Turner After buying part of the headquarters of Amazon in the United States, Pontegadea has sealed another deal with the American e-commerce giant, leasing seven floors of offices in the Torre Foster to the firm. Pontegadea, the investment vehicle of Amancio Ortega, the founder of Inditex, leased the space, totalling 11,550 square meters for between 23 and 28 euros per square meter. Mr Ortega acquired Torre Foster almost three years ago when the tower had been fully leased to the oil company Cepsa. Original Story: El Confidencial – Ruth Ugalde Photo: Pontegadea.
 
Azora Acquires 500 Homes in Madrid and Barcelona for €150 Million from Banco Sabadell
20 July 2019 – Richard D. K. Turner Banco Sabadell has sold a portfolio of 500 houses in the metropolitan areas of Madrid and Barcelona for nearly 150 million euros to Azora. The bank took on the homes in the period between 2005 and 2012. The sale is part of the Spanish bank’s process of divestment of non-performing loans and foreclosed assets. In recent months, Sabadell has made a series of sales, valued at some 600 million euros. The bank transferred a portfolio of eight residential buildings to Vivenio and sold a portfolio of logistic-industrial assets to Blackstone. Original Story: Idealista
 
Atlético de Madrid Sells Land By Former Stadium to Azora and CBRE GIP
20 July 2019 – Richard D. K. Turner Azora has entered a partnership with CBRE Global Investment to acquire two plots of land from the Atlético de Madrid football club for approximately 100 million euros. The two firms plan to build a 340-home development on the site in Mahou Calderón. The area formerly housed the Vicente Calderón stadium and a brewery. In 2008, both companies reached an agreement with the Madrid City Council to transform the area into a new 2,000-home residential development. A decade later, and after a series of changes, Atlético de Madrid sold two of the three plots it owns, where plans exist for a total of 129,000 square meters of residences, 79,900 m2 of parks and gardens and 12,800 m2 of facilities and public spaces. Azora and CBBRE will now develop two residential complexes with a total of 340 homes, involving an additional investment of 11 million euros in basic infrastructure costs. Gestilar will act as project manager and marketing agent. Original Story: Expansión - Rocío Ruiz