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

Sire Acquires Portfolio of Logistics Assets in Zaragoza
5 December 2019 – Strategic Industrial Real Estate (Sire), a joint venture managed by Arrow Capital Partners, has acquired a portfolio of logistics assets in Zaragoza. The deal, in conjunction with Cerberus, includes 38,536 square meters of gross leasable area worth 20 million euros. Savills Aguirre Newman and Latham & Watkins advised on the acquisition. Sire has €2 billion to invest in European logistics and industrial assets. Original Story: Eje Prime Adaptation/Translation: Richard D. K. Turner
 
Zaka Investments and Evok Hotels to Open Luxury Hotel Designed by Philipe Starck in Madrid
4 December 2019 – The consultancy Savills Aguirre Newman announced that it had sold the office building located at Gran Vía 20 in Madrid on behalf of Cajalmendralejo to the French firm Zaka Investments for 44 million euros. The property, which was home to offices of the regional government, will be converted into a luxury hotel designed by Philipe Starck. The Parisian firm Evok Hotels Collection will take over the management of the hotel, its first in Spain. Cajalmendralejo originally acquired the building, which has eleven floors and 4,500 square meters of above-ground surface area, in 2014, when it paid 20 million euros for the asset at a public auction. Original Story: La Vanguardia / Europa Press Adaptation/Translation: Richard D. K. Turner
 
Amro Real Estate Acquires Land in Valencia for New Student Residence
4 December 2019 – Amro Real Estate has finalised the acquisition of a plot of land in Valencia where it plans to build student housing. The residence, the firm’s fourth in Spain, will have 5,000 square meters of constructed surface area, with 170 beds. The project, which includes a rooftop pool and gym, will be located a short distance from the Catholic University of Valencia (UCV). Construction is set to begin in 2020 and open to students in the summer of 2022. Original Story: Eje Prime - Marc Vidal Ordeig Adaptation/Translation: Richard D. K. Turner