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

The Reuben Brothers Complete the Purchase of Santander's HQ for €283M

14 January 2019 - El Periódico

Commercial Court number 9 in Madrid has decided that the best offer for the acquisition of Santander’s Ciudad Financiera, is the one presented by the brothers Simon and David Reuben through their investment arm in Spain, Sorlinda Investment, which bid a fixed amount of €283.73 million.

The administration responsible for the liquidation procedure of the company Marme Inversiones 2007, which is the owner of the Cantabrian bank's headquarters, asked the Commercial Court to declare the offer presented by Sorlinda Investment as the winner after concluding that its bid was the best. In 2014, Marme Inversiones filed for creditors’ bankruptcy in light of its inability to repay the €1.575 billion loan that it had used to purchase the property from Banco Santander itself.

A few months ago, Banco Santander filed a series of allegations when it was announced that Sorlinda had won the bid. It questioned the entity in terms of the forecasts made in the liquidation plan, and because it considered that the offer submitted by the Reuben brothers did not fulfil the established requirements. The allegations were made by the banking group as creditor and offeror.

Nevertheless, the Commercial Court of Madrid explained that the execution of the liquidation plan, which regulates the procedures to be followed for the realisation of the assets, corresponds to the insolvency administration.

“The report presented explains the procedure followed for the selection of the bids submitted and the actions carried out by the insolvency administration, specifying that there are no justifications whatsoever to question it”, said the ruling, which states that the purpose of the plan is to obtain the greatest value from the asset for the benefit of all of the creditors.

In this way, despite the allegations presented by Ana Botín’s bank, the insolvency administration considers that, from an economic point of view, the offer presented by Sorlinda is the best for covering the loans of all of the creditors in the group.

The Reuben brothers, owners of other large assets

Reuben Brothers is a private investment group specialising in real estate development and debt financing. The company, created by two British brothers of Indian origin, is considered as one of the most exclusive in the world with several privileged properties in its portfolio, such as The Curtain and Members Club in Shoreditch, one of the most well-known luxury hotels in London, and Lingfield Park Marriott Hotel & Country Club.

It is also the owner of the London Oxford airport in Kidlington, the Wellington Pub Company chain of clubs and the Italian marina Portosole Sanremo, amongst others.

Ana Botín’s entity agreed the sale of its head offices in Boadilla del Monte to Marme Inversiones 2007 on 12 September 2008 for €1.904 billion.

Nevertheless, Marme Inversiones 2007 filed for creditors’ bankruptcy in 2014, before the Court then initiated the coordinated liquidation plan in October 2015 (…).

Original story: El Periódico

Translation: Carmel Drake

 
Aquila to Invest €200M in 2 Developments in Barcelona

14 January 2019 - Eje Prime

Aquila Capital is stepping up a gear in Spain. The German fund manager, through its property developer AQ Acentor, is going to invest €200 million in two residential developments in the province of Barcelona. The company has closed two land purchases, one in Viladecans and the other in Zona Franca, where it is going to construct 1,100 homes, according to Sven Schoel, manager of the company, speaking to Eje Prime.

In Viladecans, the property developer has acquired a plot of land spanning 500,000 m2 of free and protected land on which it is going to build 500 homes. On the other hand, in the Zona Franca, right next to Barcelona Fira District, the company has acquired a plot measuring 70,000 m2 of free and protected land for the construction of 600 homes.

“For us, Spain is a fundamental market at the moment and for that reason, we are looking for more land, above all in Barcelona, Madrid, Sevilla and Bilbao”, explained the executive, who added that during the course of 2019, the company expects to close more than one operation in those cities.

Following the latest two acquisitions, AQ Acentor currently has 5,000 homes under development, distributed over seven projects: three in the province of Barcelona (in Sant Adrià del Besòs, Sant Cugat del Vallès, Zona Franca, L’Hospitalet de Llobregat and Viladecans), two in Madrid (in the neighbourhoods of Lla Moraleja and La Ciudad de los Ángeles), two in Málaga (one in Rincón de la Victoria and another one in Estepona), and a final one in Valencia.

In Valencia, the company is working on the development of a residential and tertiary use complex, where it has made an investment of more than €350 million. That is the project through which the company debuted in Spain, in September 2018. It will house a total of 1,800 homes on a plot spanning 130,000 m2 (…).

On the other hand, the group also still has its sights set on Portugal, the country that Aquila Capital has entered through investments in the renewable energy sector. “We have identified two operations in the Lisbon residential market that we hope to close during the course of this year”, said the director.

AQ Acentor is financed by Aquila Capital, which is also present in the German residential market and has a portfolio of assets worth €7 billion. The fund manager’s commitment to the property developer is long term. In fact, the manager of the company denies any plans to debut on the stock market soon. “We have been in Spain for almost five years and we have no intention of divesting”, concluded Schoel.

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake

 
Mazabi Sells Fever's New HQ in Central Madrid for €6M

14 January 2019 - Expansión

The Spanish family office Mazabi has decided to sell an office building that it owns along the Prado-Recoletos thoroughfare in Madrid, next to the Congress of Representatives.

The property, which has a surface area of 1,400 m2, spread over the basement and six upper floors, is located on Calle Santa Catalina, 4. Mazabi acquired the property three years ago as a value-added investment, and during this period, it has renovated it and found a new tenant to now sell it for a profit.

Specifically, the property is soon going to be home to the headquarters of the US social platform Fever in Spain. The company, which has headquarters in New York, London and Madrid, has decided to relocate to these new offices in light of its major growth plans. Fever’s employees are expected to move in once the renovation and design work for the new offices has been completed, in a period of approximately nine months.

The operation, which has been brokered by the real estate consultancy Catella, has been closed for €6 million. The buyer is a Spanish family office (…).

Original story: Expansión

Translation: Carmel Drake