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residential Market News: Spanish Real Estate Intelligence

MK Premium Acquires First Property in Madrid

12 December 2017 - Eje Prime

MK Premium has arrived in Madrid. The family office has acquired a property measuring 728 m2 in the Chamberí neighbourhood, in which it will invest €2.4 million in total between the purchase and subsequent planned renovation. The company will close 2017 with more than 95 assets in its portfolio.

MK Premium’s first building in the Spanish capital, located at number 10 Calle Santísima Trinidad, is around fifty years old. Inside, the property contains four homes, one per floor, with a surface area ranging between 66 m2 and 99 m2, as well as a penthouse flat with a terrace, measuring 107 m2.

Founded by the brothers Daniel and Sergio Leiva, the real estate company MK Premium started its real estate activity five years ago in Barcelona, where just a few weeks ago, it acquired two more properties. Now, it is working on its expansion across Spain, which has led to the opening of an office in Madrid. With its first asset in the capital, the real estate company’s portfolio now contains almost 100 assets (95, to be specific).

The company expects to close 2017 with revenues of almost €25 million, after recording turnover of €14 million during the first half of the year, and profits of around €1.7 million.

Original story: Eje Prime

Translation: Carmel Drake

 
Barcelona's Town Hall Reserves Right of First Refusal over 47 Buildings in Raval

12 December 2017 - Eje Prime

Ada Colau’s Government may make a new move in its commitment to social housing. The Town Hall of Barcelona has reserved the right to purchase 47 buildings in the Raval neighbourhood, where the acquisition and subsequent renovation of properties for social purposes is being proposed.

The objective of the Town Hall is to protect residents from losing their homes, either due to the poor condition of the properties in the area or problem with drug dens, as well as to boost activities relating to social housing policies, according to a report from Idealista.

The streets where this right of first refusal has been granted are Sant Ramon, Espalter and Robador. The intervention by the Town Hall in this regard started at the beginning of 2017 when the Town Hall of Barcelona approved the Catalan capital's right of first refusal over entire plots and buildings. As such, the Town Hall has priority over the purchase of these assets before the owner is allowed to sell them to a third party.

To date, the Town Hall of Barcelona owns twelve blocks in the Raval neighbourhood, containing around 150 homes in total.

Original story: Eje Prime

Translation: Carmel Drake

 
Domo Activos's Socimi Approves €15M Capital Increase to Buy Land

12 December 2017 - Eje Prime

Domo Activos is getting down to work with its growth plan. The largest property developer Socimi, which is aimed at medium-sized investors, has approved a €15 million capital increase at an Extraordinary Shareholders' Meeting. The funds will be used to purchase land in Spain for the construction of new homes.

The company has already identified purchase opportunities in a number of cities in Spain, according to José Luis Alba, the company’s Area Director, speaking to Eje Prime. “We will focus these acquisitions on Madrid, Málaga and Valencia in the first instance, but we are also searching for plots in Sevilla, Córdoba, Granada and Zaragoza”.

The Socimi’s capital increase will be undertaken through the issue and launch into circulation of a maximum of 7.5 million shares, granting a nominal value of €2 to each one of them.

Currently, the first project promoted by Domo Activos is the development being constructed in Madrid, in the Ensanche de Vallecas. This building will have eighty homes allocated for rent.

Original story: Eje Prime

Translation: Carmel Drake