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residential Market News: Spanish Real Estate Intelligence

Aedas Homes Buys Land in Granada on which to Build 600 Homes

Aedas Homes Buys Land in Granada on which to Build 600 Homes

6 December 2018 - Eje Prime

Aedas is expanding its presence in Andalucía. The listed Spanish property developer has purchased land in Granada, on which it is going to build 600 homes over the coming years. The plots are located in two expansion areas of the Nasrid capital, according to a statement issued by the company.

The property developer is going to start work on the construction of the first homes during the first quarter of 2019, within the West Railway area, an urban development where construction has been suspended for more than a decade. Now, the Town Hall has unblocked the land and the company is working on its urbanisation.

The other plot of land acquired by Aedas in Granada is located in the so-called North Rim N3, an area to the north of the urban nucleus of the capital, where the property developer has the objective of starting the urbanisation project next summer.

Recently, the company began the sale of its sixth development in Sevilla and Málaga capital, where it made its debut with 87 new homes in the Teatinos neighbourhood, one of the trendy areas of the Málagan region.

Aedas owns a portfolio of finalist land spanning more than 1.5 million m2 for the construction of more than 14,500 homes across the country, in the Central region as well as in Cataluña, Levante, the Balearic Islands and Andalucía.

Original story: Eje Prime

Translation: Carmel Drake

 
Goldman Sachs Pays €63M for A Plot of Land in Madrid

Goldman Sachs Pays €63M for A Plot of Land in Madrid

6 December 2018 - Eje Prime

Goldman Sachs is targeting the prime housing market in Madrid. The US investment fund has just purchased a plot of land in the centre of the Spanish capital for €63.7 million. The development of luxury apartments planned for the site is going to be built by the Catalan property developer Uniq.

The acquired plot is located at number 147 Paseo de la Habana and has a finalist surface area of 10,000 m2. The vendors are members of a family from Asturias. In the bid for this plot, Goldmans competed with other funds and property developers, such as Grupo Ibosa, Grosvenor, Pryconsa, Domo and Nozar, according to El Confidencial.

With this partnership, Uniq will have the possibility of increasing its presence in Madrid, where it already has a project underway in a former tenement building in Plaza de San Juan de la Cruz. Now, the Catalan property developer is going to build a development less than 1km from Paseo de la Castellana and the Santiago Bernabeú.

The area in which the development will be located has been receiving a lot of investment from wealthy Latin American families, recently. They are driving prices up in the residential market since they are “willing to pay well above the market average”, according to sources in the sector speaking to Eje Prime. They are interested in withdrawing their capital from their countries of origin, many of which are unstable, economically speaking, to invest in Spanish real estate, which offers them greater security.

Original story: Eje Prime 

Translation: Carmel Drake

 
Barcino Purchases a Property in Barcelona for €2.4M

Barcino Purchases a Property in Barcelona for €2.4M

4 December 2018 - Eje Prime

Barcino is going shopping in the Catalan capital. The Socimi, which made its debut on the stock market in December, has acquired an asset comprising nine homes and one office, located at number 105 Calle Hospital in Barcelona. The operation has been closed for almost €2.4 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The company has financed the purchase using funds obtained from the capital increase that it carried out in September, amounting to €9.7 million. In addition, the occupancy rate of the asset amounts to 89%, according to a statement filed by the group with the stock market regulator.

Barcino is in the process of growing its residential portfolio. Its most recent acquisition was at the beginning of October when it purchased a property in the Catalan capital for €2.8 million. In May, the company invested €2 million in the purchase of around twenty assets, also in Barcelona, the city where it centres all of its operations. Most of its buildings are rental homes, but it also owns offices buildings and commercial premises, located throughout the metropolitan area of the Catalan capital.

Before the end of 2017, the Socimi disbursed €1.6 million to acquire a residential building on Calle Girona. The company’s Board of Directors comprises Mateu Turró, in the role of President, and Francesc Ventura and Ralph Weichelt, as directors. Barcino was valued at €19.1 million when it made its debut on the MAB.

Specialising in real estate investment and management, the Socimi is controlled (50.01%) by Barcino Management and managed by a company linked to the firm Vistalegre Property Management.

Original story: Eje Prime

Translation: Carmel Drake

 
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