Jevaso Buys 41,000 m2 Plot in Zaragoza from Porcelanosa for €10M

30 May 2018 – Eje Prime

Real estate operation in the logistical heart of Spain. The logistics operator Jevaso, which works for groups such as Inditex, has acquired a plot of land measuring 41,000 m2 in the Logistics Platform of Zaragoza (Plaza), which had belonged to Porcelanosa until now. The company has disbursed ten million euros for the land and will invest another €3 million on the renovation and expansion of the warehouse, which will span 13,000 m2.

Following the construction work, which will be completed in August, Jevaso’s facilities in Zaragoza will span 25,000 m2. Porcelanosa acquired the plot in 2005 and invested €22 million in the project.

Jevaso is going to use these facilities primarily for returns, ironing and drop-shipping, and initially, its main client is going to be Inditex. Over the medium term, the company plans to add another 12,000 m2 of space. Jevaso has three other warehouses, one that it owns and two that it leases. The aim of the group is to centralise its operations on the new site and hold onto just one of the existing assets, which is connected with Inditex.

At the end of last year, the company acquired another plot measuring 25,600 m2 in Meco (Madrid) with a warehouse spanning 9,000 m2 for €5 million. The group has budgeted an investment of €1 million for that renovation and is considering expanding it to 48,900 m2 over the medium-long term. Jevaso’s new site in Madrid is just 300 m away from the former, located close to Inditex’s operations.

In the cases of both Zaragoza and Madrid, the plots still have scope for more construction, whilst in A Coruña, the group has had to grow with new independent warehouses that have a surface area of 103,000 m2.

In total, Jevaso has six plants in A Coruña, Zaragoza, Madrid, Parets del Vallès (Barcelona) and Braga spanning 200,000 m2. The group employs more than 1,500 workers, moves 120 million garments per year and irons up to 350,000 pieces of clothing a day. The group generates revenue of around €60 million and expects to grow by between 10% and 15% this year.

Jevaso’s history dates back to 1983. Jesús Vázquez, whose family also worked in the textile industry, started his professional career in Samlor, one of Amancio Ortega’s first companies. In the beginning, Jevaso was a clothes manufacturing company dedicated to serving large Galician businesses, which expanded to offer ironing and labelling services. With the industrial relocation, the company turned its business on its head and integrated the logistics activity.

Original story: Eje Prime (by P. Riaño & I. P. Gestal)

Translation: Carmel Drake

ACR Acquires Land in Sevilla for €5M to Build 157 Homes

29 May 2018 – Eje Prime

ACR is launching operations in Andalucía. The real estate group has invested €5 million in the purchase of a plot land in Sevilla, its first project in the autonomous region. Spread over three developments, the company is going to build 157 private family and cluster homes.

ACR’s property developer division has acquired a plot measuring 22,000 m2 in the municipality of Mairena del Aljarafe, very close to the Sevillan capital. In that town, the real estate group is going to build family homes with four bedrooms, two garages each and a private garden, as well as a communal swimming pool. Meanwhile, the apartments will be distributed over two six-storey blocks and will have between two and four bedrooms, according to explanations provided by the company.

The first development will comprise 48 homes; the second 69 homes; and the third will be the smallest with 40 homes up for sale. The project in Sevilla will serve as the launch pad for ACR in Andalucía, and the firm is already considering new purchases as part of its national expansion objective. Levante is another “established market”, which is of interest to the group. Currently, ACR has 2,000 homes in its development portfolio.

Original story: Eje Prime

Translation: Carmel Drake

La Generalitat to Auction c.20 Homes in Barcelona for €6M

29 May 2018 – Eje Prime

La Generalitat is going to auction off inhabited homes in Barcelona. The Catalan government is going to sell around twenty homes in L’Hospitalet de Llobregat for an asking price of €7.7 million in the first auction and €6.2 million in the second, according to information provided in La Generalitat’s Official Gazette.

The residential portfolio for sale comprises 16 homes and three detached houses, all of which are rental properties and all of which are currently occupied. The auction will be conducted in blocks in order to prevent the tenants from using the right of first refusal over their own homes. Nevertheless, the future owner of the homes is going to have to subrogate the lease contracts.

The apartments for sale are located opposite Plaza Europa and the Gran Vía 2 shopping centre in L’Hospitalet, at numbers 15-23 Calle Ciencies. In those blocks, in addition to the homes, La Generalitat is going to auction off two premises and 23 parking spaces with storerooms. With regard to the detached family homes, they are located on another urbanisation, on Calles Mileva Maric and Hanna Arendt.

The current tenants of the apartments pay between €800, in the case of the homes with the oldest rents, and €1,600 per month for the detached family homes. Each home has a surface area that ranges between 78 m2 and 120 m2 and has two, three or four bedrooms.

The auction, which will see the deadline for the presentation of offers close on 9 July, will be held on the 19th of that same month through Addmeet, the online real estate platform that has already managed other large public sales in other Spanish cities.

Original story: Eje Prime

Translation: Carmel Drake

Vía Célere Launches in Girona with a 139-Home Development

29 May 2018 – Eje Prime

Vía Célere is expanding its homes across Spain. The residential property developer has started marketing Célere Domeny, its first project in Girona, comprising 139 homes. The urbanisation is going to be built in the capital of the province located in the north of Cataluña. In that autonomous region, the company is already working on projects in Barcelona.

Vía Célere’s new development comprises two-, three- and four-bedroom homes, which are going to be built on a plot of land that will also have common areas with a swimming pool, a padel court, a gym and even a study room, amongst other services.

The residential development is located in the northwest of the city of Girona, in Pla Baix de Domeny between Calles Roberto Bolaño Avalos, Damià Escuder i Lladó and Carrer Font de la Teula. The developer is going to open an experiential office on the site, a project unveiled recently by Vía Célere, which allows visitors to tour different spaces and experience emotions and sensations.

The province of Girona is the tenth in which the real estate company chaired by Juan Antonio Gómez-Pintado has a presence. The firm is controlled by the international investment fund Värde Partners. In addition, the company owns plots of land in neighbouring Portugal, in Lisbon and Porto, which it inherited from its merger with Dospuntos in 2017.

Currently, Vía Célere has a land bank spanning 1.4 million m2 of buildable space, equivalent to a production capacity of 12,200 homes. The property developer invested €227 million last year to expand and diversify its land portfolio, with operations in Madrid, Sevilla, Valladolid, Barcelona, La Coruña, Girona and the Balearic Islands, amongst other provinces. Since 2007, the company’s management team has delivered 2,300 homes.

Original story: Eje Prime

Translation: Carmel Drake

Elliott & Minor Enter the Bidding for HNA’s Stake in NH

30 May 2018 – Expansión

The bidding to acquire the stake owned by the Chinese holding company HNA in NH is entering the home stretch. The Asian giant has set this week as the deadline for the receipt of binding offers for its 29.5% stake in NH, which will be diluted to 25.5% following the execution of the hotel chain’s convertible bonds that are currently in circulation.

The investment funds that have made it to the final round are Lone Star, which has joined forces with the US hotel chain Hyatt to launch its offer, as well as Apollo and Elliott, who have also expressed their interest. Meanwhile, Starwood Capital and Blackstone, which both analysed the operation, have been excluded from the process.

The offers from the funds fall in the range of between €5.50 and €6.00 per share, according to market sources. Yesterday, NH’s share price closed at €6.39. Other sources explain that the funds have signed a standstill with the company so as to not exceed 20% in NH following the operation and whereby avoid having to launch a takeover bid for 100% of the entity at a low price.

These funds have also been joined by the Thai hotel chain Minor, which last week acquired €30 million of Oceanwood’s shares, representing 8.6% of NH, for around €190 million. The agreement includes a pact whereby the manager concedes Minor the right to exclusively negotiate the purchase of the rest of its stake in NH, which, after the bond conversion, will amount to 9.5%.

If it were to acquire all of HNA’s stake, Minor would clearly exceed the 30% threshold that would oblige it to launch a takeover bid for the entire company. In that scenario, the Thai group, whose shares are traded on the Hong Kong stock market, would have a number of alternatives: sell some of its stake on the market, buy fewer shares from HNA or request permission from the shareholders to launch a takeover bid (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Núñez i Navarro Builds a Prime Residential Development on Paseo de Gracia

30 May 2018 – Eje Prime

The industry stalwart Núñez i Navarro wants to generate returns from some of its old investments. The company has started work on the renovation of one of the buildings that it acquired in Barcelona before the crisis to convert it into a residential property. The asset is located at number 125 Paseo de Gracia, one of the most prime areas of the Catalan capital for the residential sector, as sources at the company explained to Eje Prime. Moreover, Núñez i Navarro has more than a dozen new developments under construction and on the market.

The group, founded more than 65 years ago, expects to begin handing over the new homes at the end of this year. The building, which used to house offices, will comprise around twenty apartments with between one and three bedrooms. These homes, whose average price has not been revealed, will be mainly targeted at international clients and will be available for rent.

Núñez i Navarro acquired this property during the process to buy a batch of assets at the end of the 1990s. The company purchased a portfolio of four buildings in Barcelona from the insurance company Eagle Star for €26.6 million. That lot contained three buildings on Paseo de Gracia, at numbers 125, 127 and 129, as well as the property at number 641 Gran Vía de les Corts Catalanes (…).

“This project on Paseo de Gracia joins the twenty or so other renovation jobs that Núñez i Navarro has carried out in Barcelona, highlights of which include the Andreu Tower, also known as La Rotonda, the Torre Enric Cera, the Casa Lleó i Morera, Hotel 1898 on la Rambla, the only colonial style hotel in Barcelona, Hotel Gran Vía, and the Can Trías de Bes farmhouse in Sant Joan Despí, amongst others”, explain sources at the group (…).

Diversification 

Although the group’s main business is residential, the company has diversified somewhat over the years in order to generate new revenue streams. The company has a major presence in the office sector in Cataluña, with a particular concentration in the city of Barcelona. For example, its portfolio contains assets such as number 35 Paseo de Gracia (Casa Lleó Morera) and number 20 Plaza Cataluña.

The group is also strong in other businesses such as industrial warehouses, car parks and hotels (…).

Financial information 

The company, the largest unlisted real estate firm in Cataluña, saw its profits soar in 2016 to €33.1 million, compared with €12.9 million in the previous year. In this way, the group returned to positive growth, coming close to its best ever result, recorded in 2007, when it generated profits of €48.6 million (…).

By contrast, Núñez i Navarro’s turnover worsened in 2016. The company generated revenues of €110 million, down by 5.1% compared to the same period a year earlier, when its sales amounted to €116 million. The company’s consolidated own funds amount to €595 million.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Ministry of Development: House Sales Totaled €74bn in 2017

29 May 2018 – Idealista

The housing market in Spain is moving increasingly higher volumes of money, boosted by the improvement in the economy and the increase in prices in the real estate sector.

According to data from the Ministry of Development, last year, private home sales amounted to €73.849 billion, a figure that exceeds the amount recorded a year earlier by 21%, and which represents the highest volume since 2010 (when sales worth more than €80.6 billion were recorded). In fact, the number doubles the figure recorded in 2013, the ‘annus horribilis’ for the sector, when less than €38.1 billion was registered.

Those almost €74 billion were transacted through the completion of more than 532,000 real estate operations, a data that far exceeds the 458,000 sales registered in 2016 and the 300,500 in 2013.

The second-hand segment was the star of the sector (second-hand homes account for more than 80% of operations), whilst Madrid was the region that accounted for the greatest volume of house transactions (by sales value), followed by Cataluña

Original story: Idealista 

Translation: Carmel Drake

Meridia Capital Acquires an Office Building in Madrid for €26.5M

29 May 2018 – Eje Prime

Meridia Capital is entering the prime office area of Madrid. The Barcelona-based investment fund has purchased a building with a surface area of 7,500 m2 for €26.5 million, as revealed by Eje Prime. The firm, founded and led by the businessman Javier Faus (pictured below) has sealed the operation through its investment vehicle Meridia III.

The property is located close to Paseo de la Castellana, at number 4 Calle Juan Hurtado de Mendoza. The office was constructed in 1967 and underwent a renovation in 2005.

Following its purchase, Meridia plans to refurbish and improve the property with the renovation of its façade and technical facilities. In addition to offices, the property is also home to 54 parking spaces.

Original story: Eje Prime

Translation: Carmel Drake

Urbas To Carry Out €2.2M Capital Increase & Appoint 3 New Directors

29 May 2018 – Eje Prime

Urbas is ploughing ahead. The real estate group’s Board of Directors is going to propose a €2.19 million capital increase to its General Shareholders’ Meeting through the offsetting of loans, as well as the appointment of three new independent directors, according to a statement filed by the company with Spain’s National Securities and Exchange Commission (CNMV).

The maximum amount of the capital increase will be €2,198,705.17, and the Board will be able to execute it for a maximum period of twelve months, following its approval, on one or more dates. Given that it is a capital increase involving special compensation and not a monetary contribution, preferential subscription rights will not apply.

The company’s shareholders will also vote for the re-election of the companies Robisco Investment and Quamtium Venture as members of the Board of Directors on a proprietary basis; they currently serve as the Chairman and Vice-Chairman of the company, respectively.

In addition, Urbas will propose the appointment of three new independent directors to fill three existing vacancies. The new board members in question are Adolfo José Guerrero Hidalgo, Pablo Cobo del Moral and Ignacio Sáenz de Santamaría Vierna.

The General Shareholders’ Meeting is scheduled to be held on 29 June. The company’s annual accounts will also be submitted for approval on that date, along with the Directors’ Report, the Report on the Remuneration Policy of the Board of Directors and the re-election of  Baker Tilly Fmac as the auditors of the accounts for the years 2018, 2019 and 2020.

Original story: Eje Prime 

Translation: Carmel Drake

M&G Real Estate Purchases 3 Commercial Premises in Madrid & Granada

29 May 2018 – Eje Prime

M&G Real Estate is continuing its shopping spree in Spain. The real estate division of the British fund M&G Investment has acquired two commercial premises in Madrid and a third in Granada. Moreover, the firm has also added two industrial assets in the Spanish capital to its portfolio.

The commercial premises in Madrid are located at number 68 Gran Vía, whilst the asset acquired in Granada is located on Calle Reyes Católicos, where the Swedish fashion retailer H&M recent opened a store. In the Spanish capital, the tenants of the retail spaces are the restaurant chain Tony Roma’s and the financial entity Banco Sabadell, which will open its flagship branch in the premises soon.

Meanwhile, in the logistics sector, the real estate investment firm has purchased a logistics platform in Corredor del Henares, which is leased to Teka, and an industrial complex in Getafe. In total, those two assets span a surface area of more than 55,000 m2.

Original story: Eje Prime 

Translation: Carmel Drake