Trinitario Casanova Files €713-Million Lawsuit Against BBBVA

16 October 2019 Trinitario Casanova announced that he had filed a €713-million lawsuit against BBVA, demanding compensation for damages stemming from Operation Chamartín.

The owner of the Baraka Group contends that he is filing the lawsuit to defend the right of reversion that he acquired from the members of the Non-Abuse association, an NGO which was created to defend the rights of the original owners of the land where the Chamartín station is now located.

In his lawsuit, Casanova argues that BBVA should pay him a total of 713 million euros should it not wish to accept the executive’s right of reversion and return the 1.3 million square meters of land linked to the Operation Chamartín.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Andalusian Regional Government to Sell Land and Buildings Worth €320 Million

15 October 2019 The Andalusian regional government is preparing an auction of unused buildings and plots of land. The region’s General Directorate for Heritage has begun the process to sell, in a series of separate auctions, tens of thousands of square meters of land and of unused buildings. The public auction is expected to raise as much as 320 million euros, according to the draft budget for 2020.

The government has already announced the first sale, 22 properties with a base price of 47.1 million euros, though Andalusia hopes to raise much more. After that, the government plans to sell a batch of urban plots of land in the first quarter of 2020.

Original Story: ABC de Sevilla – Antonio R. Vega

Adaptation/Translation: Richard D. K. Turner

Stoneweg Sells a Penthouse for €5,550/M2 in Tetuan

15 October 2019 – Stoneweg has just sold a flat in one of the two high-rise apartment buildings it is building in Tetuán, Madrid. The Swiss firm managed to sell one of the penthouses for a record sales price of 5,500 euros per m2.  The two 25-storey towers are located at Paseo de la Direccion 246.

The three-bedroom penthouse, which a total surface area of ​​195 m2, sold for 60% above the average price for the district of Tetuán. The price is even above the average for the district of Salamanca, the most expensive in Madrid, at 5,148 euros per m2.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Elix Vintage Acquires Two Buildings in Madrid

14 October 2019 Elix Vintage, a socimi controlled by the investment firms KKR and Altamar, has acquired two residential buildings, both currently leased, located on the Fomento and Ave María streets in Madrid.

Elix Vintage paid 8.425 million euros for the two assets and will invest more in renovations.

Original Story: Expansión – Rocío Ruiz/ Marisa Anglés

Adaptation/Translation: Richard D. K. Turner

The Lack of a Spanish Government Halts Aena’s Real Estate Ambitions

14 October 2019 The airport operator Aena has yet to get approval to go ahead with construction on two residential developments around Madrid-Barajas and Barcelona-El Prat due to the lack of a political agreement to form a new Spanish government. The firm had hoped to start the works in Madrid and Barcelona this year. However, the plots of land are still untouched.

Aena’s project in Madrid will occupy around 200,000 square meters of land in a total investment forecast at €2.997 billion over the next 40 years. Existing plans divide the space into four areas: a logistics hub, airport services, an aeronautical maintenance centre and leisure areas.

In Barcelona, ​​the 300,000 square meter area will have a total investment of €1.264 billion. The project will try to attract technology companies and logistics platforms as well as hotels, restaurants and offices to service the airport.

Funds that invest in the airport operator have been pushing the government to install an independent CEO, separate from any governmental changes, to facilitate work.

Original Story: Economía Digital – Carles Huguet

Adaptation/Translation: Richard D. K. Turner

Andalusian Government to Sell Former Post Office Building in Málaga

14 October 2019 The former Post Office building in Málaga will finally go on sale after a decade vacant, as the Andalusian government has approved its sale after lifting a €2.14 million embargo on the property. The sale comes at a time when the local real estate market is in an upswing, and potential investors have taken an interest in the property.

Zoning laws in the city, however, state that the property must be used as residences for students or senior citizens, or as a university centre or hospital. Market sources believe that gaining municipal approval to convert the property into use as a hotel would be a lengthy and complex process.

The Andalusian government has set a base price of just over 16.8 million euros, somewhat lower than the €19-million price a valuation gave it a few months ago. Interested parties must contact the government by November 14.

Original Story: Málaga Hoy – Sebastián Sánchez

Photo: Javier Albiñana

Adaptation/Translation: Richard D. K. Turner

TM Real Estate Sells Out Almost All of its Luxury Sidi by TM Development

14 October 2019 The Torrevieja-based company TM Real Estate Group has sold almost all of the 162 properties that make up its Sidi by TM project in Alicante. Sidi, a luxury residential development built on the site of the old Hotel Sidi, on the San Juan beach, is still in the second phase of its construction and work is only expected to resume next week.

TM decided to temporarily halt construction in August to avoid any problems when delivering the keys to the new residents of the first 102 flats completed. The start of the second phase of construction, with another 59 homes, was delayed until March of this year due to a complex approvals process given its beachfront location.

Original Story: Alicante Plaza – Raúl Navarro

Adaptation/Translation: Richard D. K. Turner

Investment “Last Mile” Logistics Platforms Takes Off  

14 October 2019 The boom in e-commerce is sparking a revolution in the logistics markets as industry players seek to increase the speed of deliveries. The ability to deliver goods quickly in cities such as Madrid and Barcelona is leading firms to acquire logistics platforms that are located close to city centres. Market watchers refer to the “last mile” – the final delivery of goods to the customer’s home. Thus, the industrial estates that surround Madrid and Barcelona are slowing being repurposed as logistics platforms. The most sought-after are less than 10 kilometres from the most central neighbourhoods.

In an example of the tendency, the Spanish real estate group Allegra recently finalised the sale of a logistics park in the Marconi industrial estate, to the south of Madrid in Villaverde. The logistics platform consists of two warehouses measuring 9,798 and 7,676 square meters, respectively. The US-fund Hines, one of the four most important real estate management companies in the world, acquired the asset for 22 million euros. It was Hines first investment in the logistics sector in Spain.

According to data from the real estate consultancy JLL, though the price of logistics assets in Barcelona are currently higher than in Madrid, €7/m2 on average, compared to €5.5 in the capital, Madrid is seen to have major potential. The allocation of such platforms soared from 185,000 square meters in the third quarter of 2018 to 290,000 m2 this year, an increase of 48%. JLL also estimates that developers are working on another half a million square meters of platforms in Madrid, compared to 182,000 square meters in Catalonia.

Original Story: ABC – Adrián Delgado

Adaptation/Translation: Richard D. K. Turner

FTI Group to Convert Former Stella Canaris into Major Eco-Resort

14 October 2019 The Pájara City Council granted the FTI Group authorisation to start the renovation and conversion of the six hotels that make up the former Stella Canarias complex in ​​Solana Matorral, the Canary Islands. The FTI Group will invest approximately 200 million euros in converting the 4,000-bed complex into an eco-resort while creating some 600 jobs in the process. The needed infusion of capital into the island’s economy and its municipal coffers comes after the area has taken a series of hard hits, including the bankruptcies of Thomas Cook, Air Berlin and Germania Wings.

The municipal permits give the FTI Group twelve months to begin the construction though the firm announced that it would already begin in 2020. The FTI Group plans on turning former Stella Canaris, which is located in front of one of the best beaches in Jandía, into a major eco-resort.

Original Story: Canarias 7 – Catalina García

Adaptation/Translation: Richard D. K. Turner

Dark Clouds Gather Over Spain’s Real Estate Market as Housing Sales Fall by 21% in August

14 October 2019 Market watchers have been issuing warnings recently regarding a potential slowdown in Spain’s residential real estate market. After years of rapid growth, and after prices have reached new heights due to constrained supply, talk has turned to a moderation in growth or even some level of stagnation.

Last week, the country’s National Institute of Statistics (INE) released data on the sale of homes in August that seemed to confirm such fears. A total of 35,371 housing sales occurred in Spain in the month, the lowest figure since August 2015. The retrenchment affected both the sales of new (-21%) and existing homes (-21.1%), the latter of which accounts for approximately eight out of every ten sales. Monthly sales took a bigger hit, falling by 26.1% from July to August, the biggest decline for that month of the last five years.

Original Story: El Mundo – Marcos Iriarte

Adaptation/Translation: Richard D. K. Turner