GSA Buys a Student Hall of Residence in Madrid for €50M

8 January 2020 – Expansión

The British student accommodation specialist Global Student Accommodation (GSA) has purchased a hall of residence in Madrid from Corestate for more than €50 million.

The Luxembourg-based fund purchased the asset at the end of 2016 and has since converted it into a modern residence with more than 300 beds. The property is located on Paseo de Juan XXIII in the Ciudad Universitaria area of Madrid and operates under the Youniq brand.

Currently, there are more than 90,000 beds in student halls in Spain, although that figure is expected to rise by 16,500 over the next four years with the addition of 47 new halls of residence.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

CBRE GI to Invest €350M in Real Estate Projects in 2020

6 January 2020 – Eje Prime

CBRE GI is entering the real estate finance market. Following its acquisition of Laxfield Capital, a British real estate debt platform, at the end of last year, the group has announced that it is going to invest €350 million in new purchases in 2020, focusing not only on the acquisition of assets but also on the commissioning of real estate projects.

CBRE GI already reported that the Spanish market will be a clear objective for this new line of business. Last year, the firm invested €350 million in Spain and Portugal, where it currently owns 13 shopping centre, 43 logistics platforms, 3 office buildings, 10 hotels, 37 halls of residence and 73 homes.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

BP Acquires Portfolio of Petrol Stations in Madrid

4 January 2020 The British giant BP has acquired the petrol stations belonging to the Comillas 2 Group, which is controlled by José Luis Fernández Martínez, a major shareholder in the chemical group Sniace. The portfolio includes fifteen petrol stations in the region of Madrid.

The petrol stations are considered attractive due to their elevated sales and added services. BP also acquired a portfolio of 65 gas stations in 2018 from Kingbook Capital and Petrocorner Retail.

El gigante británico BP ha adquirido las estaciones de servicio que pertenecen al Grupo Comillas 2, controlado por José Luis Fernández Martínez, uno de los principales accionistas del grupo químico Sniace. La cartera incluye quince estaciones de servicio en la región de Madrid.

Las estaciones de servicio se consideran atractivas debido a sus elevadas ventas y servicios adicionales. BP también adquirió una cartera de 65 estaciones de servicio en 2018 de Kingbook Capital y Petrocorner Retail.

Original Story: El Confidencial – Juan Cruz Peña

Translation/Summary: Richard D. Turner

Foreign Investors Fund Student Residence Building Spree in Granada

18 December 2019 – Major investment funds in Granada are searching for developable land while already working on five projects for new student residences. The two that are closest to completion include 767 new beds for next summer at the Cartuja University Campus. The first is the result of an investment by the British investment fund Amro Real Estate Partners Limited. The other will be the Livensa Living Granada Cartuja, an impressive new building at the Cuesta del Observatorio.

The latter building will have 423 beds and involves an investment of twenty million euros financed by the foreign investment group Princeton. Livensa Living will design and manage the facility.

Original Story: Ideal – Mercedes Navarrete

Adaptation/Translation: Richard D. K. Turner

Millenium Hotels Acquires Golf Assets from Alcaidesa for €15.2 Million

18 December 2019 – Millenium Hotels Real Estate, a real estate investment fund based in Spain, has reached an agreement with the construction company Constain to acquire land and two golf courses from the Alcaidesa Holding SAU and its subsidiary Alcaidesa Golf SLU for 15.2 million euros.

Alcaidesa had owned and operated the two golf courses, the land and a clubhouse in the municipality of La Linea de la Concepción and San Roque (Cádiz). Alcaidesa Golf is marketed as a paradise for golf lovers in the Mediterranean. There are two professional golf courses, Alcaidesa Links and Alcaidesa Heathland.

Original Story: ABC de Sevilla – Soraya Fernández

Adaptation/Translation: Richard D. K. Turner

Veracruz Properties to Launch €4.9-Million Capital Increase

16 December 2019 – Veracruz Properties is planning a capital increase of €4.9 million through the issuance of 153,221 new shares with a nominal value of ten euros and an issue premium of 22 euros. The new measure is expected to be approved shortly at an extraordinary shareholders’ meeting in January.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Investor Focus in Spain Turns to Student Housing

16 December 2019 – The student housing sector in Spain is in the midst of an almost unprecedented boom. The country is home to 500,000 non-resident students, 100,00 of which come from the Erasmus program. The problem and the subsequent opportunity stem from the fact that a large part of the current supply of rooms is outdated and unattractive. Returns on student housing projects also tend to pay around 5% compared to 3-3.5% for residential and office developments.

There are currently 20 consortiums of institutional investors, local developers and housing operators investing in student housing projects in Spain. Grupo Moraval is the largest developer of student residences by the number of beds and plans to develop 6,500 places in Madrid, Barcelona, ​​Bilbao, Salamanca, Pamplona, ​​Seville, San Sebastián and Malaga by 2023. That figure is equal to 25% of the new residences planned for inauguration over the next three years.

Market studies by Grupo Moraval have shown that, between 2019 and 2022, the supply of beds is projected to grow by 22%: 94,000 beds in 2019 (3.3%), 99,500 seats in 2020 (5.9%), 106,500 in 2021 (7%) and 111,000 beds in 2022 (4.2%). nvestors are planning one billion euros in total investments by the time, according to Nick Wride, a director at JLL Spain.

That growth is already forecast to increase the capacity for supplying students with accommodations to 30% in Madrid, Barcelona, ​​Seville, Bilbao, Valencia and Pamplona. At the moment, the supply in those cities is enough for just 15% to 20%.

Original Story: El País – Sandra López Letón

Adaptation/Translation: Richard D. K. Turner

Sonae and Bankinter to Launch Second Socimi, This Time in Portugal

11 December 2019 – After the success of their jointly-controlled socimi in Spain, Sonae and Bankinter are planning on launching a new investment vehicle in Portugal in 2020. The new socimi will have an initial investment capacity of 100 million euros and will eventually seek a stock market listing in Portugal.

The new socimi reportedly will not focus on any single type of real estate asset. Instead, it will invest in a wide range of assets, from commercial real estate to offices, along with logistics assets and other investments.

The two firms’ socimi in Spain mainly invests in commercial real estate and is aimed at Bankinter’s private banking clients. Ores currently controls a portfolio 34 assets with a combined market value of over 357 million euros and an annual gross income of 21 million euros.

Original Story: Idealista – Custodio Pareja

Adaptation/Translation: Richard D. K. Turner

Amro Real Estate Acquires Land in Valencia for New Student Residence

4 December 2019 – Amro Real Estate has finalised the acquisition of a plot of land in Valencia where it plans to build student housing. The residence, the firm’s fourth in Spain, will have 5,000 square meters of constructed surface area, with 170 beds.

The project, which includes a rooftop pool and gym, will be located a short distance from the Catholic University of Valencia (UCV). Construction is set to begin in 2020 and open to students in the summer of 2022.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

Haim Tsuff Acquires Correos Building in Málaga for €23.5 Million

2 December 2019 – Haim Tsuff, the president of the Israeli petroleum firm Isramco, was the sole bidder at an auction for the Correos building in Málaga, paying 23,555,180 euros for the property, well above the base price of €16.8 million. The government of Andalusia auctioned a total of 22 properties valued at 47 million euros. Tsuff acquired the asset through Nitsba Spain, which is based in Barcelona.

The asset failed to attract other bidders due to zoning limitations. The property is zoned for public and social interest services. The permitted uses under the local zoning plan (PGOU) include homes for the elderly, student residences and care facilities for children.

The building’s new owner could potentially request a change in the zoning for the asset, to convert it into a hotel or offices. Nitsba would be required to compensate the government for the change by ceding nearby plots of land to the government for future use.

Original Story: Diário Sur – José Luis Piedra

Adaptation/Translation: Richard D. K. Turner