GSA Completes the Purchase of a New Hall of Residence in Madrid

Global Student Accommodation (GSA) has reached an agreement with Corestate to purchase the Emilia Pardo Bazán student residence in Madrid, which has more than 300 rooms.

Global Student Accommodation (GSA) has closed the purchase of a student residence in Madrid. Specifically, GSA has acquired the Emilia Pardo Bazán complex, located in the Ciudad Universitaria area. The property has 302 rooms, both doubles and singles, for students.

The hall of residence, which opened in 2008, was owned by the German firm Corestate Capital Advisors.

Owners of Nursing Homes Ask the Government for a Change in the Management Model

The high number of deaths in nursing homes due to coronavirus in Spain has called the current model into question; a new medicalised system is being requested.

The Association of Companies providing Services for Dependents (Aeste), which groups together large operators of nursing homes in Spain, such as DomusVi, Sanitas and Ballesol, wants the Government to consider a move from the current residential model towards a more medicalised system. The high number of deaths in nursing homes due to coronavirus in Spain has called into question the continuity of the current model. Although around a hundred lawsuits opened by the Prosecutor’s Office still remain open, the large operators are thinking about the future.

The transformation of the sector would involve a significant cost for the public coffers, especially those of the autonomous communities, which is the administrative level responsible for these centres. However, “in reality, the pressure in hospitals would be alleviated, which is why it would mean transferring funds from one sector to another”, explains the Secretary General of Aeste, Jesús Cubero.

Almagro Capital Tripled its Property Portfolio in 2019 but Doubled its Losses

The Socimi, which specialises in the purchase and subsequent rental of homes for the elderly, lost €805,238 in 2019, despite multiplying its property portfolio by 3, in the midst of its business expansion.

The Socimi, which specialises in the purchase and subsequent rental of homes for the elderly, lost €805,238 in 2019, despite multiplying its property portfolio by 3, in the midst of its business expansion.

Almagro closed 31 December 2019 with a portfolio spanning more than 8,300 square metres, corresponding to 58 properties in the city of Madrid. That figure represents an increase of 310% compared to the end of the previous year.

Aena Reduces the Rent from its Real Estate Assets by 75%

The airport manager, which has suffered an 83% drop in its profits due to coronavirus, has launched a battery of measures to help its tenants.

The airport manager Aena has launched a series of measures to alleviate the impact of the Covid-19 crisis on its clients.

As part of its approach, it has deferred the payment of aircraft parking fees by six months on an interest-free basis and it has established discounts of up to 75% on real estate assets operated by airlines, handling agents and commercial suppliers. It is also going to review current commercial contracts.

The ‘Palacio de la Música’ on Gran Vía will Become a Theatre again and not a Megastore

The building work that has been approved by the Urban Planning department will affect a total of 6,650 square metres and will take 24 months.

The project backed by the Fundación Montemadrid to reopen the ‘Palacio de la Música’ (Music Palace), located on Madrid’s Gran Vía, has obtained the necessary license for the renovation work that will allow it to reopen as a theatre, after being closed for almost 12 years. During the crisis, the capital’s main thoroughfare went from having 13 cinemas and theatres in operation to just three in only a few years.

The Activities’ Agency granted the licence last Friday 24 April, so that, when the situation permits, work can begin on the “restructuring, refurbishment and restoration of the interiors and exteriors” of the property located on Gran Vía 35, which is a listed building.

Coronavirus Leaves the Occupancy Rate of Home Capital’s Properties at Minimum Levels

The Socimi has acknowledged that there is a risk that the building work that it is carrying out in some of its buildings may be temporarily suspended due to the pandemic.

The Socimi Home Capital, which rents apartments to professionals on business trips, has indicated that the average occupancy of its building on Blasco de Garay, 32 in Madrid stands at 50.3%, whilst the asset that it owns on Gignàs, 26 in Barcelona has an occupancy rate of 7.9%, as reported by the firm to the Alternative Investment Market (MAB). The company does not believe that the occupancy level of its buildings will improve for as long as the current restrictions continue.

The Socimi, which made its debut on the alternative market in the midst of the coronavirus crisis, has acknowledged that there is a risk that the building work that it is carrying out in some of its buildings may be temporarily suspended, in the event of a possible closure of the work centres by the administration, with the consequent delay in their completion.

Housers Launches a Project to Finance the First Hall of Residence for Gamers

The project will be located in the Moncloa-Aravaca district of Madrid and will span a surface area of 3,600 square metres.

The participative real estate financing platform Housers has launched a project to finance the launch of the first hall of residence for gamers in Madrid, which will house 36 young university students.

The project in question is called Gaming Residences SL and it will become the first chain of tech residences. The halls will house different agents involved in the electronic sports industry. This is a disruptive business model that combines real estate, technology, sports and education.

Aena will Waive Rentals Following the Closure of Terminals at Spain’s Major Airports

Both the airport manager and Adif (the railway manager) will stop collecting rent from the stores that have been forced to close as a result of the state of emergency.

Aena has notably reduced capacity and operations at its airports due to the sharp drop in airline activity as a result of the coronavirus crisis and the Government’s restrictions on mobility. The company will stop collecting rents from stores in its terminals and stations.

“Aena will reorganise the capacity of its facilities to adapt them to current demand and whereby improve their management and efficiency,” announced José Luis Ábalos, Minister for Transport, during a press conference.

Likewise, the airport manager will not collect rents from the establishments that have been affected by these closures. In the case of the Adolfo Suárez Madrid-Barajas airport, this will mean the progressive closure of terminals 1,2, 3 and T4 satellite, to concentrate all air traffic in the capital in T4 only. In Barcelona, ​​​Aena will close one of the runways at El Prat, along with Terminal 2.

Madrid Turns its Ice Rink into a Funeral Parlour Due to the Saturation of its Municipal Services

In collaboration with the Emergency Military Unit (UME), the Community of Madrid is converting the ice rink in the Palacio de Hielo shopping centre into a makeshift morgue due to the saturation of the crematoriums and following the mayoral decree to close the municipal funeral parlour.

The concession company that operates the Palacio de Hielo has ceded its facilities to house the corpses of those killed by Covid-19 until the funeral homes are able to take care of them, municipal sources have reported.

In collaboration with the Emergency Military Unit (UME), the Community of Madrid is going to convert the capital’s ice rink into a morgue due to the saturation of the crematoriums and the closure of the municipal funeral parlour, as decreed by the mayor José Luis Martínez-Almeida. The ice rink will house bodies until the system has been decongested and it will guarantee the supply of material for mortuary professionals, for example. Therefore, the Community of Madrid and the UME will be responsible for developing the operating procedure once the installation is ready.

Madrid’s ice rink spans a surface area of 1,800 square metres and is operated by a company called Equidosa on a concession basis.

Student Properties Assesses the Impact of the Suspension of Classes on its Business

The Socimi acknowledges that the suspension of classes due to the coronavirus will have an impact on the operator’s operating results and, as a result, on the future evolution of the company’s income.

The company has sent a statement to the CNMV in which it assures that, given the current events that are taking place as a consequence of COVID-19, it is “constantly monitoring” the evolution of the hall of residence that it owns in Madrid to assess which initiatives to implement and to address the situation.

“The suspension of face-to-face teaching activity in the universities has caused a drastic reduction in the number of residents living in the centre, which it is currently operating at minimum occupancy levels,” say sources at the Socimi, who claim not to have any affected people in its facilities.

Nevertheless, the company acknowledges that although it is still too early to determine its final scope, “this circumstance will have an impact on the operator’s operating results and, as a result, on the future evolution of the company’s income”.