ASG Homes Acquires Former Student Residence in A Coruña

17 September 2019 – La Opinión A Coruña

The sale has been completed of a former student residence in A Coruña. The congregation of the religious order of María Inmaculada has sold the property, which spans 6,000 m2 and comprises 6 or 7 storeys (depending on where you are in the building), to the real estate firm ASG Homes Propcorp for €7.7 million.

ASG Homes Propcorp is owned by several European investors, namely: East Hampton Partners Limited (40%), headquartered in London; Fido Holding GMBH (10%), headquartered in Berlin (Germany), Caveco Investments (40%), headquartered in Madrid, and Gotrina (10%), also based in Madrid.

The group is in the process of investing the resources that it raised for its sixth fund, which amounted to €500 million in total, and the focus of its investments is now directed towards Valladolid, Zaragoza, Bilbao, Portugal… and A Coruña.

The international group specialises in the construction of residential complexes, and also promotes hotels, shopping centres and gas stations.

The property is currently divided into two halves, with the right-hand side forming the subject of the sale by the religious order; the left-hand side, which comprises commercial premises on the ground floor, offices on the second floor and private apartments on the upper floors, does not form part of the sale.

Original story: La Opinión A Coruña (by Marta Villar)

Translated by: Aura Ree

Nuveen Buys Amazon’s Logistics Warehouse in Bilbao for c. €17M

18 September 2019 – Idealista

Nuveen Real Estate (formerly TH Real Estate) has purchased the logistics warehouse that Amazon occupies 10km from the centre of Bilbao for almost €17 million, according to sources close to the operation. Until now, the warehouse had been owned by Vusa, the real estate group led by the heirs of Valeriano Urruticoechea.

The asset has a surface area of 9,000 m2 in total, of which 8,000 m2 is dedicated to storage and almost 1,000 m2 to offices. Amazon has signed a 21-year contract to occupy the property, of which 11 years are mandatory (until 2030).

Amazon started operating from the logistics facility in June. It is a modern platform in terms of its design and construction, suitable for cross-docking and with parking for small vans to serve the last mile distribution market.

This is the third logistics asset that Nuveen has purchased for its European Logistics platform in Spain. It acquired the other two in Madrid and Valencia in 2017.

Nuveen, which is led by Marta Cladera de Codina in Spain, is not only active in the logistics market. It also holds stakes in several shopping centres on the Iberian Peninsula, specifically, Islazul and 50% of Xanadú, as well as in retail parks, including Meixuerio in Vigo.

Nuveen Real Estate is one of the largest investment managers in the world with USD 130,000 million in assets under management.

Original story: Idealista – Custodio Pareja

Translated by: Aura Ree

Villar Mir Group Puts Inmobiliaria Espacio Up For Sale

18 September 2019 – El Confidencial

According to financial sources, the Villar Mir Group has put its land and property developer subsidiary Inmobiliaria Espacio up for sale. The objective is to raise funds to repay the group’s creditor, the Monaco-based fund Tyrus Capital, and it follows the divestment of two other non-real estate entities, Fertiberia and Ferratlántica, in August.

Savills Aguirre Newman has been engaged to coordinate the sale after valuing the entity’s land and plots at €256.88 million as at 31 December 2017. The assets may be sold as a set or piecemeal. Moreover, the company has tax credits worth between €100 million and €200 million, which is where the real value of Inmobiliaria Espacio lies.

According to the latest available data, the company reported an EBITDA of €1.61 million in 2017 and sales of €46.77 million, up by 23.2% YoY. Moreover, it has an excellent and sizeable portfolio of land for development in good locations, for which planning permission has been granted, and therefore an improvement in sales is forecast over the next few years.

Last year, Tyrus Capital lent the Villar Mir Group €360 million to refinance the debt that the traditional banks did not want to extend. The conditions of that loan are onerous – it has a two-year term (of which one year has already passed) and it carries an interest rate of between 10% and 12%. As such, the group wants to sell off its assets in an orderly fashion to repay and reduce its financing, and so time is of the essence.

Original story: El Confidencial (by Agustín Marco)

Translated by: Aura Ree

Invesco Sells a Logistics Warehouse to M&G Investments for €32M

21 June 2019 – Expansión

The global investment manager Invesco has completed the sale of a logistics warehouse in Getafe (Madrid) to the British firm M&G Investments for €32 million.

The warehouse, which was constructed in 2018, has a surface area of 29,536 m2 and 36 loading docks. It is located on the Los Gavilanes industrial estate, by the junction of the A4 with the M-50.

The property has an occupancy rate of 85% and is leased to a number of tenants including the supermarket chain Mercadona and the specialist transport company Acer. It is certified as a sustainable building with a LEED Silver rating.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Inbest to Make its MAB Debut with a Prime Retail Portfolio

21 June 2019 – Expansión

The Spanish firm Corpfin Capital is finalising the stock market debut of its investment vehicle Inbest, which it created last year with the aim of investing around €400 million in prime retail assets.

Inbest has already starred in some of the most high profile operations in the sector, including the purchase of the commercial space in Edificio España for €160 million and the acquisition of 3 buildings located on Gran Vía 20, in Bilbao; Princesa 41, in Madrid; and Calle Colón in Valencia, for €184 million.

The firm’s MAB debut is scheduled to take place during the first half of July, most likely on 9 July, through four of the five Socimis that it has created with the assets acquired.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

Madrid’s New Town Hall Approves a 400-Home Residential Complex in Cuatro Caminos

20 June 2019 – Somos Chamberí

During its first week in office, the newly elected Town Hall of Madrid has approved plans for the construction of more than 400 homes above the old train depots in Cuatro Caminos.

The previous municipal government had prepared all of the necessary paperwork but its legislature ended before the plans could be presented for approval.

Now, the Community of Madrid must give the green light to the project, known as Residencial Metropolitan, which will include six buildings, including a 31-storey tower that will change the skyline of Chamberí forever.

Original story: Somos Chamberí (by Diego Casado)

Translation/Summary: Carmel Drake

Trajano Iberia Receives Offers of €60M+ For its Manoteras Business Park

2o June 2019 – El Confidencial

The Socimi Trajano Iberia has received several offers amounting to more than €60 million for the Isla de Manoteras Business Park in Madrid that it purchased three years ago for €44.3 million.

The asset, located on Avenida de Manoteras 48, in the Manoteras, Las Tablas and Sanchinarro office district of the Spanish capital, has a leasable surface area of 13,442 m2 and 274 parking spaces.

The Socimi created in 2015, which is managed and promoted by Deutsche Bank and in which the Alcaraz brothers hold a 10.55% stake, is hoping to close the operation at the beginning of July.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Prologis, Blackstone & Deutsche Bank Bid For Colonial’s Logistics Portfolio

20 June 2019 – Cinco Días

Inmobiliaria Colonial has chosen the three finalists who have submitted the highest bids for its logistics portfolio and they are: Prologis, the largest owner of warehouses in Europe; Blackstone, the US fund; and Deutsche Bank, through its manager DWS, according to market sources.

Colonial inherited a sizeable logistics portfolio from Axiare following its takeover of that firm last year, but since the Socimi focuses on offices in prime areas of Madrid, Barcelona and Paris, it put the logistics portfolio up for sale a few weeks ago.

The company has received around a dozen offers, from which it has selected three that exceed €400 million. It is planning to close the operation before the summer.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake

Grupo Comatel Buys a Building in Valencia to Open a New Hotel

19 June 2019 – Valencia Plaza

Grupo Comatel has purchased a new 7-storey building on Avenida Germanías, 3, in the centre of Valencia, where it plans to open an MyR hotel.

In this way, the group led by Fidel Molina is continuing to grow its portfolio in the Mediterranean city, where it has set itself the objective of becoming the main luxury hotel chain.

Comatel’s began its quest in 2017, with the opening of its first establishment, Hotel Plaza Mercado, with 24 rooms and an investment of €12.6 million.

Last year, it opened 5 more hotels with an investment of €56 million, including a luxury aparthotel on Calle Calabazas, with 13 rooms and Marqués House, located in the former Café Madrid building, with 30 rooms and a 5-star rating.

Original story: Valencia Plaza (by Begoña Torres)

Translation/Summary: Carmel Drake

Merlin Enters the Top 10 Ranking of the Largest Logistics Owners in Europe

19 June 2019 – Cinco Días

Merlin Properties has been a major player in the European office and shopping centre markets for several years. But now, the Socimi led by Ismael Clemente has entered the Top 10 ranking of the largest logistics owners on the Continent, with its portfolio of 1.6 million m2 under management, according to a report about the logistics market compiled by Deloitte.

The Top 10 ranking is led by the listed US firm Prologis (17 million m2); Logicor, the firm controlled by China Investment Corporation and Blackstone, (13.5 million m2); and the fund manager CBRE GI (7.7 million m2). They are followed by the logistics specialists Segro, P3 Logistics Parks and Goodman.

Merlin owns 1.1 million m2 of logistics space outright and holds a 48% stake in a company that owns another 469,000 m2 of logistics space in the port of Barcelona. It also has 1.254 million m2 of surface area under development.

Investment in logistics assets is currently breaking records across Europe and in Spain, in particular, boosted by attractive returns and the boom in e-commerce. With the rising demand, the availability of high-quality warehouses is decreasing, hence the need to build more. According to Deloitte, investment in warehouse purchases amounted to €1.5 billion last year, the second best year ever after 2017, when the figure reached €1.6 billion.

Merlin is planning to invest €484 million in its Best II and Best III logistics funds between now and 2022. Most will be targeted in Madrid and its surrounding areas (Guadalajara and Toledo) and Cataluña, but investment will also be made in Lisbon, Zaragoza, Sevilla and Vitoria.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake