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

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

Ibosa Acquires RC1 from Mahou for €70 Million

8 October 2019 – The real estate cooperative Ibosa has acquired the second of the three plots of land owned by Mahou by the former Vicente Calderón stadium for 70 million euros.

The plot of land, called RC1, has a buildable area of 18,266 square meters for residential use, enough for 200 new homes. The asset also has 3,741-m2 of commercial land.

After this, only one of the three plots of land owned by the brewery is still left for sale. Pryconsa acquired the first plot for 55 million euros.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Madrid to Prioritise Operation Campamento

8 October 2019 – The Madrid City Council is looking to prioritise the Operation Campamento, a plan to build 10,700 homes on lands owned by the Ministry of Defense. The former PP mayor Alberto Ruiz Gallardón originally signed an agreement in 2005 to develop residential housing in a disused military zone in the district of Latina.

The PP and Ciudadanos political party coalition ran on a platform of streamlining such development to help increase the supply of housing in the capital city.

To increase the housing stock for rent, the City Council intends to finalise the 4,500 homes belonging to the Municipal Housing and Land Company. The council will also transfer the surface rights to sufficient land to build 5,000 homes and will seek to redevelop existing buildings.

Original Story: ABC Madrid / EFE

Adaptation/Translation: Richard D. K. Turner

Tomás Olivo in Talks to Acquire 150,000 M2 of Land in Valdebebas

3 October 2019 –Tomás Olivo’s socimi General de Galerías Comerciales (GGC) is negotiating to acquire 145,790 square meters of commercial land in Valdebebas, where it is looking to develop the largest shopping centre in Spain.

The land is said to be worth 200 million euros, though GGC has yet to offer that much.

The future shopping centre will include 36,500 square meters of office buildings, along with more than 24,500 square meters or parks and green areas.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

BBVA Breaks off Talks for Sale of Operation Chamartín with Merlin Properties

1 October 2019 – BBVA has informed Spain’s National Securities Market Commission (CNMV) that it has broken off talks regarding the potential sale of its development rights to the Operation Chamartín project. The bank did not cite a reason for the breakdown in the talks. Merlin Properties had recently  made a preliminary offer of almost 700 bank branches it leases to BBVA in exchange for the rights.

Recently, other candidates, such as the Canadian investment group Brookfield and the sovereign wealth fund Qatar Investment Authority, have also demonstrated an interest in the project. Construction in the Operation Chamartín area is expected to last for 25 years and require total investments of over €7 billion.

Original Story: La Vanguardia – Conchi Lafraya

Photo: Dani Duch

Adaptation/Translation: Richard D. K. Turner

Mountpark Negotiating the Acquisition of Land for Logistics Platform to the South of Madrid

30 September 2019 – Mountpark is negotiating the acquisition of more than two million square meters of land in the south of Madrid. The developer intends to build a major logistics platform at the site, one with more than 40,000 square meters of surface area.

The company is planning on copying another platform it built recently at the Iberum Central Platform, in Illescas, Toledo. Mountpark built a 44,000-square-meter warehouse for XPO Logistics that H&M is using.

Mountpark Iberia is a part of a joint venture by Usaa Realco-Europe Holdco, the Dutch subsidiary of the US firm Usaa Real Estate, and the Luxembourg-based Mountpark Finco Sarl.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

Avantespacia Expands in Catalonia

30 September 2019 – The developer Avantespacia is finalising the acquisition of two plots of land in Catalonia, enough to build more than one hundred homes. The firm, which is controlled by Manuel Jové’s holding company, Inveravante, began operations in the province this year when it acquired another plot of land on Calle Roger de Flor, in Granollers, to building a 48-flat apartment building. The company is simultaneously finalising the acquisition of a new plot of land in the city to develop another fifty homes.

The company hails from Andalusia, where it has developments in Estepona, Fuengirola, Teatinos, Málaga and the San Roque Golf Club.

In August, the company began sales of a 128-home development in Pamplona, where it plans to begin construction in October. Avantespacia is planning on launching five new developments in Zaragoza, Vigo, the Canary Islands and Oviedo before the end of the year.

The company currently has 925 homes on sale and expects to deliver 260 units by year-end, with a turnover of 110 million euros.

Original Story: Eje Prime – Marta Casado Pla

Adaptation/Translation: Richard D. K. Turner

BBVA in Negotiations to Transfer Development Rights for Operación Chamartín to Merlin Properties

30 September 2019 – BBVA is finalising negotiations to transfer its rights to the Castellana Norte District (DCN) to Merlin Properties. The sale would be potentially the largest real estate operation in Spain and Europe, according to knowledgeable sources.

The two firms have been negotiating the details of the agreement for weeks and BBVA is likely to retain a small stake, about 2%, in the new company. At the moment, BBVA controls 75% of DCN’s capital, while the construction company San José controls the remaining 25%. The project, known as Operation Chamartín, will include residential areas on 25% of the land, with offices, commercial premises and green areas on the rest.

BBVA will supervise the development until its completion, which, due to the size and complexity of the project, is expected to take 25 years.

Original Story: El País – Íñigo de Barrón

Adaptation/Translation: Richard D. K. Turner