Commodus Acquires Spotahome’s HQ in Madrid from Persépolis

16 January 2020 – Eje Prime

Commodus has purchased an office building located on Calle Vizcaya, 12 in Madrid from the Socimi Persépolis Investments, in an operation that represents the German investment fund’s first foray into Spain.

The property, located in the Atocha-Méndez Álvaro area of the Spanish capital, has a total surface area of 4,410 m2, spread over 7 floors, 2 basements and 15 parking spaces. It is currently leased in its entirety to the Spanish start-up Spotahome.

Commodus specialises in commercial properties, especially offices, and has delegations in Munich, Berlin, Paris and Madrid. Its property portfolio is worth more than €1.5 billion.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

UBS Sells Pepsico’s Southern Europe HQ to Aberdeen for €60M

14 January 2020 – Expansión

The Swiss bank UBS has sold an office building in the WTC Almeda Park in Cornellà de Llobregat (Barcelona) to the British fund manager Standard Life Aberdeen for €60 million.

The property has a surface area of 25,000 m2 and is partially leased to Pepsico, which recently set up its headquarters for Southern Europe there.

Original story: Expansión (by Marisa Anglés)

Translation/Summary: Carmel Drake

Nitsba Spain Acquires the Correos Building in Málaga for €23.5M

2 December 2019 – El Confidencial

Nitsba Spain, a company owned by the Israeli magnate Haim Tsuff, has purchased the former Correos headquarters in Málaga from the Junta de Andalucía for €23.5 million.

The property has been boarded up for a decade and, based on its current urban planning classification, its future use will be restricted to some kind of “communal residence” (for the elderly, students or children) or for other “social purposes”.

Nevertheless, a change of use could be approved to allow it to be converted into a hotel or offices, depending on the wishes of the purchaser.

Original story: El Confidencial 

Translation/Summary: Carmel Drake

Acciona & Tristán Capital Join Forces to Invest €100M in the Construction of New Offices in 22@

14 January 2020 – Eje Prime

The investment arm of the energy company Acciona has joined forces with the fund Tristán Capital to invest €100 million in the construction of an office complex in the 22@ district of Barcelona.

The companies plan to build four Leed Gold office buildings spanning a combined surface area of 31,000 m2. The construction work is expected to be completed by the end of 2021.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Árima Buys an Office Building in Madrid for €37.75M

14 January 2020 – Expansión

Árima Real Estate has acquired an office building in the Campo de las Naciones area of Madrid for €37.75 million.

The property, which has a surface area of 14,000 m2, represents the Socimi’s eighth purchase and takes its total investment figure since making its stock market debut a year ago to €216 million.

Árima now plans to remodel the building, and to this end has engaged the architecture studio Lamela. The renovation work is expected to be completed at the beginning of 2021.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

Merlin to Make its Portuguese Stock Market Debut on 15 January

9 January 2020 – Europa Press

Merlin Properties, the Socimi led by Ismael Clemente (pictured below), is going to make its debut on the Lisbon stock market on Wednesday 15 January.

Merlin will thus fulfil its objective, announced in 2019, of trading its shares in Portugal (as well as on the Ibex in Madrid), given that it is a strategic market for the entity.

Specifically, the Socimi already owns 9 offices, 2 shopping centres and 1 logistics warehouse in the neighbouring country, assets which together account for 8% of its total portfolio. They span a combined surface area of 113,000 m2 and generating €44 million in annual revenues.

Original story: Europa Press 

Translation/Summary: Carmel Drake

Bonavista Developments to Invest €40M in the Construction of a 11,500 m2 Office Building in Barcelona’s 22@ District

13 January 2020 – El Periódico

Bonavista Developments, through Mitsubishi Estate London and Europa Capital, has completed the purchase of a plot of land in the heart of the 22@ district of Barcelona, on Calle Cristóbal de Moura, for an undisclosed sum.

The two companies are planning to invest €40 million in the construction of a new office building on the site. The new offices are expected to span a surface area of 11,500 m2 and construction is scheduled to begin later this year.

Original story: El Periódico (by Max Jiménez Botías)

Translation/Summary: Carmel Drake

Partners Group Negotiates the Purchase of 5 More Office Buildings from Meridia Capital

10 January 2020 – El Confidencial

The Swiss manager Partners Group is in talks with Meridia Capital, led by the Catalan businessman Javier Faus, with a view to purchasing half of the office portfolio that Meridia put up for sale at the end of last year.

The two players enjoy a close relationship following a deal closed last April, which saw Partners acquire a portfolio of 18 offices from Meridia for €215 million, and the Socimi continuing to manage the portfolio.

A similar arrangement could be sought this time around. The portfolio on the table in 2020 comprises a dozen offices in Madrid and Barcelona worth around €200 million, although Partners is only interested in half of the properties.

Both parties declined to comment on the reports of a potential sale, however, sources in the know confirmed that a due diligence process has begun on five of the assets.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Banca March Purchases a 4-Storey Building in Central Málaga

11 January 2020 – Málaga Hoy

Banca March, the only 100% family-owned Spanish bank, has acquired the property at number 40 on Alameda Principal in Málaga. The financial entity plans to convert the 4-storey property, which spans around 1,000 m2, into an office for its own use.

The financial entity regards Málaga as a crucial location for the development of its business, which is dedicated to private banking and advice family-owned companies

The consideration of the operation has not been revealed but information published in April 2018, when work began on the regeneration of the street, reveals that its asking price at that time amounted to approx. €5 million.

Original story: Málaga Hoy (by Sebastián Sánchez)

Translation/Summary: Carmel Drake

Addmeet: Investment in RE in Madrid Exceeded that in Barcelona by 2.5x in 2019

7 January 2020 – El Confidencial

According to the real estate portal, Addmeet, real estate investment in Spain amounted to €35.0 billion in 2019, of which 70% was concentrated in Madrid and Barcelona (€18.0 billion and €6.8 billion, respectively). The data compiled reflects all real estate operations amounting to more than €3 million in all sectors of the professional real estate market.

In the Community of Madrid, investment broke all records (€18 billion), exceeding the figures recorded in 2018 (€15 billion) and in 2008 (€10 billion). There, the office sector was the main driver, accounting for 61% of the total figure (€11 billion). The star transaction was the sale of Santander’s Ciudad Financiera, which the financial entity repurchased from Marme Inversiones for €3.2 billion 11 years after selling it to that same firm.

Other office-related deals included the sale of the La Finca business park to the Socimi owned by the Cereceda family for €423 million; and the purchase by Allianz Real Estate of Castellana 200 (comprising 20,000 m2 in office space and 6,500 m2 in retail area) for €250 million.

The next main drivers were the residential sector, which accounted for 11% of investment (€2 billion), boosted by the build to rent segment, and the retail sector, which accounted for 11.5% of the total investment.

Meanwhile, record figures were also recorded in the province of Barcelona (€6.8 billion) despite the “procés”. In fact,  the investment volume almost doubled that recorded in 2008 and far exceeded the total recorded two years ago (€5.6 billion).

Like in Madrid, the office sector in Barcelona accounted for most of the real estate investment (46% or €3.1 billion). The retail sector represented 11.5% (€0.8 billion), whilst the hotel segment attracted almost €1 billion (14%) and the residential segment just €0.5 billion.

Major deals in the Catalan capital in 2019 included the sale by Telefónica of Diagonal 00 to the Philippine magnate Andrew L. Tan for €150 million, amongst others.

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake