Category: Offices

An International Investor Stars in the Largest Office Transaction in Málaga in 2020

Alei Center I is located in the Andalucían Technology Park (PTA) and leased to OP Plus, one of BBVA’s back-office operating services companies.

An international private investor has closed the largest operation in the Malagan office market in 2020. The asset in question is the Alei Center I office building, located in the Malaga PTA, and it has been acquired for €23 million.

“It is this buyer’s first operation in Malaga, but he already has investments in the residential segment in Madrid. Following this purchase, he will continue to focus on operations in both markets”, explains Álvaro Alonso, Managing Director of Colliers International and the person responsible for closing the transaction, speaking to Brainsre.news. Colliers acted as the exclusive advisor to the buyer on the transaction.

Colonial Signs a New Sustainable Loan for €200 Million

The Socimi has signed a sustainable loan amounting to €200 million with a maturity date of 2022 with BBVA, BNP Paribas, CaixaBank and Natixis.

The listed Socimi Colonial has signed a new loan worth €200 million. It is a sustainable loan, with maturity in 2022, and it has been signed with BBVA, BNP Paribas, CaixaBank and Natixis. CaixaBank has acted as the agent bank and sustainability agent.

The loan comes after the agencies S&P and Moody’s decided to maintain Colonial’s credit rating. In this way, whilst most companies have suffered downgrades, Colonial has maintained its ratings of BBB + from S&P and Baa2 from Moody’s.

More Expenses & a Greater Impact in Madrid than Barcelona: the Office Market in 2020

After falling by 27% in the first quarter, investment in offices will recover after the summer, according to Savills Aguirre Newman.

The measures that will need to be adopted in offices to avoid contagions and the spread of the coronavirus when the de-escalation begins will increase the expenses of tenants by €0.50 per square meter per month, according to the consulting firm Savills Aguirre Newman.

These measures include the installation of thermal imaging cameras, signage in common areas to avoid crowding, and more thorough cleaning and maintenance processes, said the Head of the Offices division at Savills offices during the presentation of the consultancy firm’s market report.

Saint Croix’s Profit Falls to €1.9M in Q1, Down by 54%

The Socimi owned by the Colomer family attributes the reduction in profit to the fact that, during the first quarter of 2019, it recorded revenues of €1.4 million from asset sales (which were not repeated in Q1 2020) and because it recorded short-term losses of €619,000 in Q1 2020 due to Covid-19.

Saint Croix, the Socimi owned by the Colomer family, which also own Pryconsa, closed the first quarter of 2020 with a profit of €1.9 million euros, down by 54% compared to the same period a year earlier, when its profits amounted to €4.2 million, as published by the firm through the National Securities Market Commission (CNMV).

The company has justified the reduction in profit to the fact that, during the first three months of 2019, the company obtained a net profit of more than €1.45 million from the sale of real estate assets; whereas “during the first quarter of 2020, the company’s financial investments were affected by Covid-19, which resulted in a temporary loss of €619,176,” said the Socimi.

Tourist Flats are Converted into Offices during the Crisis

A Canarian company is offering individual workspaces in tourist homes so that companies can guarantee their employees suitable places to work.

The coronavirus pandemic that has been raging in Spain since March has forced thousands of companies and employees to implement systems to work from home that, until now, were a rarity. Before the health crisis, only 7% of Spaniards worked from home. That figure is well below the European average, which stands at 17%, and that of the United States, where 20% of the working population operated in this way before the outbreak of Covid-19, according to a study by the International Labour Organization (ILO).

In the face of this challenge, some have identified a market niche with the need for new workspaces. Such is the case of the Canarian company Spases, which is offering individual workspaces in tourist flats throughout Spain so that companies can guarantee their employees safe and quiet places to carry out their activity.

Cuatrecasas Completes the Sale of its Headquarters in Lisbon to Zurich

The law firm had already announced the sale of its headquarters in Lisbon to the insurer Zurich, which it has been finalising since December. Cuatrecasas will continue to occupy the building as the tenant.

The law firm had already announced the sale of its headquarters in Lisbon to the insurer Zurich, which it has been finalising since December. Cuatrecasas will continue to occupy the building as the tenant.

It just so happens that the owner of the office is not the law firm itself, but rather the company Emesa Corporación Empresarial, which is owned by the lawyer Emilio Cuatrecasas and some of his partners. The amount of the transaction has not been disclosed.

Advenis Enters Spain with the Purchase of an Office Building in Madrid from Partners Group

The purchase of this asset is the first operation that the SCPI Elialys, which belongs to Advenis Real Estate, has carried out in Spain as part of its investment strategy for the coming years.

The global investment manager Partners Group has sold an office building located on Calle Gobelas 35-37, in La Florida (Madrid) to the SCPI Elialys.

The buyer, the SCPI Elialys, is a French real estate investment company, owned by Advenis Real Estate Investment Management. The amount of the transaction has not been disclosed.

Árima Reports Losses of €7.9M in 2019 after Forecasting a Profit of €15.6M in February

The Socimi has announced that it will hold a General Shareholders’ Meeting on Tuesday 28, where it will propose the approval of its accounts, which reflect losses despite the profits forecast in February.

Árima Real Estate -the Socimi created by Luis López de Herrera Oria after Colonial took over his previous listed real estate company, Axiare- has announced that it will hold a General Shareholders’ Meeting this week, specifically, on the 27th on the first call and on the 28th on the second.

At the meeting, the company will address various agenda items, including, the approval of the results for the financial year 2019. At the proposal of the Board of Directors, Árima will ask its shareholders to approve the accounts for the year ending 31 December 2019, which report losses of €7.9 million. That means the Socimi will not distribute any dividends to its shareholders, according to the document sent to the National Securities Market Commission (CNMV).

The Former Adler Hotel now has a Swiss Tenant Following its Conversion into Offices

The consultancy firm CBRE has been responsible for the commercialisation of the building, as well as for its management and building work.

CBRE has been responsible for the commercialisation of the building, as well as for its management and building work. The property, which is located at the intersection of two iconic streets in Madrid, Velázquez and Goya, is owned by a private investment firm.

The building, formerly known for housing the Adler Hotel, spans more than 2,000 m2 (2,163 m2) and now comprises offices equipped with the latest technologies.

Velázquez 33 will host the new headquarters of a Swiss multinational, specifically, a security provider that offers secure solutions and services for identification, traceability and authentication.

Coronavirus Halts 14% of Investment Operations in the Office Sector

The volume of the operations identified as of 14 March amounted to more than €4 billion and today 86% of those deals are still on the table, according to Savills Aguirre Newman.

The vast majority of office transactions in the real estate investment market in Spain are waiting to be resumed when the situation stabilises, says the consultancy Savills Aguirre Newman.

Up until 14 March, the first day of the State of Emergency, the firm had identified a potential volume of ongoing transactions amounting to more than €4 billion involving almost 60 operations, including portfolios and transactions of unique assets in Madrid and Barcelona.