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land Market News: Spanish Real Estate Intelligence

Amenabar Wins Bidding for Ferrovial’s Land in Valdebebas
8 November 2019 – Amenabar won the bidding for a plot of land put on sale by Ferrovial in Valdebebas, just in front of the Cercanías RENFE stop in Madrid. The firm won out over Vivenio and Acciona, offering 56 million euros for the developable land. Amenabar has thus consolidated its position as the largest developer in the region, where it will build a total of nine developments, with approximately 1,000 new homes. The sale fell in line within Ferrovial’s expectations, which had been around €2000/m2. The land measures a total of 27,200 m2, 22,700 m2 for residential development and 4,500 m2 for commerce, enough for roughly 230 new homes. Knight Frank provided Ferrovial with advice on the transaction. The region of Valdebebas has seen several major transactions in recent months. A few months ago, Acciona also paid about €2,000/m2 (63 million euros) for a 31,700-m2 plot of land from Celteo. The land, which is located nearby Amenabar’s new asset, has enough land for about 260 homes. Original Story: El Confidencial - Elena Sanz Adaptation/Translation: Richard D. K. Turner
 
Aliseda Offering Finalist Land With Just a 5% Down-Payment
6 November 2019 – Aliseda, the real estate company controlled by Blackstone and Santander, has launched a new campaign aimed at both local developers and individuals looking to build new homes but currently, lack access to the necessary financing. The firm announced that it would allow potential buyers to buy land with just a 5% deposit from now until the end of the year. After that point, those buyers would have 12 months to raise the rest of the cost of the land and finalise their purchase by the end of 2020. Investors would lose their 5% down-payment if they are unable to raise the rest of the funds. The developer is currently listing 2,115 plots of land on its website. That land bank represents about 30% of Aliseda’s entire portfolio of finalist land, worth an estimated 300 million euros. The firm expects potential buyers to reserve 15% -20% of that by the end of the year. Original Story: El Confidencial - Ruth Ugalde Adaptation/Translation: Richard D. K. Turner
 
Merlin Properties Acquires 14.4% of Operation Chamartín from San José for €168 Million
1 November 2019 Merlin Properties has acquired a 14.46% stake in the Operation Chamartín urban development from the San José construction group for 168.89 million euros. The socimi has thus become the second major investor in the mega-project, through its acquisition of part of San José’s 24% stake in the development. BBVA, in turn, owns the remaining 74%. The operation includes a loan to San José. Currently, Merlin has a portfolio of land, residential properties, shopping centres and logistics platforms valued at €12.375 billion. Merlin, the largest socimi in Spain, is coming into the development at a time when construction is finally set to take off, after twenty years of negotiations. Original Story: La Vanguardia – Rocío Ruiz Adaptation/Translation: Richard D. K. Turner