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land Market News: Spanish Real Estate Intelligence

Savills Values Solvia's Property Developer Land at €1.3bn

12 December 2018 - El Confidencial

The banks are starting to benefit from the recovery in the real estate sector. Such is the case of Banco Sabadell, which has seen its portfolio of prime land appreciate by €300 million, or 30%, in recent months, ahead of its firing of the starting gun for the sale of its property developer, Solvia Desarrollos Inmobiliarios.

That is the result of an appraisal of the land that the consultancy firm Savills Aguirre Newman has performed for Sabadell. Initially, the plots were valued at €1 billion. They are the best quality plots of land that Sabadell has left since the outbreak of the crisis, and many of them are in areas with high demand in Madrid and Barcelona. For Savills, the chosen plots are now worth almost €1.3 billion, according to financial sources consulted by this newspaper.

Now that the appraisal has been performed, Sabadell and its chosen advisor for this operation, Rothschild, will launch the sale of the property developer SDI and the plots worth €1.3 billion, imminently.

This operation will result in the creation of one of the largest real estate companies in Spain. It will be even larger than Neinor when it was purchased by Lone Star.

The bank does not expect to close the sale of Solvia Desarrollos Inmobiliarios before the end of the first quarter of 2019. By contrast, Sabadell has also launched the sale of Solvia Servicios Inmobiliarios (the management platform), which is on the market for €300 million and whose sale it hopes to close in 2018. According to Expansión, Haya Real Estate (Cerberus), Intrum and Centricus are participating in that process.

Candidates

There are several funds amongst the candidates to acquire the property developer SDI including: Cerberus, Oaktree, Blackstone, Apollo and Lone Star. The first features in everyone's list of likely contenders because of its good relationship with Sabadell in recent major operations. Moreover, it owns a property developer, Inmoglacier, with which there could be synergies following the operation.

Meanwhile, Oaktree is one of the candidates that would start with an advantage, given that it is Sabadell’s partner in similar businesses, and so it knows the team at SDI: they have a platform for the joint development of land and they have purchased land from Iberdrola. Nevertheless, according to sources close to the operation, that fund still needs to confirm its presence in the process.

Other candidates that still need to define their strategies include Blackstone, which is studying all of the operations with Aliseda, but which has opted more for rental assets until now; Apollo, which has wanted to enter the development segment for years; and Lone Star, which since its exit from Neinor has purchased Servihabitat and has as much appetite for Spanish property as it did before the crisis. 'A priori', the operation seems large for Bain Capital, owner of Habitat.

Original story: El Confidencial (by Jorge Zuloaga)

Translation: Carmel Drake

 
Áurea Homes & FS Capital Buy a Plot of Land in Sevilla for the Construction of 40 Homes

11 December 2018 - Press Release

Áurea Homes, a company specialising in property development services, has acquired a new plot in Mairena del Aljarafe (Sevilla) for the construction of 40 homes. The land has a buildable surface area of 5,080 m2 and represents a total investment of €7.5 million for the development of the Áurea Bulevar development, which Áurea Homes is undertaking together with the fund FS Capital.

The development will be distributed over two 6-storey blocks, containing homes with two-, three- and four-bedroom homes. The staggered layout of the blocks towards the south means that all of the homes in the development will have attractive terraces. The complex will also include parking spaces and storerooms, as well as extensive common areas, including a large swimming pool. Áurea Bulevar will be completed with a large commercial premise measuring 800 m2.

This residential complex has a privileged orientation overlooking the new boulevard area in Mairena del Aljarafe, a town that forms part of the metropolitan area of Sevilla and which is experiencing a great urban planning boost with the arrival of new tenants.

The municipality is widely consolidated, with numerous parks and gardens, spanning a total green area of around 500,000 m2 and with several protected spaces. Moreover, the new neighbourhoods are distinguished by their wide avenues, numerous recreation areas and excellent sporting and cultural facilities.

Mairena del Aljarafe is well connected with the city of Sevilla through the metro and several bus routes, which make it one of the most attractive areas for housing in Sevilla.

Second operation in Andalucía

This is Áurea Homes’ second operation in Andalucía, which is focusing on the Sevilla area for the time being. The company’s total investment in Mairena del Aljarafe amounts to €38.1 million for the construction of 197 homes in several developments, 109 of them will be multi-family and 88 will be single-family.

Original story: Press Release

Translation: Carmel Drake

 
Temprano Capital Partners Acquires Plot in Sevilla for Student Halls

5 December 2018 - Press Release

During November 2018, Temprano Capital Partners, in a joint venture with CPA®:18 – Global and Helena Rivero, acquired a prime, city centre site in Sevilla to undertake the development of a premium student residence, to form part of the TSL programme in Iberia.

TSL is currently developing 5 projects in Spain and 3 in Portugal, together with the residence in Marques de Pombal, Lisbon, which was inaugurated in January this year. The TSL programme now amounts to 3,500 beds in Iberia.

The City of Sevilla is renowned, internationally, for its unique university atmosphere, with over 80,000 full-time students, approximately 4% of whom are from outside of Spain, a percentage that is increasing annually, given the popularity of interchange programmes, such as Erasmus and European funding initiatives.

Sevilla houses multiple further education facilities, with faculties spread throughout the city centre, including the University of Sevilla, University Pablo Olavide, the International University of Andalucía UNIA Cartuja, University Loyola Andalucía and CEU San Pablo Andalucía Bormujos, in addition to multiple language academies and institutes, such as the Spanish American Institute. Sevilla has a prestigious international status, offering a wide range of courses, and qualifications in all fields of study.

Sevilla also offers students a unique, historic environment with rich culture and multiple leisure and sports options. The site acquired is located on Calle Genaro Parlade to the south of the city centre in the “El Porvenir” neighbourhood. This area of the city is exceptionally well located for students with respect to the city centre and main university campuses – by foot, by bicycle or by public transport. The site was previously used by the Antares Sports and Social Club, which recently relocated to modern facilities in central Seville. The proposed project will result in a significant urban regeneration for both the local neighborhood and the City of Sevilla.

The project, which is currently in the design phase, will provide 505 premium studios in a building measuring 15,200 sqm. The studios will be delivered with high-quality designs and finishes, with fully fitted in-room kitchens; individual, ensuite bathrooms; high speed WI-FI connections and televisions. Furthermore, the Project will offer multiple services and on-site amenities such as a fully equipped gymnasium, swimming pool, lounge, party rooms, cinema, laundry, library and study rooms. Extensive exterior areas for the students along with 24/7 concierge service are also envisaged and all included in the rent (...).

Temprano Capital Partners (Temprano) is a private European real estate investor and developer created in 2013. It is led by Neil Jones and James Preston and its current tactical focus is the Iberian market (Spain & Portugal) (...).

Original story: Press Release

Edited by: Carmel Drake