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offices Market News: Spanish Real Estate Intelligence

Praedium to Build the First 100% Co-Working Office in Barcelona's 22@ District

12 December 2018 - Eje Prime

The 22@ district is going to have its first 100% co-working property. The Praedium Group, led by Alfonso Cirera, is going to invest €40 million in the construction of an office building in the technological hub in Barcelona, which is going to be occupied in its entirety by companies that back shared office spaces, according to a statement issued by the company.

The ten-storey property will have a surface area of 30,000 m2, and will be constructed on the corner of Calle Selva de Mar and Calle Marroc. Specifically, on the site that used to house the old warehouses of the company Transporte Mateu&Mateu, which was acquired by Praedium in 2008 for €24.3 million.

The building work is expected to begin at the end of next year with the aim of inaugurating the property in the middle of 2021. The building will have capacity to house 2,000 workspaces and another 1,000 in corporate offices and services in the commercial premises.

In the common areas, Praedium has designed a terrace spanning 1,150 m2 with views of the beach, as well as a basketball court. The property will also have a gym, a swimming pool and a parking lot, which will be located in the basement, with a surface area of 2,500 m2.

Almost 30,000 m2 of space leased to September 

The co-working model is proving unstoppable in Spain and the 22@ district is its current epicentre. According to data from Cushman & Wakefield, 29,100 m2 of shared office space was leased in Barcelona during the first nine months of this year.

Between the Catalan capital and Madrid, the co-working segment grew by 71% during the nine months to September, with 55,000 m2 of space leased.

That growth is due to the commitment of the large corporations to co-working. As the report explains, “at the beginning of the 2000s, small spaces predominated, occupied by self-employed people and freelancers; nowadays, these spaces still exist, but the potential of the co-working phenomenon has caused companies such as Banco Santander (Openbank), Accenture and Everis, amongst others, to also use flexible spaces for some of their activity.

Original story: Eje Prime

Translation: Carmel Drake

 
Spaces Leases 3,100 m2 of Office Space from MGS in Recoletos

13 December 2018 - Eje Prime

Spaces is going to be looking closely at the goddess Cibeles from now on. The co-working firm owned by Regus has found a space on Paseo de Recoletos in Madrid, one of the most prime areas of the Spanish capital, where it is going to lease the entire building that Mutua General de Seguros (MGS) owns there, according to reports from sources close to the operation speaking to Eje Prime.

The building is located at number 5 on the central Madrilenian street, very close to Plaza Cibeles. There, Spaces is going to occupy the property’s entire surface area of 3,053 m2, spread over five storeys and an attic. It will be the company’s sixth centre in the Spanish capital.

Spaces’ new office in Madrid has been owned by MGS since 2017 when that firm purchased the building from a local family office for €30 million. A year before the sale, the former owners completely renovated the property, which now has a large entrance hall with high ceilings, two elevators, a raised floor and Led lighting.

On the other hand, the co-working owned by Regus is already studying the rental of its seventh asset in Madrid. It is another prime space in the city, where the company is looking to occupy between 4,000 m2 and 5,000 m2.

With these new operations, Spaces could add more than 15,000 m2 of space to its Madrilenian portfolio during the fourth quarter of 2018. The company recently signed two other spaces in Méndez Álvaro and María de Molina, spanning 5,500 m2 and 3,500 m2, respectively.

Expansion in Spain

In addition to consolidating its presence in Madrid, the company led in Spain by Philippe Jiménez is working on its domestic expansion. The company is finalising openings in Bilbao, Sevilla and Gijón, as revealed by Eje Prime. Moreover, the manager is already looking for spaces in some of the country’s other major cities, such as Valencia (…).

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

 
Patrizia is On The Hunt for New Purchases in Bilbao, Sevilla & Valencia

10 December 2018 - Eje Prime

Patrizia Immobilien is confirming its interest in the Iberian real estate market. The German investment manager, which has been present in Spain and Portugal since 2015, has set itself the short-term objective of entering Bilbao, Sevilla, Valencia and Oporto, through the purchase of new assets, according to comments made by Borja Goday, the Director General of the company in the Iberian Peninsula, speaking to Eje Prime.

Until now, the company has invested €870 million in total in real estate in the Spanish and Portuguese markets. Madrid, Barcelona, Málaga and Lisbon are the cities in which Patrizia is already present, “with minimum investments of €15 million but where that figure could exceed €500 million if the operation is worth it”, explained the executive.

In fact, the manager participated in the process to acquire one of the office buildings that comprise the Cuatro Torres Business Area in Madrid. Moreover, the company not only invests in the office segment, it is also committed to other markets such as the residential, retail, hotel, logistics and alternative asset segments (including student halls, complexes for the elderly and parking spaces).

Currently, Patrizia’s asset portfolio in Spain includes Serrano 90, located on Madrid’s golden mile and Gran Vía 21, also in the Spanish capital, which houses a hotel and a retail premise. Nevertheless, the latest major operation by the manager on the peninsula was the purchase of an industrial plot spanning 66,424 m2 in Toledo for €37.5 million. The other three logistics platforms that the company owns in Spain are located in Madrid and Barcelona.

Patrizia and its great interest in Spanish property

With its headquarters in Madrid and a staff of eleven, Patrizia arrived in Spain just three years ago. “At the end of 2017, we purchased Triuva and Rockspring, two companies that already owned assets on the peninsula”, explained Goday, who added that “the rapid growth of the group in both the Spanish and Portuguese markets is due to those two acquisitions”.

“Spain is still an attractive market, we still have demand and that is why we are launching new operations on such a frequent basis”, said the director. Since the beginning of the year, the manager has been on the hunt for capital from Spanish institutional investors, although, as Goday explains, it is not an easy task, since “they do not invest from one day to the next”.

One of Patrizia’s other plans on the peninsula is to strengthen its presence in the rental market. “It is a segment that we like a lot and for that reason, if we find an appropriate residential or office building, then we would not rule out buying it”, explained the executive. Nor does the group rule out alliances with Socimis or the acquisition of a property developer to grow in the Spanish residential sector. In this sense, Goday says that “a good opportunity has not presented itself yet” and that “it would all depend on the quality and location of the land that they own”.

Patrizia is currently present in more than twenty European countries, including, besides Spain and Portugal, important markets such as Italy, France, the United Kingdom, Ireland, Belgium and Luxembourg. The group’s main focus of activity is Germany, where it launched its activity 32 years ago and where it is a listed company (…).

Original story: Eje Prime (by B. Seijo)

Translation: Carmel Drake