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offices Market News: Spanish Real Estate Intelligence

Tomás Olivo Acquires Land in Marbella, Málaga and Huelva in Deals Totalling €68 Million
16 August 2019 Tomás Olivo, through his socimi General de Galerías Comerciales, has acquired a series of urban plots of land in the provinces of Malaga and Huelva worth 68 million euros.  In the first semester of this year, the Spanish socimi, 99.5% owned by Tomás Olivo, has made equity-financed acquisitions totalling 140 million euros. The firm acquired two million square meters for 25.7 million euros plus VAT just in Marbella. In Rincon de la Victoria, also in the province of Malaga, the investor acquired several plots of land, for a total of €11.5 million. Last July, General de Galerías Comerciales also announced that had purchased another urban plot of land, where it will be able to build 1,200 new homes, for 9.8 million euros. The socimi also purchased 66.6% of the 83,839-square-meter plot of land known as La Azucarera, in Malaga, for 4 million euros plus VAT. The socimi had already owned the remaining 33.4%. In addition, Olivo’s socimi acquired 103,576 square meters of land with a buildable area of ​​65,000 square meters in Huelva, where it plans on building offices. The firm reportedly paid 17 million euros. Original Story: ABC de Sevilla - María Jesús Pereira Adaptation/Translation: Richard D. K. Turner
 
Villar Mir to Invest in Portfolio of Office Buildings
16 August 2019 Villar Mir, through its subsidiary real estate company Espacio, is planning to build a portfolio of office buildings. The firm’s strategy includes development of acquisition of existing assets for rehabilitation and the development of new buildings. Villar Mir has a land bank valued at 220 million euros on which it intends to build office buildings. The company’s objective is to create a cash flow that will provide it will a secure position during the coming economic cycle. The group’s first project will be a turnkey development on a 25,000-square-meter plot of land it owns in Valdebebas, Madrid. Original Story: Eje Prime Adaptation/Translation: Richard D. K. Turner
 
US Fund Cain to Acquire Portfolio of Second Tier Offices from Merlin Properties
15 August 2019 Cain, a real estate investment fund, is in talks with Merlin Properties to acquire a portfolio of second-tier office assets for more than 200 million euros. The US firm is currently concluding the process of arranging financing to acquire the portfolio. Cain is investing in the assets in conjunction with the Freo Group. The portfolio, known as Project Juno, is made up of Merlin’s second-tier office holdings, which do not currently fit into the Spanish socimi’s investment strategy. Such offices, however, are also highly in demand at the moment. The portfolio’s assets include the Miniparc complex, in Soto de la Moraleja (Madrid), the headquarters of Informática El Corte Inglés, in Mirasierra to the north of Madrid and the Európolis complex, in Las Rozas. Original Story: El Confidencial - Ruth Ugalde Adaptation/Translation: Richard D. K. Turner