offices Market News: Spanish Real Estate Intelligence

Correos to Set Up Real Estate Division to Generate Cash from Property Holdings
11 December 2019 – Spain’s Correos (post office) is looking to set up a real estate division to lease or sell many of the properties it owns in the most central areas of the country’s provincial capitals. So far, the firm has only reported income of two million euros on the properties. The new plan is a part of Juan Manuel Serrano’s new strategic plan for Correos. Serrano, the president of the firm, wants to generate more cash using the company’s real estate portfolio.   Original Story: Idealista Adaptation/Translation: Richard D. K. Turner
Zaka Investments and Evok Hotels to Open Luxury Hotel Designed by Philipe Starck in Madrid
4 December 2019 – The consultancy Savills Aguirre Newman announced that it had sold the office building located at Gran Vía 20 in Madrid on behalf of Cajalmendralejo to the French firm Zaka Investments for 44 million euros. The property, which was home to offices of the regional government, will be converted into a luxury hotel designed by Philipe Starck. The Parisian firm Evok Hotels Collection will take over the management of the hotel, its first in Spain. Cajalmendralejo originally acquired the building, which has eleven floors and 4,500 square meters of above-ground surface area, in 2014, when it paid 20 million euros for the asset at a public auction. Original Story: La Vanguardia / Europa Press Adaptation/Translation: Richard D. K. Turner
Idom Hires Savills to Sell its Headquarters in Madrid and Bilbao
3 December 2019 – The Basque engineering firm, Idom, has given a mandate to the consultancy Savills Aguirre Newman to sell its headquarters in Madrid and Bilbao. The firm intends to stay on in the offices, in what is known as a sale and leaseback operation. The firm’s headquarters is located in the neighbourhood of Montecarmerlo in Madrid, while the property in Bilbao is on the Deusto canal in front of Zorrotzaurre. Idom is reportedly negotiating with two investment funds. The sale could potentially be worth more than €80 million. Original Story: Expansión - Rebeca Arroyo / Marian Fuentes Adaptation/Translation: Richard D. K. Turner