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real-estate-news Market News: Spanish Real Estate Intelligence

British Real Estate Firms May be Forced to Sell their Shopping Centres in Spain

16 June 2019 - Expansión

Two of the largest British real estate companies with interests in Spain are considering selling off some or all of their assets on the Iberian peninsula in light of the challenging climate in the retail sector at home.

The bankruptcy and restructuring of several high-street stores – including the department store group Debenhams and the owner of Top Shop, Arcadia – are leaving many premises in the UK empty. As such, questions are being asked about the debt on the balance sheets of the landlords of those properties, causing a rethink in their overseas strategies.

In this context, Intu Properties and Hammerson have both launched asset sales plans in an attempt to raise GBP 600 million and €500 million, respectively. In Spain, Intu owns 50% of Xanadú (Madrid), Puerto Venecia (Zaragoza) and Parque Principado (Asturias), and is also building a new complex in Málaga. It would likely sell its stakes to its existing partners - TH Real Estate in the case of Xanadú and CPPIB in the case of Puerto Venecia and Parque Principado - although it is also holding conversations with third parties in order to maximise the price of any potential sales.

Meanwhile, Hammerson, which specialises in outlet stores, is considering selling some of its shares in the Las Rozas Village (Madrid) and La Roca Village (Barcelona). It owns direct stakes in both of those complexes, as well as a 25% in Value Retail, a company that holds stakes in 9 outlets across Europe, including Las Rozas and La Roca. In total, Hammerson owns 41% of La Roca and 38% of Las Rozas.

Nevertheless, in parallel, Hammerson is looking to increase its stake in Vía Outlets from 47% to 50%. Vía Outlets is another outlet group, worth GBP 400 million, which owns 11 centres across Europe with 2 in Spain, specifically, in Mallorca and Sevilla.

Original story: Expansión (by Roberto Casado)

Translation/Summary: Carmel Drake

 
Emesa Sells a 32,000 m2 Warehouse to Blackstone for €18M

17 June 2019 - Eje Prime

Emesa has completed the sale of a logistics warehouse spanning 32,000 m2 located in Valls (Tarragona) to the US fund Blackstone for €18 million, as part of its mission to divest its non-strategic assets.

The warehouse does not currently have a tenant and will have to be renovated before being put up for rent.  

Original story: Eje Prime

Translation/Summary: Carmel Drake

 
CaixaBank Creates a Subsidiary to Finance Loans to Property Developers

17 June 2019 - Eje Prime

CaixaBank has created a new subsidiary to finance loans to property developers. The entity will operate under the brand CaixaBank Real Estate&Homes and will seek stable agreements with established property developers such as Neinor, Aedas Homes and Vía Célere, amongst others.

In 2018, CaixaBank financed 581 real estate projects lending €2.6 billion in total, up by 13% YoY. Moreover, 84% of the developments financed by the bank last year corresponded to projects involving less than 50 homes.

Original story: Eje Prime

Translation/Summary: Carmel Drake