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residential Market News: Spanish Real Estate Intelligence

Amro Real Estate Acquires Land in Valencia for New Student Residence
4 December 2019 – Amro Real Estate has finalised the acquisition of a plot of land in Valencia where it plans to build student housing. The residence, the firm’s fourth in Spain, will have 5,000 square meters of constructed surface area, with 170 beds. The project, which includes a rooftop pool and gym, will be located a short distance from the Catholic University of Valencia (UCV). Construction is set to begin in 2020 and open to students in the summer of 2022. Original Story: Eje Prime - Marc Vidal Ordeig Adaptation/Translation: Richard D. K. Turner
 
Silicius Starts Spending: Buys Four Buildings in Central Madrid
2 December 2019 – The socimi Silicius Inmuebles has finalised the acquisition of four properties in central Madrid for more than 35 million euros. The socimi, which is controlled by the Spanish financial group Mazabi, intends to renovate the four buildings for the residential rental market. The assets have a total surface area of ​​7,466 m2, including 5,000 m2 for 25 flats, 1,635 m2 for four stores and an 829-m2 pavilion. The acquisition is Silicius’s first of residential assets in Spain. The firm is looking to increase and diversify its asset portfolio to reach the optimal size for its expected IPO early next year. Original Story: Merca2 – J.R. Adaptation/Translation: Richard D. K. Turner
 
Haim Tsuff Acquires Correos Building in Málaga for €23.5 Million
2 December 2019 – Haim Tsuff, the president of the Israeli petroleum firm Isramco, was the sole bidder at an auction for the Correos building in Málaga, paying 23,555,180 euros for the property, well above the base price of €16.8 million. The government of Andalusia auctioned a total of 22 properties valued at 47 million euros. Tsuff acquired the asset through Nitsba Spain, which is based in Barcelona. The asset failed to attract other bidders due to zoning limitations. The property is zoned for public and social interest services. The permitted uses under the local zoning plan (PGOU) include homes for the elderly, student residences and care facilities for children. The building’s new owner could potentially request a change in the zoning for the asset, to convert it into a hotel or offices. Nitsba would be required to compensate the government for the change by ceding nearby plots of land to the government for future use. Original Story: Diário Sur - José Luis Piedra Adaptation/Translation: Richard D. K. Turner