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retail-shopping-centers Market News: Spanish Real Estate Intelligence

Silicius and Merlin in Talks on Transfer of Three Shopping Centres
2 December 2019 – The socimi Silicius is close to finalising negotiations to take on three shopping centres worth €175 million from Merlin Properties. The agreement, which would involve a capital increase, to take the socimi’s total portfolio from €470 million to approximately €650 million, nearer to its goal of reaching one billion euros in assets in the first quarter of 2020. Silicius only has debts of €200 million, and the firm is currently finalising several other possible acquisitions worth €100 million in Spain. Original Story: El Confidencial - Ruth Ugalde Adaptation/Translation: Richard D. K. Turner
 
Mercal Inmeubles Sells Two Stores in Madrid for €1.7 Million
2 December 2019 – Mercal Inmuebles has finalised its first sale of assets, selling two commercial premises in Madrid for 1.7 million euros. The two conjoined properties are located at Calle Guzmán el Bueno 16, on the ground floor and mezzanine levels of the building. According to Ibertasa, the stores were valued at approximately 972,000 euros just last year, up from 903,000 euros in 2013. The assets together have 307 m2 and are currently leased to Bankia. Mercal had already had the assets in its portfolio for a decade. Original Story: Idealista - David Martínez Adaptation/Translation: Richard D. K. Turner
 
Trinitario Casanova Loses Court Battle Over the Hotel Plaza España
2 December 2019 – Trinitario Casanova, an executive based in Orihuela who is the head of the Murcian Baraka Group, lost another round in his lawsuits against the RIU hotel chain. Casanova has been battling in court since an operation in which he intervened to buy the Edifício España in Madrid from Chinese investor Wanda and, simultaneously, sell it to the Mallorcan firm to turn it into a hotel. The courts had already ruled against the executive in May when RIU was allowed to open the hotel. Now the latest ruling stated that the Baraka Group did not have a repurchase option on the ground-floor commercial premises. Original Story: Alicante Plaza - David Martínez Adaptation/Translation: Richard D. K. Turner