1/07/2014 – Expansion
He has cooperated with Donald Trump during the construction of the Trump Towers on the Sunny Islands (Miami) and he owns many luxury properties embracing both skyscrapers and housing developments on the south of Florida. He has just expanded his business area to the South America and now he is heading to Spain.
Jorge Perez, Argentinian investor and the owner of the U.S. real estate Related Group, does not want to miss a chance to invest in the Spanish property market. He is planning to take out €500 from his pocket for this intention. Perez´s group reckons that Spain “has got a huge potential in terms of the main and the second residence”.
Sources with knowledge of the analysis conducted by the businessman tell he is pondering investing both in REO and RE assets. For exploration of the first, he is going to meet several Spanish entities and later on, to arrange a meeting with Sareb.
Related Group is jointly valued at around €7.3 billion. Since its establishment thirty years ago, the firm has constructed, developed and managed over 100.000 halls of residence, properties and condominiums in the US main cities, such as Miami, New York, Los Angeles, Chicago or Boston. Its investors range from public to private and from international to domestic.
The arrival of Jorge Perez, named as one of the Times´s top 25 influential Hispanics in the USA, confirms the huge interest shown by Anglo-Saxon and Asian investors in the Spanish real estate market. To illustrate, Blackstone has just opened an office in Madrid for its property management arm.
According to CBRE, in Q1 2014, investment in the CRE (offices, retails and shopping malls, logistics but not in residential RE) tapered out by 132% reaching €988 million, comapred with the €426 million volume registered a year before. “Related Group seeks growing in Spain, and consequently, in Europe”.
BNP Paribas Real Estate predicts that at the end of the year, the investment will hit between 5 and 6 billion Euros.
Original article: Expansión (by D. Badía & R. Ruiz)
Translation: AURA REE