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All Market News: Spanish Real Estate Intelligence

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
 
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