30/01/2014 – Expansion
During the last year, there have been over 71 transactions carried out by national, and more importantly, international investors on the Spanish real estate market. In total, the investment in the real estate property exceeded 2.896 million Euros, as Deloitte Real Estate informs, that is 39% more than last year.
The rise in investment shall be mainly ascribed to the international investors´purchases in the second half of 2013. As well the improvement in the Spanish economy, fall in the risk-premia, the end of the banks´bailout as the activity of Sareb have reset the Spanish market on the target map of great international investors (the third most attractive spot, according to Knight Frank).
The 3.000 million Euros have been invested in office buildings, trade premises, hotels and logistic platforms but not residential assets purchases. Sareb´s sales of credit lots (Bermuda, Abacus and Elora Operations), dwellings and residential land (Bull) shall be added to the amount. Revenues coming from the sales, rent and collection obtained by the bad bank reached 2.000 million Euros.
In 2013, the direct investment in property was equal to 4.100 millon Euros, 86% more than the previous year, and is comparable to the level of 2008, according to Aguirre Newman (…).
By assets classification, similarly to 2012, the commercial property (buildings, premises and shopping centers) monopolized 55% of the investment, 856 millon Euros according to Deloitte, 135% more than the previous year. Number of transactions doubled (12 in 2013 and 6 in 2012). Among the greatest volume transactions, noteworthy is the sales of the Parque Principado shopping center in Asturias in August. British fund Intu Capital advanced on the Spanish market by acquiring Sonae Sierra and CBRE Global Investors for 162 millon Euros.
Also, locals and buildings of commercial use enjoyed popularity. For example, the two buildings sold by El Corte Inglés: one for 100 millons adjacent to the Cataluña Square in Barcelona, and the other one on the Preciados Street in Madrid for 50 million Euros. (…).
Likewise the last year, the smallest amount of money has been put into hotel and logistic assets: 420 millons and 90 millons respectively. However, the positive points are the two large operations by Blackstone.
In the hotel field, the purchase of the Hotel W, known as “Vela”, by Qatari Diar fund for 200 million Euros to be highlighted. Another worth-to-mention sale was the one of Torre Agbar in Barcelona, bought by chain Hyatt to be converted into one of its hotel.
Original article: Expansión (Rocío Ruiz)
Translation: AURA REE