10 November 2017 – El Economista
The Swedish real estate investment platform Stoneweg, founded at the beginning of 2015 by the Spaniards Joaquín Castellví (pictured below, left) and Jaume Sabater (pictured below, right) in Geneva, has an investment plan for Spain amounting to €750 million. “So far, we have spent €550 million and our intention is to continue looking for opportunities in Madrid, Barcelona and along the coast, to spend the remaining balance that we have left of the €200 million”, explains Castellví.
Both partners left the bank Edmond de Rothschild to embark on this new venture, which, in just two years has established a presence in Italy, the USA and Switzerland, as well as in Spain. In the latter, its strategy is based on property development, including both new build and renovation projects, primarily residential, which currently account for 89.5% of its portfolio. In this way, the firm is currently working on the construction of 1,600 homes and “between October and November, we will be delivering the first units”, said the Director. He added that in the case of Madrid, the firm is looking for opportunities in the centre, in neighbourhoods such as Moncloa and Arguelles, “where there is a latent demand for a type of product that has not been built for many years”.
Stoneweg’s latest project in the centre of the Spanish capital is in the former Provincial Court building in Madrid, located on Calle Ferraz, where it is going to build 25 homes. “We have already started to market the homes and in the first week alone we have sold five units”, said the Director, who points out that the prices in other neighbourhoods, such as Salamanca and Chamberí, do not fit with their strategy, since they are looking for average returns of between 15% and 20%.
In its residential business, Stoneweg is also working by means of one-off partnerships with other property developers. Such is the case of its largest operation in Móstoles, where it has purchased a plot land for 300 homes together with ACR.
Also positioned in offices
The firm also holds positions in the office sector. In Barcelona, in fact, it is working on the largest business development in the city, the Luxa complex, comprising two buildings, which have already been pre-leased to Amazon and WeWork. “We sold those two properties to Catalana Occidente and we are now searching for a tenant for the WIP building, also located in 22@, measuring 4,500 m2. Once it has been leased, we will put it up for sale”.
The Director is optimistic because he acknowledges that “clearly, all the noise and uncertainty that we are currently seeing in Cataluña is not having any effect; we continue to have faith in the fundamentals of the city (…)”.
Original story: El Economista (by Alba Brualla)
Translation: Carmel Drake