Residential Construction Falls in Barcelona

8 November 2019 – Crane rentals for construction projects fell by 8% in 2018, according to a new study by CBRE. While the cause of the fall is not clear, construction has primarily fallen in the residential sector. New residential construction projects fell by 4% this year, from 272 last year to 260 in 2019.

The construction of offices, hotels and commercial establishments rose by 37% to 37 projects, while there were another 25 projects involving residences for senior citizens and students.

Original Story: Catalunya Press

Adaptation/Translation: Richard D. K. Turner

Talinda Investments to Revitalise the Puerta de Toledo Shopping Centre

8 November 2019 – Talinda Investments, the new owner of the Puerta de Toledo shopping centre located in the municipality of Olías del Rey, is looking to renovate and upgrade the facility. The firm expects to create 150 new jobs in the process.

The firm added that it hopes to vitalise the area, investing in local commerce, providing added value to the community, in addition to generating employment opportunities.

The government in Toledo has recently focused on attracting businesses willing to invest in the region, with a particular eye towards creating jobs.

Original Story: CLM 24

Adaptation/Translation: Richard D. K. Turner

Acciona, Amenabar and Vivenio Vying to Acquire Land in Valdebebas from Ferrovial

8 November 2019 – Ferrovial has received three firm offers for a plot of land in Valdebebas, just in front of the Cercanías stop. The three firms vying for the land are Amenabar, Vivenio and Acciona.

The land has a total of 27,200 square meters of surface area, 22,700 m2 for residential and 4,500 m2 for commercial development. Ferrovial expects to pocket roughly 2,000 euros per square meter, approximately 54 million euros. The land has enough space to build about 230 homes.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Intu Denies Any Plans to Sell its Stake in the Intu Xanadú in Madrid

1 November 2019 – Intu Properties has insisted on its long-term commitment to the Intu Xanadú shopping centre, of which it owns 50%. Nuveen, formerly known as TH Real Estate, owns the other 50% and has also stressed its intention to stay on as a long-term investor in the asset.

Intu Xanadú has 204 stores and well-known tenants including El Corte Inglés, Aliexpress Plaza, Zara, Primark, Apple, H&M, Mango, and Decathlon.

Intu acquired the shopping centre two years ago from Ivanhoe Cambridge for €530 million, subsequently selling 50% to Nuveen for €264.4 million.

Original Story: Idealista – P. Martinez-Almeida

Adaptation/Translation: Richard D. K. Turner

Vukile Goes Quiet After Reports of Takeover Bid for Lar España

31 October 2019 – On September 9, the Spanish daily Expansión published a report stating that the South African fund Vukile, which owns Castellana Properties, was preparing a takeover bid for Lar España. News of the more than €700-million bid led the socimi’s shares to soar by 10.29%, from 6.80 euros to 7.50 euros. Since then, however, Vukile has remained mum on the subject.

Lar España is an attractive asset, with a portfolio of fifteen shopping centres with close to 600,000 square meters of gross leasable area. The portfolio is worth approximately €1.5 billion and includes the Las Huertas shopping centres in Valladolid, Portal de la Marina (Benidorm), Ànecbalu (Castelldefells), Megapark Barakaldo, As Termas (Lugo) and the Lagoh in Seville.

Original Story: Merca2 – Javier Rosell

Adaptation/Translation: Richard D. K. Turner

Alantra Launches Commercial Real Estate Financing Fund

30 October 2019 Alantra is launching a new €100-€150-million real estate financing fund, which will provide loans of between 5 and 25 million euros for real estate projects. The loans would mainly cater to investors in commercial assets, such as offices, the retail sector, hotels, logistics and housing for students and senior citizens. The loans could be used for acquisitions, the refinancing of existing debt, rehabilitation works or repositioning.

Original Story: Expansión

Adaptation/Translation: Richard D. K. Turner

Corpfin Capital Prime Retail II and Corpfin Capital Retail III Post Strong Gains

30 October 2019 Corpfin Capital Prime Retail II and Corpfin Capital Retail III both posted strong performances in the first semester of 2019. The former took in receipts of €4.5 million, ten times the amount one year before. Corpfin Capital Retail III had profits of three million euros, once again, ten times more than in 2018.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Deka Sells Eleven of the Stores it Acquired from Inditex for €105 Million

14 October 2019 The German investment fund Deka has sold eleven of the stores it acquired from Inditex for a total of 105 million euros. The firm stated that the sale was intended to “cover expenses” since the sales price was already 5% higher than Deka had paid for the assets.

Although Deka had initially intended to find a single buyer, the firm ended up selling the assets to an array of mainly local investors.  Deka sold assets located in Albacete, Palma, Sevilla, San Sebastián, Ciudad Real, Zamora, Fuengirola and Lisbon. The firm is also finalising the sale of a store in Córdoba.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

Spanish Real Estate Sector Strong Despite Political Risk

9 October 2019 By the end of this year, Spain will have had four elections in as many years. While it doesn’t reach anywhere near the level of Italy, which has had 45 governments since World War II, the uncertainty would normally be expected to impact growth.  In addition, Catalunya’s independence movement did, in fact, have a temporary, but major impact on growth in Barcelona.

Nevertheless, market sources say that major real estate players have learned to live with some level of political risk.  And things are not just complicated in Spain.  The United Kingdom is going through the long, drawn-out and self-inflicted trauma of Brexit. Italy is still having its usual political problems and the United States are going through the never-ending turbulence of having Donald Trump as their president.

Spain, in terms of economic and legal stability, is still seen as a relatively safe harbour, especially, since all of the main Spanish political parties are committed to remaining in the eurozone.

Original Story: Cinco Dias – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

UBS Acquires The Outlet Stores in San Vicente for €34 Million

8 October 2019 – Savills Investment Management announced that it had sold The Outlet Stores shopping centre in San Vicente, Alicante, to a fund controlled by UBS for approximately 34 million euros.

The Outlet Stores complex is located next to the campus of the University of Alicante. ING Real Estate Development built the centre in 2004 and subsequently sold it to Savills Investment in 2013. The firm invested in an expansion, and it currently has a gross leasable area of ​​about 35,000 meters and an occupancy rate of almost 100%.

The Outlet Stores has tenants including Mango, Guess, El Corte Inglés, Nike and Puma, along with restaurants, cinemas, a gym, bowling alley and a Carrefour supermarket.

Original Story: Diário Información – David Navarro

Adaptation/Translation: Richard D. K. Turner