Tag: Almería

Regional Property Taxes Will Rise in 74 Municipalities in Málaga From 2019

11 September 2018 – Diario Sur

The autonomic coefficients that are applied to cadastral values to adjust them to market prices for the purpose of calculating Property Transfer and Property Succession taxes are going to be updated from 2019.

If you are planning to buy a property next year or if you acquire one as a result of inheritance or a donation, then it is quite likely that you will be hit by an increase in the two autonomic taxes linked to the real estate market (the Property Transfer tax and the Property Succession tax) given that the index that the Junta de Andalucía uses to set the charge is going to increase in 74 of the 103 municipalities in the province of Málaga. With the recovery of the real estate market as the main justification, the multiplying coefficients that are applied to cadastral values to adjust them to market prices (to reflect the performance of the sector) will increase by an average of 12.05% in the Andalucían province with respect to the values in 2017, according to plans compiled by the Ministry of Finance (…).

Málaga province leads the rise

According to the corresponding economic report, Málaga and Almería are the only two provinces where increases are expected to be seen in global terms (of 12.05% and 10.83%, respectively). Many of the other provinces in the autonomous region will be moving in the opposite direction, with decreases expected in Huelva (-13.19%), Granada (-12.41%), Córdoba (-8.32%) and Sevilla (-7.26%) (…).

Original story: Diario Sur (by Francisco Jiménez)

Translation: Carmel Drake

Bogaris to Place Torrecárdenas on Market for More than €160 Million Just Before Opening

13 August 2018

The shopping centre in Almeria has more than 60,000 square meters of GLA. Potential candidates for the acquisition must consider the lack of a track record for the new complex and a lawsuit filed by executive Tomás Olivo.

A new operation is targeting the shopping centre sector. Torrecárdenas, a new centre that will open its doors at the end of October in Almería, will go on sale in coming weeks with an estimated valuation of 160 million euros. Bogaris, the owner of the project, has decided to put it on the market before its opening and the resolution of a lawsuit filed by the executive Tomás Olivo, who is challenging the construction license granted for the complex.

Torrecárdenas will have a gross leasable area of more than 60,000 square meters and, just over two months before its inauguration, already has an 85% occupancy, from operators such as Primark, Inditex, Media Markt, Sfera, Mercadona and Yelmo. The centre will have about 20,000 square meters of retail park and about 42,000 meters of shopping gallery.

The complex, with several elements inspired by film production, was designed by the architectural studios of Chapman Taylor and Arapiles Arquitectos. Along with the stores, the centre will have more than 3,000 parking spaces.

Sector sources note that, with a purchase price of 160 million euros, the centre will offer a return of between 6% and 6.5%, considering a net income of around 2.5 million euros per year. Savills-Aguirre Newman will be exclusively in charge of the sale and is confident that it can be concluded before the end of the year.

Specializing in the development of large commercial, logistics and industrial areas, Bogaris has developed more than 700,000 square meters of GLA in 94 projects in Spain, Portugal, Bulgaria and Romania. The Seville-based company, controlled by the Charlo family, has developed other shopping centres such as the Aleste Plaza, in Seville, and the Loures shopping mall, in Portugal.

Possible buyers

Sources close to the sales process cite operators such as Castellana Properties, ECE and the alliance between Sonae Sierra and JT Real Estate as potential buyers of the new centre. However, not too many potential buyers are expected to appear.

While the high occupancy is one of the centre’s advantages, the disadvantages include the lack of track record for the new centre in Almeria, since it is being put on sale before its opening, and the litigation surrounded the construction license granted by the Almería city council.

Last November, the city council paid 2.6 million euros to Bogaris complying with a ruling that determined that a new reparcelling project had to be carried out on the centre’s land. The lawsuit, filed by Mr Olivo, is now with the Superior Court of Justice of Andalusia.

Original Story: EjePrime – P. Riaño

Translation: Richard Turner

 

 

Axiare Buys Four Retail Outlets In Almería For €20M

19 April 2016 – Valencia Plaza

Axiare Patrimonio has purchased four retail outlets in the Viapark retail park, located between Almería and Roquetas de Mar, for €20 million, according to a statement made by the Socimi to Spain’s National Securities Market Commission (CNMV) on Monday.

These four outlets, which have a combined gross leasable surface area of 15,745 m2 and more than a thousand parking spaces are leased in their entirety to Decathlon, Carrefour, Bricomart and Kiabi.

The Socimi has highlighted that these retail spaces have “excellent” visibility, are easily accessible from the A7, the Mediterranean Highway, and are located in an area of “limited” competition, which comprises a population of approximately 385,000 inhabitants, which increases during the holiday season.

The CEO of Axiare, Luis López Herrera-Oria, highlighted that, with this operation, the company is strengthening its presence in the retail outlet segment and is continuing to pursue its strategy focusing on offices.

Following this acquisition, the total investments made by Axiare increase to almost €900 million, with a portfolio of 31 assets in the Spanish real estate sector. 72% of the properties in its portfolio are offices, 14% are logistics platforms and 14% are primarily retail outlets.

For this operation, Axiare has been advised by Aguirre Newman for commercial matters and Gómez-Acebo & Pombo, Malcolm Hollis and Cushman & Wakefield in the due diligence process, meanwhile, Solvia has managed the sale of the properties on behalf of one of its clients.

Original story: Valencia Plaza

Translation: Carmel Drake