Tag: ASOREF

Arcano Sells 2 Buildings in L’Hospitalet de Llobregat to a Family Office for €40M

17 January 2019 – Eje Prime

Arcano is divesting two of its assets. The real estate fund Asoref has sold two buildings in Plaza de Europa, in the Barcelona municipality of L’Hospitalet de Llobregat to a family office for €40 million, according to Expansión.

In the case of the first asset, located at numbers 22 and 24 Plaza de Europa, it is an office building spanning 7,3000 m2, which was acquired by Arcano two years ago and which has been completely renovated and repositioned. The offices, distributed over four above-ground floors, have an occupancy rate of 100%. The tenants of the property include companies such as Aide, Zurich and Vanity Fair.

In the case of the second building, located at number 10 Plaza de Europa, it is a project that is still under construction. The building work is expected to be finished this year at which point the building will have a gross leasable area (GLA) of 5,000 m2.

The two buildings were acquired with Arcano’s first real estate investment fund, which was launched in the summer of 2015 and which had €100 million of capital. Currently, the company is in the process of raising capital for its second fund, Arcano Value Added II. The investment vehicle will amount to between €150 million and €200 million, and €70 million has already been committed.

Original story: Eje Prime

Translation: Carmel Drake

Arcano Acquires Hotel La Moreleja In Madrid For €12.5M

20 November 2017 – Observatorio Inmobiliario

Arcano’s real estate fund, the Arcano Spanish Opportunity Real Estate Fund (ASOREF), has announced a new operation to purchase two assets in Madrid with a combined value of €12.15 million, which will be used as office space. With this acquisition, the fund is advancing with its strategy of investing in real estate value-added operations in the main cities in Spain.

The objective of the fund is to demolish the existing hotel and construct a state-of-the-art office building on the site, to be designed by the architecture studio Rafael de La-Hoz. The property will have an above ground gross leasable area of 8,100 m2. The new building will be very flexible in its design and will have very high efficiency ratios, as well as a Leed Gold certification to accredit its energy efficiency and construction quality.

The properties acquired in this operation, located on Avenida de Europa, in the La Moreleja Business Park, comprise an attractive real estate complex in a sub-market where several large corporations, such as Pfizer, Acciona and Telefónica have their main headquarters. It is one of the most important business centres in Madrid and one of the most sought-after for office space outside the M-30.

“This is a very significant operation within the capital’s real estate market given the scarcity of land and new build offices in Madrid and, more specifically, in the surrounding area. Meanwhile, the operation will allow us to provide new high-quality spaces at a time of intense demand”, said Pablo Gómez-Almansa, Director of Investments at ASOREF.

Arcano already has committed investments amounting to €173 million for its first real estate fund.

This operation follows the purchase of an office building for its corporate headquarters in Madrid on Calle Ríos Rosas, with an above ground buildable surface area of 3,517 m2; the acquisition of a plot of land with a buildable surface area of 6,029 m2 in Las Rozas (Madrid) for the development of high-end homes; the purchase of a residential building on Calle Divino Pastor, 5 in Madrid, for the construction of 28 new build homes; and the acquisition of a beachfront plot of land in Benalmádena, with a buildable surface area of 12,000 m² , amongst others.

The fund invests in value-added operations across all kinds of properties, with a clear focus towards residential assets in the main Spanish cities and also along the Costa del Sol, without forgetting other assets, including office buildings, logistics assets, retail premises and shopping centres, whenever they represent opportunities to generate value as part of the fund’s investment philosophy. Arcano whereby covers a gap in the real estate sector in Spain by targeting medium-sized value-added operations (between €5 million and €25 million in equity), with a clear local focus.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Arcano’s RE Fund Acquires 2 Assets For c. €20M

27 March 2017 – Observatorio Inmobiliario

On Tuesday (21 March), Arcano’s real estate fund, the Arcano Spanish Opportunity Real Estate Fund (ASOREF), announced the acquisition of two new assets for almost €20 million. The assets acquired comprise an office building in Barcelona’s Plaza Europa (number 22-24) and a residential building on Calle Divino Pastor, 5 in Madrid.

Following these operations, the fund has now invested 50% of its capital; it plans to complete the rest of its investments this year.

The office building on Plaza Europa, 22-24 in Barcelona (pictured above) involved an investment of around €13 million. The asset is located in one of the fastest growing areas of the city for high-quality office space. The property currently has an occupancy rate of 84% and a gross leasable area of 7,334 m2, along with 83 parking spaces and storerooms covering 452 m2. It also has 164 parking spaces as an administrative concession.

Now that Arcano has acquired the property, its objective, as part of its added-value strategy for this fund, is to invest in its refurbishment and update, to increase the value and appeal of the building. “Our strategy will involve repositioning the property through the active management of it. From our point of view, Plaza Europa is the natural area of consolidation for the office market in Barcelona – it is going to undergo significant changes over the next few years”, said Pablo Gómez-Almansa, Investment Director at ASOREF.

The asset acquired in Madrid, on Calle Divino Pastor, 5, for a price of just over €6 million, is for the construction of 28 new homes with 1 and 2 bedrooms, a commercial space and 88 parking spaces. It is an 810 m2 plot of land with a constructed residential surface area of 2,371 m2. The plot is located in the Malasaña neighbourhood, in the Centro district of the city of Madrid, between Calles Fuencarral and San Bernardo. The building is very well located and in a strategic area between Calles Princesa, Gran Vía, Fuencarral and Carranza. It will benefit from the lack of land and shortage of new residential developments in the area.

In the words of Eduardo Fernández-Cuesta, Head Partner at ASOREF, “the two acquisitions announced today underline Arcano’s commitment to forming a diversified portfolio and adding value to its properties, through renovation, new builds and better positioning of its buildings in the market, to increase the supply of high-quality assets”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake