Zaka Investments and Evok Hotels to Open Luxury Hotel Designed by Philipe Starck in Madrid

4 December 2019 – The consultancy Savills Aguirre Newman announced that it had sold the office building located at Gran Vía 20 in Madrid on behalf of Cajalmendralejo to the French firm Zaka Investments for 44 million euros.

The property, which was home to offices of the regional government, will be converted into a luxury hotel designed by Philipe Starck. The Parisian firm Evok Hotels Collection will take over the management of the hotel, its first in Spain.

Cajalmendralejo originally acquired the building, which has eleven floors and 4,500 square meters of above-ground surface area, in 2014, when it paid 20 million euros for the asset at a public auction.

Original Story: La Vanguardia / Europa Press

Adaptation/Translation: Richard D. K. Turner

Amro Real Estate Acquires Land in Valencia for New Student Residence

4 December 2019 – Amro Real Estate has finalised the acquisition of a plot of land in Valencia where it plans to build student housing. The residence, the firm’s fourth in Spain, will have 5,000 square meters of constructed surface area, with 170 beds.

The project, which includes a rooftop pool and gym, will be located a short distance from the Catholic University of Valencia (UCV). Construction is set to begin in 2020 and open to students in the summer of 2022.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

Atom Hoteles Acquires Hotel in Cádiz for €15 Million

4 December 2019 –

The socimi Atom Hoteles has finalised the acquisition of a hotel in Cádiz for 15 million euros. The four-star hotel is located in the city’s historic centre.

The socimi funded the operation using equity but is also studying possible debt financing. Atom Hoteles will also sign a ten-to-twenty year management contract with Hoteles Playa group.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Silicius Starts Spending: Buys Four Buildings in Central Madrid

2 December 2019 – The socimi Silicius Inmuebles has finalised the acquisition of four properties in central Madrid for more than 35 million euros. The socimi, which is controlled by the Spanish financial group Mazabi, intends to renovate the four buildings for the residential rental market. The assets have a total surface area of ​​7,466 m2, including 5,000 m2 for 25 flats, 1,635 m2 for four stores and an 829-m2 pavilion.

The acquisition is Silicius’s first of residential assets in Spain. The firm is looking to increase and diversify its asset portfolio to reach the optimal size for its expected IPO early next year.

Original Story: Merca2 – J.R.

Adaptation/Translation: Richard D. K. Turner

Haim Tsuff Acquires Correos Building in Málaga for €23.5 Million

2 December 2019 – Haim Tsuff, the president of the Israeli petroleum firm Isramco, was the sole bidder at an auction for the Correos building in Málaga, paying 23,555,180 euros for the property, well above the base price of €16.8 million. The government of Andalusia auctioned a total of 22 properties valued at 47 million euros. Tsuff acquired the asset through Nitsba Spain, which is based in Barcelona.

The asset failed to attract other bidders due to zoning limitations. The property is zoned for public and social interest services. The permitted uses under the local zoning plan (PGOU) include homes for the elderly, student residences and care facilities for children.

The building’s new owner could potentially request a change in the zoning for the asset, to convert it into a hotel or offices. Nitsba would be required to compensate the government for the change by ceding nearby plots of land to the government for future use.

Original Story: Diário Sur – José Luis Piedra

Adaptation/Translation: Richard D. K. Turner

General de Galerías Comerciales to Acquire 146,000-M2 Plot of Land in Valdebebas

2 December 2019 – The Valdebebas Compensation Board has approved the sale of a 145,790 square meter plot of land to the socimi General de Galerías Comerciales (GGC) under its Urban Action Program (PAU) for the district in Madrid. Details of the transaction, however, were not announced, though it is believed that the socimi would have paid over 200 million euros.

GGC plans on building a new commercial complex on the site, including 36,500 square meters of offices and more than 24,500 square meters of green areas and parks.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Galenicum Acquires Warehouse in Barcelona for R&D Division

2 December 2019 The Catalan pharmaceutical company Galenicum is finalised the acquisition of a new, 5,000-m2 warehouse in Esplugues de Llobregat (Barcelona). The firm plans to invest further in research and development to ensure sustained profitability in the coming years. However, the firm declined to reveal the amount it paid for the asset.

Galenicum is planning to invest a total of 44 million euros in fixed assets during the next few years.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Merlin Properties Sells Portfolio of Office Buildings for €225 Million

2 December 2019 – Merlin Properties announced that it had finalised the sale of a portfolio of 26 office buildings in Madrid and Barcelona to Cain International and the European real estate investment platform Freo Group for 225 million euros. The assets have a total surface area of ​​133,218 square meters, generating a gross rental income of about 11.8 million euros.

Twenty-one of the buildings in the portfolio are located in Madrid, while the rest are in Barcelona. The business parks include the two Muntadas, next to the El Prat airport, the Citypark in Cornellá, the Minipark complexes in Alcobendas and El Plantío in Madrid.

Original Story: Bolsamanía / Europa Press

Adaptation/Translation: Richard D. K. Turner

Mercal Inmeubles Sells Two Stores in Madrid for €1.7 Million

2 December 2019 – Mercal Inmuebles has finalised its first sale of assets, selling two commercial premises in Madrid for 1.7 million euros. The two conjoined properties are located at Calle Guzmán el Bueno 16, on the ground floor and mezzanine levels of the building.

According to Ibertasa, the stores were valued at approximately 972,000 euros just last year, up from 903,000 euros in 2013. The assets together have 307 m2 and are currently leased to Bankia. Mercal had already had the assets in its portfolio for a decade.

Original Story: Idealista – David Martínez

Adaptation/Translation: Richard D. K. Turner

Nordic Leisure Travel Group Acquires Airtours’ Network of Hotels

25 November 2019 – The Ving Group, which recently changed its name to the Nordic Leisure Travel Group, announced that it had acquired the hospitality firm Airtours Resort Ownership Spain (AROE), including RMHI and Movables. The firm operates a total of 2,194 rooms in hotels in Gran Canaria, Fuerteventura, Tenerife, Mallorca and Menorca.

AROE, which sold for an undisclosed amount, owns twelve hotels: the Ocean Beach Club Gran Canaria and Sunprime Atlantic View, in Gran Canaria; Sunwing Fañabé Beach, Tenerife; Sense Bougainvillea, Fuerteventura; Sunprime Waterfront, Sunwing Alcudia Beach, Cala Viñas, Cala’n Bosch, Los Delfines, Panoramic Alcudia, Cala Blanca Sunhotel and Cook’s Club Palma Beach, in Mallorca and Menorca.

The Nordic Leisure Travel Group stated that the twelve hotels are some of the most popular with its customer base via the operators Ving (Sweden), Spies (Denmark) and Tjäreborg (Finland).

Original Story: Tourinews

Adaptation/Translation: Richard D. K. Turner