Elix Vintage Acquires Two Buildings in Madrid

14 October 2019 Elix Vintage, a socimi controlled by the investment firms KKR and Altamar, has acquired two residential buildings, both currently leased, located on the Fomento and Ave María streets in Madrid.

Elix Vintage paid 8.425 million euros for the two assets and will invest more in renovations.

Original Story: Expansión – Rocío Ruiz/ Marisa Anglés

Adaptation/Translation: Richard D. K. Turner

Andalusian Government to Sell Former Post Office Building in Málaga

14 October 2019 The former Post Office building in Málaga will finally go on sale after a decade vacant, as the Andalusian government has approved its sale after lifting a €2.14 million embargo on the property. The sale comes at a time when the local real estate market is in an upswing, and potential investors have taken an interest in the property.

Zoning laws in the city, however, state that the property must be used as residences for students or senior citizens, or as a university centre or hospital. Market sources believe that gaining municipal approval to convert the property into use as a hotel would be a lengthy and complex process.

The Andalusian government has set a base price of just over 16.8 million euros, somewhat lower than the €19-million price a valuation gave it a few months ago. Interested parties must contact the government by November 14.

Original Story: Málaga Hoy – Sebastián Sánchez

Photo: Javier Albiñana

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

Exxacon Acquires Plot of Land from Banco Sabadell in Debut in Valencia

14 October 2019 The Andalusian developer Exxacon has acquired an 18,123-square-meter plot of land in Valencia from Banco Sabadell. The firm will invest a total of €20 million in the new development, which will have 157 100-to-110 m2 flats. The acquisition is the Exxacon’s first in Valencia.

Currently, Exxacon has 19 ongoing projects, building a total of 1,200 homes at the cost of 400 million euros. This year, the firm expects to deliver one 23-home development in Malaga city. Next year, the developer will deliver another 130 homes in three different projects.

Original Story: Eje Prime – Marta Casado Pla

Adaptation/Translation: Richard D. K. Turner

 

Quabit Finalises Sale of Rayet Construcción for €14.3 Million

9 October 2019 Quabit has finalised its acquisition of 82.9% of the share capital of Rayet Construcción, a construction company controlled by Félix Abánades, for 14.3 million euros. Quabit is thought to be taking control of the construction in response to tight demand and to guarantee the construction and delivery of its homes.

The president of Rayet, Félix Abánades, will thereby raise his stake in Quabit from 19.1% to 20.3%, as part of the payment will be made with shares in the developer. The rest of the payment will be made in cash.

Original Story: Valencia Plaza

Photo: Eva Máñez

Adaptation/Translation: Richard D. K. Turner

Vitruvio to Invest €16.5 Million to Acquire Three Buildings in Central Madrid

9 October 2019 The firm Vitruvio announced that it had acquired 35% of Fidelges S.L. for €6 million. Also, the company stated that it would propose a merger by absorption with the latter firm. The deal, valued at a total of 16.5 million euros, will allow Vitruvio to acquire three properties in central Madrid at an average cost per square meter of €2,700.

The three properties are located in prime areas of Madrid, at Calle Duque de Rivas 4, Calle Aguirre 1 and Calle Tribulete 23. The buildings will undergo an investment of €4.5 million in upgrades and renovations to convert them into residential developments

Original Story: Idealista

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

 

 

Atom Hoteles Acquires Two Hotels in the Canary Islands for €68 Million

8 October 2019 The socimi Atom Hoteles, which is controlled by Bankinter and Global Myner Advisors Capital Investment, will undergo an €80-million capital increase to finance its acquisition of the 439-room Isla Bonita de Tenerife and the 125-room Riviera Marina de Gran Canaria hotels. The firm agreed to pay 52.6 million euros for the first hotel and 15 million euros for the second, for a total of €67.6 million.

Atom Hoteles also announced that it had reached an agreement with the FTI Group’s Meeting Point Hotel Managements to operate the two 4-star units under its Labranda Hotels & Resorts brand. Either party may opt to extend the 12.5-year lease. Meeting Point will pay 6% of each unit’s revenues in rent, with a minimum guaranteed amount of just over 6% of the acquisition price.

The agreement also stipulates that Meeting Point will invest approximately €25.6 million in the Isla Bonita hotel and approximately six million euros in the Riviera Marina hotel to upgrade and reposition the assets.

Original Story: La Vanguardia / Europa Press

Adaptation/Translation: Richard D. K. Turner

Vbare Pays €6.6 Million for an Apartment Building in Madrid

8 October 2019 The socimi Vbare Iberian Properties has finalised the acquisition of a 10-flat apartment building with two commercial premises on Calle San Andrés, a prime residential area in central Madrid. Vbare paid €16.3 million for the asset.

Original Story: La Vanguardia / EFE

Adaptation/Translation: Richard D. K. Turner

Hines Invests in Two Last-Mile Logistics Assets in Villaverde

8 October 2019 Hines, the world’s fourth-largest real estate fund by volume of assets under management, has finalised its first acquisition in the logistics sector in Spain, as the growth of e-commerce continues to roil the market.

The US fund has acquired two last-mile logistics assets in Villaverde, on the outskirts of Madrid, from Allegra. Allegra hired Knight Frank to lead the sale of a portfolio consisting of two warehouses in Villaverde and a plot of land in San Fernando de Henares. Hines paid 20 million euros.

Hines opted to bid for the two warehouses, both of which have a 10-year leasing contract with the logistics operator Ontime. The two units have a surface area of ​​9,798 and 7,676 square meters, respectively.

Original Story: El Confidencial – Ruth Ugalde / Elena Sanz

Adaptation/Translation: Richard D. K. Turner