Tag: asset sales

Intu Finalises Sale of Puerto Venecia to Joint Venture for €475 Million

4 January 2020 – The British firm Intu Properties, together with Canada’s CPPIB pension fund, has finalised the sale of the Puerto Venecia shopping center in Zaragoza to a joint venture formed by Generali Real Estate and Union Investment for 475 million euros. The firm’s agreed to the sale, which they had originally announced in the summer, at the very end of 2019, makin it one of the largest such operations of the year.

Puerto Venecia is Spain’s largest shopping centre. The 206,890-m2 mall receives 19 million visitors per year. The centre has a total of 193 stores and a 120,000-m2 leisure centre. The El Corte Inglés, IKEA store and a Leroy Merlin were not included in the deal.

Union Investment will acquire a 50% stake on behalf of fund Unilmmo: Deutschland, while Generali Real Estate will acquire the other 50% for the Generali Shopping Center Fund SCS.

En español

La firma británica Intu Properties, junto con el fondo de pensiones CPPIB de Canadá, ha finalizado la venta del centro comercial Puerto Venecia en Zaragoza a un ‘joint venture’ formada por Generali Real Estate y Union Investment por casi 475 millones de euros. La firma acordó la venta, que originalmente había anunciado en el verano, a fines de 2019, convirtiéndola en una de las operaciones más grandes del año.

Puerto Venecia es el centro comercial más grande de España y el centro comercial de 206.890 m2 recibe 19 millones de visitantes por año. El shopping tiene un total de 193 tiendas y un centro de ocio de 120,000 m2. El Corte Inglés, la tienda IKEA y un Leroy Merlin no se incluyeron en el acuerdo.

Union Investment adquirirá una participación del 50% en nombre del fondo Unilmmo: Deutschland, mientras que Generali Real Estate adquirirá el otro 50% para el Fondo del Centro Comercial Generali SCS.

Original Story: El Confidencial

Translation/Summary: Richard D. Turner

GPF Acquires Axis Building in Madrid for €100 Million

4 January 2020 – GPF has acquired what the Axis building from CBRE GI for 100 million euros. The building, which will be CaixaBank’s future flagship office, is located at Plaza de Colón 1, in Madrid. The building is still under construction.

The first major deal of 2020 will start off what market watcher believe will be a frenetic year for the real estate sector due to high levels of liquidity and low bond yields.

The Axis building, which once housed Barclays, was acquired by CBRE GI from CaixaBank itself in 2017. CBRE then initiated a major renovation designed by the renowned architect Norman Foster.

El fondo GPF ha adquirido el edificio Axis de CBRE GI por 100 millones de euros. El edificio, que será la futura oficina ‘flagship’ de CaixaBank, se encuentra en la Plaza de Colón 1, en Madrid. El edificio aún está en construcción.

El primer gran operación de 2020 comenzará lo que los observadores del mercado creen que será un año frenético para el sector inmobiliario debido a los altos niveles de liquidez y los bajos rendimientos de los bonos.

El edificio Axis, que una vez albergó a Barclays, fue adquirido por CBRE GI a CaixaBank en 2017. CBRE luego inició una importante renovación diseñada por el renombrado arquitecto Norman Foster.

Original Story: Idealista

Translation/Summary: Richard D. Turner

UK’s Reuben Brothers Buy the Hotel Pacha Ibiza

4 January 2020 – The Reuben brothers, the fourth wealthiest family in the UK, have acquired the Hotel Pacha in Ibiza through a joint venture with the Pacha Group. The Reubens will finance Pacha’s expansion in Ibiza and around the world.

The new joint venture will renovate the existing 57-suite hotel and possibly build an extension in the adjoining parking lot.

The deal marks the Reubens third acquisition on Ibiza. The brothers also paid 40 million euros to buy up 166 hectares of protected land on the island.

Los hermanos Reuben, la cuarta familia más rica del Reino Unido, han adquirido el Hotel Pacha en Ibiza a través de un joint-venutre con el Grupo Pacha. Los Reubens financiarán la expansión de Pacha en Ibiza y en todo el mundo.

La nueva empresa conjunta renovará el hotel existente y posiblemente construirá una extensión en el estacionamiento contiguo.

El acuerdo marca la tercera adquisición de los Reubens en Ibiza. Los hermanos también pagaron 40 millones de euros para comprar 166 hectáreas de tierra protegida en la isla.

Original Story: Preferente.com

Translation/Summary: Richard D. Turner

Commerz Real Acquires Two Office Buildings in Barcelona for €132 Million

3 January 2020 – Germany’s Commerz Real has acquired two properties currently under construction in Barcelona’s 22@ district from Conren Tramway for 132 million euros. The two office buildings are on the same block and have a total gross leasable area (GLA) of 23,000 square meters.

The first, building B97, is at Calle Badajoz 97 and will have a GLA of 14,000 square meters on 13 above-ground floors. The building will also have underground parking. The second asset, building A160, is at Calle Almogàvers 160. The building will have a GLA of 9,000 square meters on six above-ground floors and underground parking as well.

La firma Commerz Real adquirió dos propiedades actualmente en construcción en el distrito 22@ de Barcelona a Conren Tramway por 132 millones de euros. Los dos edificios de oficinas están en el misma manzana y tienen un área bruta locativa total (SBA) de 23,000 metros cuadrados.

El primero, el edificio B97, se encuentra en la calle Badajoz 97 y tendrá un SBA de 14,000 metros cuadrados en 13 plantas sobre rasante. El edificio también tendrá estacionamiento subterráneo. El segundo activo, el edificio A160, se encuentra en la Calle Almogàvers 160. El edificio tendrá un SBA de 9,000 metros cuadrados en seis plantas sobre rasante y también estacionamiento subterráneo.

Original Story: Eje Prime

Translation/Summary: Richard D. Turner

Atom Hoteles Acquires NH Las Tablas for €21.3 Million

3 January 2020 – The socimi Atom Hoteles, which Bankinter and Global Myner Advisors Capital Investment incorporated in 2018, has acquired the NH Las Tablas hotel in Madrid for 21.3 million euros.

The 4-star hotel is located in Madrid at Avenida de Burgos 131. The hotel has 149 rooms and 174 parking spaces.

 

La socimi Atom Hoteles, que Bankinter y Global Myner Advisors Capital Investment incorporaron en 2018, adquirió el hotel NH Las Tablas en Madrid por 21,3 millones de euros.

El hotel de 4 estrellas se encuentra en Madrid, en la Avenida de Burgos 131. El hotel cuenta con 149 habitaciones y 174 plazas de aparcamiento.

Original Story: Expansión

Translation/Summary: Richard D. Turner

 

Parc Sagunt Sells Four New Plots of Land for €7.7 Million

3 January 2020 – Parc Sagunt’s board of directors agreed to sell four plots of land in Parc Sagunt I for approximately 7.7 million euros, bringing the total sales to 44 plots of land in the development. Total receipts from the sales reached about 458 million euros, according to local authorities.

Nine plots of land, with a total surface area of ​​162,498 square meters, are left for sale.

Between them, Lannuti Spain, Industrial Facilities, Shopping Plataform, and Inmo Arnedo acquired a total area of 99,738 square meters for a combined 7,695,129 euros.

Original Story: Expansión

Translation/Summary: Richard D. Turner

 

Grupo HNA Acquires the Torre Spínola in Madrid for €52 Million

19 December 2019 – Invesco Real Estate has sold the Torre Spínola to the HNA Group in a deal worth approximately 52 million euros. The global real estate investment management firm had only acquired the property at the beginning of this year from Lar España for 37 million euros, a 71% return on its initial investment.

The building, which is located in the region of Chamartín in the north of Madrid, has 12 floors and a total gross leasable area of about 8,875 square meters. Invesco’s new acquisition is at Calle Cardenal Marcelo Spínola 42. During its ownership, Lar implemented a €9-million refurbishment.

After its purchase, Invesco subsequently mandated Knight Frank to lease offices in the property. This year, firms including OPD Energy, Walmeric and Marco de Comunicación signed long-term leases.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner

Grupo Abu Acquires Land in Seville

18 December 2019 – The Seville-based real estate company Abu has managed to finalise the acquisition of several plots of land that had once belonged to the La Trinidad glass factory. Abu took two years to reach an agreement with the 41 small owners.

The agreement will permit Abu to begin the development of the land under the Carmona-Ronda de Capuchinos Special Plan for Internal Reform. The land has a total of 29,000 square meters, enough for 200 homes. The development would also provide the city with 14,167 square meters of free spaces and 1,578 square meters for services of public and social interest.

Original Story: ABC de Sevilla – María Jesús Pereira

Adaptation/Translation: Richard D. K. Turner

Valladolid City Council Swaps Assets With Sareb in €6.8 Million

18 December 2019 – The City of Valladolid has reached an agreement with Sareb to exchange several plots of land in Viveros, Avenida de Burgos and Cuarteles for a plot of land housing the former school El Salvador, in a deal worth 6,850,065.50 euros. The agreement had been conditioned on the value of the land received not exceed the appraised value of the school land, estimated at €7.4 million. The property had debts of more than 20 million euros.

The city plans to build a new Justice Campus on the school grounds, while Sareb will develop subsidised housing on the plots of land.

Original Story: El Diário

Adaptation/Translation: Richard D. K. Turner

Cain International Acquires Two Buildings in Madrid for €65 Million

18 December 2019 – Acciona and the Schindler Group have finalised the acquisition of two office buildings in Madrid from Cain International in a deal worth approximately 65 million euros. The two properties are located in the Albatros Business Park complex, in Alcobendas. CBRE advised Acciona and Schindler.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner