Sergio Ramos Agrees to Sell Failed Developer to Kronos Homes

16 September 2019 Sergio Ramos, the footballer who plays for Real Madrid, has reached an agreement with Kronos Homes to sell a 51% stake in Desarrollos Inmobiliarios Los Berrocales SL. The developer owns half a million square meters in Vicálvaro, Madrid, and has debts of 39 million euros.

Kronos Homes will buy the 49.99% stake owned by Sergio Ramos himself and another 1% from his father and advisor, José María Ramos. The two invested 6.5 million euros in the real estate developer more than ten years ago. Kronos Homes has agreed to pay €2.5 million for the stake, leaving the footballer with 46,250 square meters of the land.

The fund also agreed to acquire that land at a gross price of 120 euros per square meter within four years, about double the amount Kronos had already paid for Proinsa (€51/m2). In total, therefore, Sergio Ramos will receive eight million euros by 2023. However, Ramos also owes interest on the original €30-million loan from Banco Pastor, totalling approximately 9 million euros.

Original Story: El Confidencial – Agustín Marco

Adaptation/Translation: Richard D. K. Turner

Grupo Zambudio Completes Purchase of Torre Medi in Murcia

16 October 2018 – Eje Prime

Torre Medi in Murcia has a new owner. Grupo Zambudio has acquired the building, which stands 60 m tall, where it will open its new corporate headquarters. More than 230 employees will work in the offices.

The property is located on Avenida Juan Carlos I and comprises sixteen floors plus a terrace. Similarly, the asset has three underground floors, two of which are used for commercial purposes (spanning 1,500 m2 in total) and a third for parking spaces, according to reports from Murciadiario.

The office building was designed by the architect Fransico Sola and used to belong to Banco Pastor. Promoted at the time by the developer Medi, the asset is located close to the Televisión Murciana building, which is also owned by Grupo Zambudio.

Original story: Eje Prime

Translation: Carmel Drake

Hines Finalises Purchase Of Popular’s HQ In Barcelona

3 February 2017 – Expansión

Banco Popular’s headquarters on Paseo de Gràcia in Barcelona is about to change hands, in one of the first major operations of the year in the real estate sector in the Catalan capital.

The US company Hines is holding advanced negotiations to acquire the building, in a process that has been well attended by other players in the sector. The contract between the current owner and Hines will be signed within the next few days. The 6-storey property, which has a surface area of 4,000 m2, was constructed at the beginning of the 1960s and is home to Banco Popular’s headquarters in the city, as well as to its regional head office.

According to sources in the sector, the real estate company Hines – which was one of the finalists in the bid for Edificio España in Madrid – will pay around €80 million for Popular’s headquarters in Barcelona.

The building, located at number 11 on Paseo de Gràcia, next to the Barcelona Stock Exchange, came onto the market months ago, during one of the most tumultuous years in the bank’s history, which also coincided with the reactivation of the real estate sector, especially the in the major cities, such as Madrid and Barcelona.

Commercial use

According to various sources, Hines plans to convert the bank’s Barcelona headquarters into a building that can be used for commercial purposes. Its location, on Paseo de Gràcia and very close to Gran Via de les Corts Catalanes, makes it ideal for conversion into a flagship megastore for a major fashion brand. In fact, the Swedish fashion chain H&M will open one of its largest stores in the world in the Generali Building today, which is on the other side of Gran Via, and just opposite, is one of the largest Zara stores in Spain. Moreover, at the intersection of Paseo de Gràcia and Gran Via, the Japanese brand Uniqlo is continuing work to open a huge store, its first in the Spanish market.

The possibility of converting Popular’s headquarters into a hotel has been ruled out following the approval of the tourist accommodation plan by the Town Hall of Barcelona – preceded by a long moratorium -, which prevents the construction of new hotel establishments in the centre of the city.

Some sources indicate that Popular has a year to vacate its current headquarters. The bank could move its main office in Barcelona to another site on the same street, on the corner with Calle Aragón, to the lower floors of the building where Banco Pastor used to house its regional head office in Cataluña.

Original story: Expansión (by R. Ruiz and J. Orihuel)

Translation: Carmel Drake