Tag: Baraka Renta

Riu Negotiates Sale of Retail Space in Edificio España to Corpfin

22 August 2018 – Eje Prime

Riu is taking action and, after falling out with Baraka, it now has a potential buyer for the retail space in Edificio España. The hotel chain is finalising the sale of this space in the property, which spans a surface area of 15,000 m2, to the Spanish Socimi Corpfin Capital.

On Tuesday, the Baraka Group announced that it is going to file a lawsuit against Riu for the hotel chain’s refusal to recognise in the deed the 15,000 m2 of retail space that had been promised to the company Baraka Renta following the sale of the building last year. Moreover, the real estate company has demanded that the renovation work on the building, which began in the autumn of 2017, be suspended.

Following the breakdown of the agreement, Riu is now finalising the sale to Corpfin, which, in the event that it goes ahead, will acquire an asset that will be worth €200 million once the renovation of the property has been completed, according to Expansión.

Corpfin Capital has been extremely active in recent months. Just a few weeks ago, the Socimi led by Ana Granado purchased two prime stores from El Corte Inglés in Madrid and Bilbao for €100 million, as reported by Eje Prime. Moreover, in the logistics sector, the company invested €8 million in the acquisition of an asset from Makro.

On the divestment side, in July, Corpfin completed the sale to the fund Swiss Life of thirteen retail premises for €83 million. That operation was carried out through the two Socimis that the company has listed on the Alternative Investment Market (MAB): Corpfin Capital Prime Retail II Socimi (Ccpr II) and Corpfin Capital Prime Retail III Socimi (Ccpr III).

Original story: Eje Prime 

Translation: Carmel Drake

Baraka Injects €13.4M to Strengthen its Residential & Commercial Businesses

17 May 2018 – Eje Prime

Trinitario Casanova is continuing to add projects to his real estate business in Spain. The Murcian group Baraka has just injected another €13.4 million into its companies that specialise in the residential and commercial sectors. The group’s upcoming plans in Spain include initiating operations in Chamartín, where it has just acquired a plot of land measuring 1.2 million m2.

According to the Official Gazette of the Mercantile Registry (Borme), Baraka has injected another €10 million into its company Baraka Renta. That business division of the group focuses primarily on the purchase of land and the subsequent development and execution of rentals for various companies, both domestic and international, in the food sector.

Baraka has also strengthened its company Baraka House, where it has increased the share capital by €3.5 million. That branch of the group focuses on the development of high-rise homes for young people. “This new line is being carried out in the main cities in Spain thanks to the use of pre-fabricated constructions”, explain sources at Baraka.

In this way, the group is injecting new resources into its companies to undertake new real estate projects in Spain. The latest deal that Casanova has carried out focuses on Madrid, specifically the Operación Chamartín macro-project.

The Murcian businessman has paid €400 million to the original owners of some of the plots of land in Operación Chamartín for their reversion rights to develop 1.2 million m2 of land that is currently owned by Adif.

Rente expropriated these plots with the idea of building the railway station on the site, but, subsequently, the public company reached an agreement with BBVA and Grupo San José to develop the land.

Both companies created the property developer Distrito Castellana Norte (DCN), which is now leading this urban development operation that is going to build 10,500 homes on a surface area spanning 2.66 million m2.

Nevertheless, Casanova wants to take advantage of the claim being made by the reversionists, who are asking the administration to be awarded the right to acquire their former plots in the event that Renfe decided to change the use for which they were expropriated and to sell them, as has actually happened, according to these parties.

Casanova’s next steps for this project in Chamartín involve first paying a cheque for €400 million to the reversionists, who have received a small payment for now whilst they wait for the rights that they are requesting to be activated or not, and later on to pay €1 billion to Adif for the outright purchase of the plots. That is the amount that DCN has promised to pay the Spanish railway manager.

Second generation and reinforcements for the property developer 

Proof that the residential sector is firmly in Baraka’s sights came with the appointment of Fuensanta Casanova, daughter of Trinitario Casanova, as the Head of Development and Investment at Baraka, as Eje Prime revealed in Madrid (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake