Tag: bedrooms

Les Rivages to Invest €12M in 55 Luxury Homes in Almuñécar

10 April 2019 – Eje Prime

The French property developer Les Rivages is planning to invest €12 million in the construction of 55 beachfront homes in Almuñécar (Granada). The building work will begin after the summer and the homes, which will each have between 2 and 3 bedrooms (one will have 4 bedrooms) and a terrace spanning between 30m2 and 40m2, are expected to be ready within less than a year.

This represents Les Rivages’s first venture outside of Estepona (Málaga) and the company specialising in luxury coastal second homes is reportedly planning more projects in the area.

The French firm made its Spanish debut in Estepona in 2015 with the construction of 12 luxury beachfront apartments in the Guadalobón area, which had sales prices of between €1 million and €1.3 million.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

PSN Gestión Socimi Buys Hotel Soho Boutique in Salamanca for €3M

7 May 2018 – Tribuna Salamanca

PSN Gestión Socimi S.A, the listed real estate investment company tasked with managing the properties owned by the PSN Group that are destined to leasing, has acquired the Hotel Soho Boutique Salamanca for €2.9 million.

This establishment, which has a four-star rating and is located in a central building next to the Plaza Mayor and the central market of Salamanca capital, has a constructed surface area of almost 1,200 m2, spread over seven storeys and a patio area of 25 m2.

According to information provided by the PSN Group, the property has more than 20 bedrooms, as well as lounges, a bar, a dining room and an indoor car park, leased in the building opposite.

In this way, PSN Gestión Socimi S.A. has incorporated the hotel into its real estate portfolio, which already contained another complete building that is used as a hotel in the centre of Madrid, as well as several offices, commercial premises and parking spaces spread over 27 buildings located in 21 cities in Spain and Portugal, with a constructed surface area of more than 15,600 m2, according to the entity.

These properties owned by “the largest company of its kind promoted by an insurance company in the Spanish real estate market” are located in several cities such as Madrid, Sevilla, Valencia, Barcelona, Lisbon, Coimbra and Oporto, amongst others.

PSN Gestión Socimi S.A. started trading on the Alternative Investment Market (MAB) on 22 December 2017 with a global capitalisation of more than €28 million.

Its shares debuted with a reference price of €14.20 and are currently trading at €14.50, according to the company that has purchased the hotel in the centre of Salamanca.

Original story: Tribuna Salamanca

Translation: Carmel Drake

The Owners of Sambil Outlet Enter Spain’s Luxury Residential Market

4 April 2018 – Expansión

Having arrived in Spain in December 2012, the Venezuelan group Sambil, controlled by the Cohen family, has just launched its second project in the country. Whilst in the case of the first, its activity involved the purchase and subsequent transformation of the M-40 shopping centre – located in the Madrilenian town of Leganés and closed after it filed for bankruptcy – into the largest shopping outlet in Spain, it is now placing its focus on the luxury residential market.

Sambil has purchased a building located on Calle Ramón de la Cruz, in the heart of the Salamanca neighbourhood of the Spanish capital. After investing €11.5 million on that acquisition, the Venezuelan group has just launched its plans to create 14 luxury homes, with between two and four bedrooms.

“A year and a half ago, we purchased this small building, as a taster, to gain knowledge about the market. There we are going to build 14 luxury apartments, with a total investment of €24 million”, explains Alfredo Cohen, Director General of the Sambil group.

For its design, the company has engaged the architect Carlos Calero and the interior designer Ricardo de la Torre, whilst the marketing will be led by The Corner Group. “We expect the construction work to begin in May and to be completed two years later”, say sources at the company. The work will include the comprehensive renovation of the building, preserving the protected features such as the façade and the stairway. “We will undertake the construction work ourselves, given that we are builders”, said Cohen.

The homes will have a minimum surface area of 160 m2 and will span up to almost 300 m2 for the largest properties; they will cost between €1.5 million and more than €3 million for the penthouse. “There are going to be 14 super-luxury homes with common terrace areas with a jacuzzi, gym, sauna and robotic parking, amongst other services”.

A real estate giant

Founded 40 years ago by Salomon Cohen Levy and led today by his children, Sambil is one of the largest owners of shopping centres in South America. Most of its establishments are located in Venezuela, where the company is still working despite the problems in the country (…). Outside of Venezuela, the company, which has also developed hotels and other real estate complexes, has projects in Puerto Rico and on the Caribbean island of Curaçao.

In addition to the project in the Salamanca neighbourhood, Sambil is working on new opportunities in the Spanish market, both in the commercial and residential segments. “As a construction company we look at everything, but what we would most like to do is to build more Sambil centres”, said Cohen.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Aedas Obtains Permit For 28-Home New Build Project in Madrid

8 March 2018 – El Español

The property developer Aedas Homes has obtained the building permit for the construction of one of its iconic projects: Cabot, in the heart of Madrid. The development is equivalent the company’s cover letter in the Spanish capital. It is located in one of the most privileged and fashionable areas of the city, between the traditional neighbourhoods of La Latina, Embajadores, Lavapiés and Puerta de Toledo.

With the building permit granted, the property developer plans to start work on the spectacular development, located on Plaza Campillo del Mundo Nuevo, in April, which is when the countdown will begin for the handover of the homes. Cabot is a modern residential new build project comprising 28 homes with 1-, 2- and 3-bedrooms and surface areas of 68 m2 and beyond. An exceptional and unique development with prices starting at €270,000, which boasts a high energy efficiency classification – an A rating – and an air conditioning system with heat recovery accompanied by the thermal comfort offered by the underfloor heating and cooling installation.

“Designer apartments with unbeatable views, a swimming pool on the rooftop, parking spaces and storerooms”, said Samuel Matarranz, Development Manager at Aedas Homes for the Central Region. “Besides its excellent location, you have all of the comforts that come with an urbanisation in the metropolitan area of the city”, he said.

High-end common areas

In addition to the impressive swimming pool on the roof of the building, Cabot will have fully functional common areas including: a gym, a garden patio, a solarium, common room, multipurpose room and a parking area for bikes. These spaces are in line with the new needs being demanded by the most urban of residents.

The project has been designed with the utmost care both inside and out, where elegant and contemporary lines dominate. The environments can be adapted to suit the tastes and needs of the future owners. Aedas has opted for large open-plan spaces and high ceilings, with natural light in abundance thanks to the huge windows.

“The project has been well received since the first moment that it went on the market on our website. During the first month alone, more than 10 homes were sold”, said Matarranz, who has no qualms about describing Cabot as one of the property developer’s most iconic promotions and an “image of the Aedas Homes’ brand”, in terms of everything it represents. “This project brings together contemporary architecture, high-quality and well-designed homes and an excellent location”, he concluded.

Original story: El Español (by E.E.)

Translation: Carmel Drake

OHL Pre-Sells Half of the Luxury Apartments in Canalejas

28 December 2017 – El Independiente

The pre-sales of luxury apartments in the Madrilenian Canalejas complex, the only one in Spain – and one of just a few in Europe – to be serviced by the hotel chain Four Seasons, is going from strength to strength. Knight Frank and Colliers, the two firms that have been exclusively appointed to manage their sale, have already placed almost half of the homes with their contacts and clients during the private launch, in other words, before the For Sale sign has been officially put up, according to sources speaking to El Independiente.

Even the penthouse, the jewel in the crown of the building promoted by Juan Miguel Villar Mir, together with his construction firm OHL, has an owner: a European millionaire, who is going to pay more than €9 million for a 500 m2  home in one of the most iconic areas of Madrid.

To date, most of the homes on this block of prime Madrilenian real estate in Canalejas – next to the Puerta del Sol – have been sold to wealthy Spanish families even though, initially, they were expected to attract interest from foreign millionaires, specifically, Latin Americans. “Wealthy families from Latin America prefer the traditional and exclusive Salamanca neighbourhood, whilst Spaniards are more interested this concept, which is going to revolutionise the centre of Madrid”, explain sources in the real estate sector.

The 22 most expensive new build homes currently available in Madrid have a minimum surface area of 130 m2 and a minimum asking price of €2.5 million, which means that buyers paying more than €13,000/m2. The combined value of all of the homes amounts to around €90 million.

The apartments are located on the 5th, 6th, 7th and 8th floors of the Canalejas Complex, have between one and three bedrooms each, have independent access (as well as through the Four Seasons hotel) and will be handed over completely finished and equipped, with the exception of furniture.

The homes form part of a complex that comprises seven historical buildings, which in recent decades housed the former headquarters of Banesto, Central Hispano and Zaragozano.

For the time being, most of the homes have been reserved by Spanish millionaires.

The complex spans a surface area of 50,000 m2 in total and in addition to the twenty homes, is going to house a five-star Four Seasons hotel with 200 rooms, an underground parking lot with 400 spaces, a retail outlet for bank use and a 15,000 m2 shopping arcade.

Original story: El Independiente (by Ana Antón)

Translation: Carmel Drake

ACS & Sacyr To Build Homes For Quabit In Madrid & Barcelona

31 May 2017 – El Mundo

Quabit Inmobiliaria has engaged Dragados (ACS) and Sacyr to build two new housing estates that it is developing in Madrid and Barcelona, respectively. The two projects will involve a total investment of €28.2 million, which will be financed by CaixaBank, according to a statement made by the company.

The large construction firms are starting to undertake residential projects for third parties once again. In this case, the new homes form part of the growth plan that Quabit is working on, with the aim of completing 4,000 homes in 2021.

Specifically, Dragados, the construction subsidiary of ACS, will be responsible for building a luxury housing development that Quabit is promoting in the Madrilenian town of Boadilla del Monte.

The project involves building 12 homes, with a useful surface area of 450 m2 each. All of the homes will have six bedrooms, a plot of land measuring 1,000 m2 and an individual heated pool. The development will require an investment of €11.1 million, of which €5.7 million corresponds to the cost of construction, and 75% of the properties are already sold. The houses are expected to be completed by September 2018.

Two blocks of flats in Barcelona

Meanwhile, in the Catalan capital, specifically, in Sant Feliu de Llobregat, Quabit has engaged Sacyr to build two 7-storey housing blocks, in a single complex, with swimming pools and green spaces.

Specifically, the development, which will require an investment of €17 million, will contain 63 apartments of between two and four bedrooms, of which 75% have already been pre-sold. They are expected to be completed in October 2018. (…).

Original story: El Mundo

Translation: Carmel Drake

Sareb Is Awarded The Kronos Building In Benidorm

26 April 2017 – Valencia Plaza

Sareb, also known as the “bad bank”, has taken ownership of one of the tallest skyscrapers in Benidorm (the fifth tallest to be precise), as well as in all of Spain. As such, Sareb currently has 136 homes up for sale of varying types and sizes in the Kronos building: from the 1st floor to the 38th. It is a 41-storey tower, which was conceived as a luxury residential property, where the building does not even occupy 20% of the plot. The remainder comprises common and recreation areas, including two swimming pools, one for adults and one for children, a gym, football pitch, padel and tennis court, as well as extensive green areas.

The building was constructed by the Valencian property developer Grupo García Ojeda, which dodged several bankruptcy proceedings as well as it could during the first few years of the crisis. Sareb rescued nine savings banks, including properties and loans to property developers. The second was the operation through which the “bad bank” was awarded the asset, according to Alicante Plaza, whose debt belonged to one of the companies in the Grupo García Ojeda. (…).

Construction of the property began in 2005 and although the keys were handed over three years later, most of the homes remained unsold a decade later. The asking prices are not the cheapest, according to real estate sources consulted. The apartments have 1, 2 and 3-bedrooms and the smallest properties are going for at least €97,176, according to Grupo Ferrer Albors Real State and Activium. The latter has also put up a sign on the side of the building to advertise the price of the 1-bedroom homes. Even so, the figures are well below those achieved before the crisis, despite the fact that these homes are new and have never actually been lived in.

Sareb’s interest in tall buildings in Benidorm is not unique to Kronos. It is also looking to take over In Tempo, the unfinished skyscraper, which, unless the judges make a ruling to the contrary, will be awarded to the bad bank, presumably, for its subsequent sale.

Original story: Valencia Plaza

Translation: Carmel Drake

Buyers Willing To Pay 30%-50% More For Homes With A View In Barcelona

19 December 2016 – Inmodiario

Good views are a key component of the appraisal value of luxury homes in Barcelona. They account for between 30% and 50% of a property’s value, depending on the type of skyline on offer, in such a way that south-facing homes with views of the sea are worth up to twice as much as properties with similar characteristics without any views.

In this sense, of the 600 properties in Barcelona that are worth more than €2 million, 301 are located in the neighbourhood of Sarrià-Sant Gervasi, i.e. 50.1% of the total. That district is followed by El Eixample (with 103 properties or 17.2% of the total), Les Corts (with 102 or 17%), Ciutat Vella (with 42 or 7%), Sant Martí (with 14 or 2.3%), Sants-Montjüic (with 9 or 1.5%) and Horta Guinardó (with 2 or 0.5%). None of the properties in Nos Barris and Sant Andreu are worth more than €2 million, given the low price per square metre of homes in those neighbourhoods, and the limited supply and demand for luxury properties there.

“Our buyers want to make their idealistic visions of Barcelona a reality. For them, the city is all about beauty, art, sun and sea. They come here for those reasons and they want their homes to fulfil those criteria of exclusivity”, said Emmanuel Virgoulay, Partner at Barnes International, the master franchise network in Spain.

Besides good views, other important factors that influence a property’s appraisal value are: its location, its size, its condition and its layout (whether or not it needs to be renovated), the monthly maintenance charge and the circumstances in the real estate market at the specific time when the sale is completed.

The apartments that cost more than €2 million range between 150 m2 and 350 m2 in terms of size, whilst the houses in the same price bracket range between 400 m2 and 1,000 m2 in terms of constructed surface area, plus any land. These types of properties tend to have large lounge-dining areas, 4 or 5 bedrooms, three bathrooms, lifts, high ceilings, large terraces, good sound proofing, a lot of light, a concierge/porter service and parking spaces. They also have special security systems and some offer a 24-hour security service.

Original story: Inmodiario

Translation: Carmel Drake

Invesco Invests €30M In A Residential Development In Valencia

11 July 2016 – Valencia Plaza

The international fund Invesco has invested around €30 million in a 15,000 sqm residential development in Valencia. The chosen site is the Ciudadela building, which has been used as office space until now, and which has been purchased from the company Ciudadela in a transaction brokered by Olivareas Consultores. The building is located between Cronista Carreres and Paseo de la Ciudadela, overlooking the river.

According to the Director of the Residential Sector at Olivares Consultores, José Ramón Ballesteros, who is marketing the homes, this project will involve the construction of 58 homes of varying sizes, with between two and five bedrooms. Finished to a very high standard, the building will have a gym and solarium for exclusive use of the residents. The homes will be sold to the public for between €3,000/sqm and €3,200/sqm.

This investment comes after years of small investments by funds…During the month of September, the prices and plans will be made available, although a high number of reservations have already been placed. Invesco is one of the most important investment management funds in the world, with assets under management worth more than USD 800,000 million.

This residential development is just another example of the on-going reactivation of the property market in the city of Valencia. The Zriser Group, the investment arm of the Valencian entrepreneurs Ana and Pablo Serratosa, are also selling a complex of luxury homes off-plan, located at number 11, Avenida de Francia. The complex, which represents the firm’s first foray into urban development, is called Llum Plaza and will be constructed next to the Hotel Barceló, on a plot of land that the company acquired in 2014, according to sources from the Zriser Group. That development contains 34 three- and four-bedroom homes and has already seen strong demand.

Sareb has also launched two developments in the city of Valencia, which will add a total of 118 new homes. The plots of land owned by the bad bank are located on Calle Río Escalona – between Avenida del Puerto and Paseo de la Alameda – and on Avenida Alfahuir.

Original story: Valencia Plaza (by Esfefanía Pastor)

Translation: Carmel Drake

A Peak Inside The Luxury Homes On Juan Bravo, 3

12 March 2015 – Expansión

The Socimi and the North American management company are investing €120 million to rescue the most exclusive residential project in the city. Designed by Rafael de La-Hoz, its 50 apartments will cost around €4 million (each).

Three months ago, the Socimi Lar España and the North American management company Pimco agreed to purchase the company Juan Bravo, 3. The agreement will result in the revival of one of the most exclusive residential projects in Madrid, which has suffered from the full force of the real estate crisis.

“It was a transaction that was in the market and we were not the only interested party. Nevertheless, many funds dropped out when they saw the complexity of the project. There were lots of stakeholders: from the judge overseeing the bankruptcy process to the former owners of the company and its creditors”, explains Jorge Pérez de Leza, who heads up Lar España.

The Socimi proposed that the company be brought out of bankruptcy, rather than be liquidated, through the purchase of the remaining loans from its main creditor (Santander). In total, both partners invested €120 million in the land and (associated) loans, as well as in a residential building adjacent to the plot, which used to belong to the former owners of Juan Bravo 3. “The existing creditors are going to be paid, which is the innovative part (of the transaction), and we hope that the bankruptcy proceedings will be lifted within the next few days”, said Pérez de Leza.

The investment has been made through a company whose share capital is owned split 50:50 between Lar and Pimco, one of the largest fund managers in the world. “When Pimco joined the Socimi as an ‘anchor investor’, it suggested that we make a number of joint ventures in the Spanish market. Pimco wants to continue investing in Spain and we think that the next wave of investment will be in the residential market”, predicts the director. With this project, Lar does not exceed the threshold set for Socimis (that no more than 20% of the assets in their portfolio may not generate returns) and therefore it does not rule out continued investment in the premium residential sector.

After closing the acquisition of this land, Lar España hired the architectural firm Rafael de La-Hoz, which had also been appointed by the former managers to design the project. “Juan Bravo 3 offers the opportunity to construct a new building concept with four façades. The homes, from the garages to the bedrooms, will be completely new. As such, we will have almost total freedom in terms of the form (it takes) and we will be able to do without elements such as common areas and patios”, says Rafael de La-Hoz.

This architect will be responsible for designing the block of homes, which will contain between 50 and 55 units, on a plot of land measuring 26,203 square metres. “Last summer, we conducted a study in the market to see what type of project would fit best and we identified that there is room for luxury (properties) in this area. Therefore, each home will measure at least 250 square metres and on average, will measure between 400 and 450 square metres, as well as having three parking spaces”, says Jorge Pérez de Leza.

The homes will have an average price of €10,000/m2 (prices will range from €8,000/m2 to €12,000/m2 depending on the floor). “It will be different to anything else that exists in the area. There will be common areas with a gym, spa and a space for events. We are going to customise the product and for that reason, we have created a specific team of technical architects to advise clients in their choice of materials and the distribution of their homes, as well as on implementation costs and timings”.

Buyers

The sale of these homes will begin this summer, although the developers have already received a number of requests. “We expect 60% of the homes to be sold to foreigners; and the remainder to be sold to people who live in the area and want a new home, or who have a home in La Moreleja or Somosaguas and now want to move to the centre”. The construction work will begin at the start of 2016 and will be completed in mid-2018. “Some of the below-ground work has already been completed, but we will have to improve it because it is somewhat dilapidated”.

In addition to fifty homes, the property will also have a shop space measuring around 1,000 square metres, which will be rented out.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake