UBS Negotiating Sale of Barcelona’s Torre Tarragona to Blackstone

5 August 2019

Blackstone is currently in negotiations to buy the Tarragona Tower from UBS for between 100 and 110 million euros. UBS Global Asset Management acquired the tower in 2015 for €72 million from Omega Capital, subsequently investing another €10-million in renovations. The expected sales price would result in a capital gain of roughly 25% for the Swiss bank. Both firms declined to comment.

The tower, located next to the Sants railway station in Barcelona in a highly sought-after area, opened in 1998. The asset has ​​18,150 m2 of surface area spread over 19 floors and 250 parking spaces. The main tenants include Pepsico, Acens (a subsidiary of Telefónica), Quercus and Gentec.

Original Story: Cinco Dias – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Colonial Increases Occupancy as Logistics Sale Nears Conclusion

31 July 2019

Colonial, which is in the process of selling a €450-million portfolio of logistics asset, presented excellent results in the first semester of 2019.  The managed to get its occupancy rate from 85% to 90% in the first six months of the year, thereby increasing the attractiveness of the assets on sale.

The socimi’s logistics portfolio consists of a total of 574,462 square meters, located in Madrid, Barcelona and its surroundings, Guadalajara, Tarragona and Seville.

Prologis, Deutsche Bank and Blackstone are seen as the three final candidates for Colonial’s logistics portfolio. At first, Blackstone was the considered the likely winner of the auction, but recently Prologis, a US-based logistics operator, has pulled ahead.

The operation is part of Prologis’s bid to become one of the main actors in the Spanish logistics market. The American firm currently owns 850,000 square meters of high quality assets in prime areas. In total, the company manages 72 million square meters of logistics platforms in 19 countries.

Original Story: Merca2 – Carlos Lospitao

Adaptation/Translation: Richard D. K. Turner

Blackstone Selling More Than €900 Million in Assets

9 July 2019 – Richard D. K. Turner

The U.S. giant Blackstone, following an asset rotation policy, has begun to sell some of the assets it has acquired since it began operations in Spain in 2012. Specifically, Blackstone is selling off some of the portfolio it took on upon its acquisition of Hispania.

So far, Blackstone has accumulated a portfolio valued at more than 23 billion euros. After its acquisition of Hispania, the US investment giant has already sold several office buildings. Blackstone is also analysing the sale of some of the residential assets it controls through its socimi Fidere, which is listed on the Alternative Stock Market (MAB). In total, counting completed and expected sales, the American fund will pocket more than €900 million.

Ilunion is one of the principal portfolios of assets Blackstone has sold so far this year. The assets include five office buildings in Madrid, which sold at the beginning of the year to a subsidiary of Zurich Seguros, Rex Spain ZDHL, for €163.6 million.  The American giant is analysing further investment opportunities in the country.

Original Story: Expansion – Rebeca Arroyo

Sareb Sells 75% of Témpore to TPG

5 July 2019

Sareb reached an agreement to sell 75% of Témpore, a socimi that focuses on rental apartments, to the US fund TPG, for 246.75 million euros. The bank bad held onto a 24.12% stake in the socimi to take advantage of any potential future upside. At the same time, however, Sareb emphasised its commitment to a long-term policy of divestment.

Sareb created Témpore at the end of 2017 and the socimi debuted on Spain’s MAB in early 2018. The firm currently controls 2,249 apartments and garages, making it the third largest player in the sector after Blackstone and Azora. Of this portfolio, 834 flats are in Madrid and another 269 in Barcelona and the rest distributed by other fourteen provinces.

Original Story: Europa Press

Adaptation/Translation: Richard D. K. Turner

 

Blackstone Nears Sale of €950-Million Loan Portfolio

3 July 2019 – Richard D. K. Turner

The British fund CarVal Investors, a leading global alternative investment manager focused on distressed and credit-intensive assets, is said to be leading the race to acquire a €950-million portfolio of mortgages from Blackstone. Goldman Sachs and Elliot Management are also participating in the sale.

Original Story: EjePrime

 

Prologis Nears Acquisition of Colonial’s Logistics Portfolio

29 June 2019

Prologis is in the final stages of its attempt to acquire Colonial’s logistics assets. The socimi’s holdings include 12 logistics platforms and warehouses, with an estimated sales value of 450 million euros. The two firms expect to finalise the transaction during the coming month. Deutsche Asset Management and Blackstone had also been in the running to acquire the portfolio.

The principal asset in the portfolio is a 131,000-m2 logistics complex in the San Fernando industrial estate.

Original Story: Expansion

Colonial Leaning Towards Blackstone in Sale of Logistics Portfolio

26 June 2019

The US fund Blackstone is reportedly leading the field of potential buyers for Colonial’s portfolio of logistics assets. The portfolio, whose sale would be one of the year’s largest, is said to be worth approximately €400 million. Colonial, a Spanish socimi, expects to finalise the transaction by late August.

Colonial is apparently leaning towards a sale to Blackstone due to its experience in the logistics sector, the financial guarantees the Americans are providing and its capacity to absorb such a large portfolio. Prologis, an American REIT, and Deutsche Bank are also vying for the assets.

Original Story: Merca2.es – Carlos Lospitao

 

Blackstone Finalising Sale of Mortgage Portfolio to CarVal Investors

25 June 2019

Blackstone is finalising the sale of 10,000 mortgages loans to CarVal Investors for nearly €1 billion. Blackstone originally acquired the loans as part of a €5.5-billion portfolio it bought from Catalunya Banc in 2014.

After the sale, which Blackstone expects to finalise in the coming days, the U.S. firm will still own another 9,000 lower-quality loans from the Catalan bank.

CarVal Investors specialises in the investment, through various funds, of loan portfolios sold by financial institutions. The company, with offices in Minneapolis, London, New York, Luxembourg and Singapore, has invested more than 20,000 million dollars in nearly 2,000 loan portfolio transactions in 31 countries.

Original Story: Vox Populi – Alberto Ortín

Photo: Europa Press

SB Hotels Acquires Hotel NH Sebastian de los Reyes from HIP

24 June 2019Preferente.com

The Catalan hotel chain SB Hotels acquired its first hotel in Madrid, buying the 99-room San Sebastian de los Reyes, currently operated by NH. SB bought the hotel from HIP, a subsidiary of Blackstone, for an estimated 12 million euros.

NH’s lease ends in November and SB Hotels is already planning renovations after the summer of 2020. This is SB Hotels’ eighth unit in Spain. HIP has 62 assets and more 18,000 rooms.

Original Story: Preferente.com

Translation/Summary – Richard D. Turner

Prologis, Blackstone & Deutsche Bank Bid For Colonial’s Logistics Portfolio

20 June 2019 – Cinco Días

Inmobiliaria Colonial has chosen the three finalists who have submitted the highest bids for its logistics portfolio and they are: Prologis, the largest owner of warehouses in Europe; Blackstone, the US fund; and Deutsche Bank, through its manager DWS, according to market sources.

Colonial inherited a sizeable logistics portfolio from Axiare following its takeover of that firm last year, but since the Socimi focuses on offices in prime areas of Madrid, Barcelona and Paris, it put the logistics portfolio up for sale a few weeks ago.

The company has received around a dozen offers, from which it has selected three that exceed €400 million. It is planning to close the operation before the summer.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake