Tag: Bouygues Inmobiliaria

Bouygues to Build New Hotel in Nervión in Seville

21 October 2019 – The municipal government in Seville has granted the necessary permits and approvals for the French construction giant Bouygues to build a new hotel in the neighbourhood of Nervión in Seville. The building, located at Avenida de la Buhaira 2, was formerly occupied by offices of the multinational Abengoa. Bouygues Inmobiliaria acquired the asset, which had been unoccupied for a decade, for 17.5 million euros.

The French group now plans to invest €8,175,000 in the redevelopment, resulting in a three-star hotel. The new, 128-room unit will have five above-ground floors and four below-ground floors with 139 parking spaces. The plot of land has an irregular shape and a constructed surface area of ​​15,387 square meters, facing the streets of Luis Montoto and Blanco White.

Original Story: Diário de Sevilla – Manuel Ruesga

Photo: Juan Carlos Vázquez

Adaptation/Translation: Richard D. K. Turner

French Construction Giant Bouygues Returns To Spain

10 July 2017 – Cinco Días

Bouygues is returning to Spain with its real estate business after years during which the company has stayed away from this activity due to the property crisis. The French construction giant has already disembarked with a team for its property developer subsidiary focused on both Spain and Portugal. And it has already been commissioned to build an office building in Madrid, where it is due to start work at the beginning of 2018.

The French company has decided to look for opportunities in Spain in light of the recovery in the property sector and the improvement in the economy. “We have waited for the macroeconomic indicators to improve and we are looking again at the development of tertiary assets, such as offices and hotels”, revealed Ana Vidal, Director General at Bouygues Inmobiliaria.

The director previously led the company’s real estate project in Spain – where it has been present since 1989 – during the previous boom at the beginning of the century, but after the crisis, Bouygues hauled in the sails and Vidal moved to Paris. She returned to Madrid at the end of 2016 to identify opportunities. “We are going to work in three main businesses: the promotion of offices, residences for students and elderly people, and hotels”, said the Director General.

The whole time, the company has held onto three plots of land that it owns, two in Madrid and one in the 22@ district in Barcelona.

The first project, which is now in its design phase, is being developed in the Julián Camarillo area of Madrid, an industrial district that is home to offices and residential properties in the east of the capital, outside of the M-30. On this plot, Bouygues Inmobiliaria plans to build an 18,000 m2 office building.

Luis Vidal + Architects has been engaged to design the property. The Spanish firm is known for the design of Terminal 2 at Heathrow airport, amongst others major works. It also just led a renovation project for the Socimi GMP of Saint-Gobain’s former headquarters, now known as Castellana 77. Moreover, the firm has collaborated with the architect Renzo Piano in the recently inaugurated Centro Botín in Santander.

The company plans to invest €50 million on the construction of the building from 2018 onwards, over a period of approximately two years.

The other plot of land in Madrid – which it owns jointly with Vía Célere (owned by Värde Partners) is also located in Julián Camarillo. “We think that it is a good office area as an alternative to the centre, where buildings of the highest quality are being constructed. It is a neighbourhood with a lot of potential, like the 22@ district in Barcelona, although it lacks planning”, says Vidal. Finally, it is precisely in that new district of the Catalan capital where Bouygues plans to construct a tertiary use building in the future.

Bouygues Inmobiliaria is planning an annual investment of between €30 million and €50 million in Spain over the next few years, specialising in turn-key buildings. For the time being, the first project being managed by the team of professionals that has recently started work in Madrid does not have a tenant, but Vidal is convinced that it is not a problem, because the firm already has sufficient own funds to start work.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Bouygues Relaunches Its RE Business In Spain

3 February 2017 – El Independiente

Bouygues, the French industrial giant that operates in the construction, public works and telecommunications sectors, wants to reactivate its real estate division in Spain. Its Spanish subsidiary was created in 1989, but following the burst of the real estate bubble, its activity in the sector was paralysed. Now, it is returning to property: at the end of 2016, it completed the construction of a hotel in Barcelona, the Ibis Bogatell, located next to the Olympic Park, and it wants to increase the number of projects in its portfolio in 2017.

That is according to Bouygues’ Spanish subsidiary. “We are not going to promote residential properties”, specified the Director General of Bouygues Inmobiliaria, Ana Vidal. “We are going to focus on the hotel, office and retail sectors, amongst others”. Although the French Group never disappeared from the Commercial Registry, Bouygues’ real estate activity in Spain has been suspended for almost seven years.

Before the real estate bubble burst, the multi-national firm was a key player in the market, in particular in the construction of business parks and shopping centres. In the case of the latter, Bouygues constructed Parque Oeste (Alcorcón, Madrid), Alcalá de Guadaira (Sevilla) and El Triangle (Barcelona). In the year 2000, the French group expanded its operations to Portugal.

The crisis forced the subsidiary to carry out an aggressive capital reduction in 2010, which left its own funds at 10%. “We are not going to be a Metrovacesa or a Merlin”, said Vidal. “We want to boost the development of projects in Spain through selective, carefully-chosen projects, which prioritise environmental improvement”, added the Director General. One of the models that the real estate division is likely to promote are eco-neighbourhoods, such as the one Bouygues developed in Bordeaux, called “Ginko”.

Bouygues Inmobiliaria is looking to become a “pure property developer”, adopting the turn-key formula, whereby it will take responsibility for identifying the plots of land, designing the properties and executing the construction work. In addition to Barcelona, the subsidiary has acquired a plot of land measuring 18,000 m2 in the industrial area of Julián Camarillo, to the east of Madrid.

Bouygues’ return to activity is further evidence of the recovery of the sector in Spain. Nevertheless, the improvement is slow and uneven. The property development sector estimates that 450,000 new homes were constructed in 2016, compared with 400,000 during the previous year. And house prices have soared in Madrid and Barcelona, along with in the traditionally robust Basque real estate market; however, they are falling in more than half of Spain’s provinces.

Original story: El Independiente (by Pablo García)

Translation: Carmel Drake