Tag: broker

Mazabi Sells Fever’s New HQ in Central Madrid for €6M

14 January 2019 – Expansión

The Spanish family office Mazabi has decided to sell an office building that it owns along the Prado-Recoletos thoroughfare in Madrid, next to the Congress of Representatives.

The property, which has a surface area of 1,400 m2, spread over the basement and six upper floors, is located on Calle Santa Catalina, 4. Mazabi acquired the property three years ago as a value-added investment, and during this period, it has renovated it and found a new tenant to now sell it for a profit.

Specifically, the property is soon going to be home to the headquarters of the US social platform Fever in Spain. The company, which has headquarters in New York, London and Madrid, has decided to relocate to these new offices in light of its major growth plans. Fever’s employees are expected to move in once the renovation and design work for the new offices has been completed, in a period of approximately nine months.

The operation, which has been brokered by the real estate consultancy Catella, has been closed for €6 million. The buyer is a Spanish family office (…).

Original story: Expansión

Translation: Carmel Drake

Don Piso now has 120 Branches Following Openings in Madrid, Andalucía & the Canary Islands

2 November 2018 – Eje Prime

DonPiso is strengthening its position in the growth markets. The Spanish real estate company is going to open five new branches in Spain to take its total network to 120 premises before the end of the year. “We are finalising openings in Madrid capital, Leganés, Sevilla, Las Palmas and Tenerife”, explained Emiliano Bermúdez, General Deputy Director at DonPiso, speaking to Eje Prime.

The director highlighted that Madrid, Andalucía and the Canary Islands are “growth markets, where we would like to expand our presence”. In addition to those three regions, DonPiso is accelerating its growth in Valencia and Málaga, where it is working to be able to open new branches soon.

The group, which has a large presence in Barcelona, is trying to expand its brand beyond Spain’s two major cities. In this sense, the company is strengthening its position in Valencia and the Balearic Islands, where the business is now consolidating.

Moreover, the company is working to open new markets in the north of Spain. “We have opened a development centre in the País Vasco and Galicia to grow there in 2019”, explained the director.

Growth of more than 20% with 3,600 homes brokered  

“This year is going well, in line with the market” said Bermúdez. “We expect to achieve growth in our operations of between 20% and 25%”, said the executive, who believes that DonPiso will end 2018 with more than 3,600 homes brokered. In this regard, Bermúdez highlighted growth in the portfolio of real estate in the Canary Islands.

DonPiso is going to generate turnover of more than €30 million this year, after recording €29.2 million in 2017. “For the time being, we are growing at double-digit figures, although I do not think we will reach 20%, like in the case of the volume of operations”, acknowledges Bermúdez. “Now we are waiting to see what will happen at the end of the year because November tends to be a very good month”, said the director.

Nevertheless, Bermúdez is uneasy about the situation is certain parts of the country. “The position is polarising in the major capitals, which are evolving in different ways”, he explained.

All in all, Bermúdez warns that “Madrid and Barcelona are on the verge of topping out price wise if they haven’t done so already”. “The rise in prices is colliding with (very stable) salaries and we have noted a slow down in sales during the second half of the year”, said the director.

The General Deputy Director of DonPiso said that, nevertheless, although “there is a moderate dynamic in the market in Spain, we do not see any problems in the short term”. “In our case, we can assume the response to demand; moreover, we believe that the current difficulties involved with selling will allow us to take on more flats”, says Bermúdez.

In addition to selling and brokering, DonPiso is also promoting homes. This line of business is growing for the company with the new upwards cycle. Although it accounts for a small line on the income statement, the company has fourteen developments underway in Barcelona, which sum a total value of €45 million, as revealed by Eje Prime.

In this area, 2019 is expected to be a year during which we will “collect fruits through sales”, but also launch new developments, according to Bermúdez. “We will launch more projects in the Barcelona metropolitan area: we still have land in El Vallès, El Baix Llobregat and El Maresme”, said the director.

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

Lasalle & Corpfin Buy 4 Assets from Makro for c. €100M

30 July 2018 – Eje Prime

Makro is lightening its property load. The food distribution group has sold four assets in Spain to Lasalle and Corpfin for almost €100 million. Specifically, the fund has acquired three of Makro’s centres in Madrid for €90 million, whilst Corpfin has purchased one asset in Madrid for €8 million, according to Expansión.

The company has sold to Lasalle the buildings in Barajas, Alcobendas and Paseo Imperial, all located in the Community of Madrid, in a sale and leaseback operation brokered by CBRE. Other distribution groups such as Inditex and El Corte Inglés have carried out similar operations over the last year.

On the other hand, Makro has sold 8,000 m2 of retail space, also in Madrid, to Corpfin for €8 million. That operation has been brokered by the consultancy firm Knight Frank.

Makro has 37 centres in Spain, which span a total commercial surface area of 241,744 m2. The chain belongs to the German group Metro, which operates in 35 countries around the world.

Original story: Eje Prime

Translation: Carmel Drake

Former Bacardi Factory Plots in Málaga to go up for Sale for €15M

7 June 2018 – La Opinión de Málaga

Yesterday, the consultancy firm Savills Aguirre Newman announced the upcoming sale of almost 75,000 m2 of land on the site of the former Bacardi factory in Málaga, an operation for which it is acting as the broker and which could reach a market value of around €15 million.

The land, which is classified as buildable industrial, could prove very attractive for investors, given the current lack of available spaces of this kind in Málaga on which to locate industrial or logistics facilities. The director of the consultancy in Málaga, José Félix Pérez-Peña, described the land as “one of a kind”, despite the fact that it is located on the Guadalhorce flood plan, and mentioned several high-profile “international funds” as possible interested parties. The consultancy firm, which indicated that the plots will come onto the market “soon” is placing the focus on the use of the site for office buildings.

Another attractive plot that Savills Aguirre Newman is brokering the sale of is the former Salyt brick factory, spanning almost 13,000 m2, although it is still unknown whether that will be allocated to industrial or commercial use. A Dutch group had expressed interest in building a shopping centre on the site although the price being requested by the Town Hall paralysed that operation. There has also been talk recently of the land housing a logistics warehouse. Pérez-Peña said that the final destination of these plots would be revealed over the next few months.

In terms of Astoria, he said that “several international groups are interested”, including one in particular that has properties of this kind in Spain and Europe and which may soon make contact with the Town Hall. In theory, the Town Hall is planning to convene a tender at the end of this year or the beginning of 2019 in which anyone who wants to will be able to participate (…).

Another one of the projects that is being “followed very closely” by Savills Aguirre Newman is that of Martiricos, where two residential towers are going to be built, plus an office building measuring 7,000 m2 and another commercial building measuring 3,000 m2. The consultancy firm classified it as one of the “star projects” in Málaga, which “is going to change” the city.

Pérez-Peña also summarised other matters such as the future of Pier 4, which has a surface area of 26,500 m2 and which, in his opinion, could become a great space for offices or homes. He also said that Repsol, spanning 117,000 m2, could be a wonderful enclave for making a city of offices, although that would be up to the Town Hall and Sareb to decide. And he also alluded to the potential of the Correos building (3,352 m2) as an office block, although he admitted that it would generate higher yields if it was allocated for residential or hotel use.

Original story: La Opinión del Málaga (by José Vicente Rodríguez)

Translation: Carmel Drake

Inditex Negotiates the Sale of 16 Stores to German Fund Deka

29 January 2018 – Eje Prime

Inditex has found a buyer for its portfolio of stores. The Galician fashion retailer is holding conversations with the German fund Deka Inmobilien to sell the sixteen stores that it put up for sale in December. Both companies are holding negotiations to close the acquisition for €400 million.

The agreement is expected to be closed this week in such a way that the group may include this divestment in its results for 2017, according to reports by El Confidencial. Almost 80% of the value of the portfolio corresponds to the establishments located in Madrid (the Zara store on c/Preciados and the Lefties shop on c/Carretas), Barcelona (the Zara store on c/Pelayo) and Lisbon (Rúa Augusta y Antonio Augusto de Aguiar). The remaining stores are located in Valencia, Córdoba, Albacete, Palma, Sevilla, San Sebastián, Ciudad Real, Zamora, and Fuengirola.

Zara’s parent company has received several offers for its stores. Some buyers were only interested in part of the portfolio and many were mainly interested in the Preciados store. The operation is being brokered by Savills-Aguirre Newman.

Meanwhile, Deka Inmobilien, the real estate investment division of Grupo Deka, is a buyer interested in acquiring assets in good locations, with high profile tenants and long-term contracts. Its operations in recent years include the acquisition of the Diagonal 640 office building in Barcelona for €145 million. Inditex guarantees a five-year rental term with the option of extending for another twenty years and rental prices that offer an average return of 4% for the whole portfolio.

Original story: Eje Prime 

Translation: Carmel Drake

Arcano Buys C&A Store In Madrid From Redevco For €12M

26 October 2017 – Eje Prime

Arcano’s real estate arm is continuing to grow. In its fight to become one of the leading players in the Spanish real estate business, the company has recently purchased a retail store in the centre of Madrid from Redevco for €12 million, according to sources at the group.

The establishment, which is currently occupied by the international fashion retail group C&A, has a retail surface area of more than 3,400 m2. The asset is located at number 202 on Calle Bravo Murillo. According to sources in the sector, the operation has been brokered by the real estate consultancy CBRE. The property will be added to the group’s portfolio of assets, which comprises buildings in Madrid, Barcelona, Costa del Sol and Portugal.

Until now, the asset was owned by Redevco, a company specialising in the investment and management of commercial properties. The group manages a portfolio of more than 400 assets located in the main commercial areas of Germany, Austria, Belgium, Spain, France, Hungary, Luxembourg, The Netherlands, Portugal, United Kingdom and Switzerland (…).

Arcano, which recently moved its Madrid offices to number 29 Calle Ortega y Gasset, was founded in 2003 and employs almost 140 people with offices in Barcelona, Madrid and New York. Since its creation, Arcano has become one of the leading independent firms in the Spanish financial sector (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

CBRE: Inv’t In Hotels Exceeded €700M In Q1

10 May 2017 – CBRE

Hotel investment in Spain is growing again, as are the main tourist indicators. Just when it seemed as if the YoY growth in hotel investment was beginning to slow down (based on the results for 2016), transactions worth almost 35% more were closed during the first three months of this year, than during the first quarter last year. According to the data compiled by CBRE Hotels, between January and March 2017, investment in hotel asset purchases amounted to €710 million, including not only hotels but also tourist apartments, aparthotels, as well as plots of land and buildings acquired for hotel use.

Of the 44 assets that changed hands during the first three months of 2017, approximately 55% belong to the urban segment and 45% to the vacation segment. With respect to the destination of investments, the Spanish capital stands out, accounting for more than 40% of the total volume invested compared to 27% in Barcelona, which despite its moratorium saw the sale of five hotels. The Balearic and Canary Islands, together with the Costa del Sol, accounted for another 19% of the total investment figure. The remaining investment was distributed across the rest of the peninsula.

During the first quarter, almost 40% of investments were carried out by private investors, compared with 55% during the first quarter of 2016. On the other hand, almost 20% of the volume invested was disbursed by hotel chains and operators, whilst the remaining 40% corresponded to institutional investors, including banks, sovereign funds, Socimis, fund managers, insurance companies and pension funds.

In terms of the types of contract, and based on the data from CBRE Hotels, 45% of the total transaction amount corresponded to operations in which the buyer became the manager of the establishment, whilst the remaining 55% related to investors that assigned the management of the establishment to the existing operator or to a new one.

In terms of the main operations that took place during the first quarter of the year, we highlight the sale of 50% of Centro Canalejas by OHL and Villar Mir; the acquisition of Hotel Velázquez, which was acquired by the Didra group; the purchase of NH Manzanares; and the operation involving the future Generator, which was acquired by Queensgate. At the same time, in the Catalan capital, the Hotel Silken Diagonal Barcelona and Hotel Generator Barcelona were sold, for a combined total of more than €100 million. CBRE Hotels brokered the sale of one hotel in Barcelona during the first quarter of the year.

Finally, several operations involving portfolios of hotels were also closed during the quarter, including the transaction completed by the Portobello group in March, which saw it acquire 95% of the Blue Sea Hotels & Resorts hotel chain, which owns several of the hotels that it manages.

Original story: CBRE 

Translation: Carmel Drake

Solvia Doubles Its Profits & Builds 2,800 Homes

7 April 2017 – Expansión 

Solvia is establishing a name for itself as a profitable division for Banco Sabadell. The real estate arm is no longer just an instrument for evacuating assets awarded to the entity during the crisis, but rather it has become a profit-generating subsidiary and one that generates additional business for the bank’s branch network.

Moreover, the group is establishing itself as one of the main real estate companies in Spain covering the full cycle, given that it not only brokers the sale and purchase of properties, it also operates as one of the largest developers of new build properties, with a current stock under construction of 2,800 homes.

According to company sources, Solvia closed 2016 with a profit before tax (PBT) of €57.8 million, which represents a 2.4-fold increase on its earnings the previous year (€24 million).

The turnover of the company led by Javier García del Río for services rendered in 2016 grew by 31% to €157.5 million. This increase was even higher than the growth in the volume of brokered sales, which amounted to €1,995 million, up by 20.4%.

This rise was driven by an increase in marketing activities and the fact that 2016 was the first year in which the portfolios managed on behalf of Sareb were reflected in Solvia’s results their entirety. The bad bank is Solvia’s main client, alongside Banco Sabadell, although the company also works with several funds and family offices.

Moreover, last year, it diversified its activity by starting to sell homes to individuals through the launch of a chain of real estate offices on the high street. Solvia already has fifteen agencies – four of which are franchised – in Alicante, Sevilla, Torrevieja, Marbella, Murcia, San Pedro de Pinatar, El Campello, Fuengirola, Valencia, L’Hospitalet, Badalona, Oviedo, Getafe, Leganés and Castellón. Its objective is to extend the network right across Spain over the next few years.

Property developments

In total – excluding rental homes – Solvia sold 20,321 properties in 2016, up by 25.8%. It is worth noting that 29% of the sales corresponded to assets other than finished homes, compared to 9% in 2015. Since 2011, Solvia has brokered the sale of 91,000 properties in Spain.

The company now manages 148,000 units, with a value of more than €31,000 million. Of that figure, €4,300 million relates to financial assets under management and €1,200 million relates to land under development. The assets it manages on behalf of Sareb came from Banco Ceiss and Bankia.

The 2,800 new build homes that Solvia is now constructing on land owned by Banco Sabadell and Sareb are located in 79 developments across Spain – in Madrid, Barcelona, Valencia, Córdoba, Sevilla, Gijón and Pamplona.

Original story: Expansión (by Sergi Saborit)

Translation: Carmel Drake

Oncisa Sells A Plot Of Land In Madrid To Ibosa For €30M

19 September 2016 – Real Estate Press

The land, which is located in the triangle between the M-11, the A-1 and Avenida de Manoteras, has a surface area of 7,000 sqm and a buildable area of 17,000 sqm. Ibosa is willing to pay €30 million for the plot.

Ibosa plans to construct a 75m tall 20-storey tower on this land, as well as two blocks of flats that will contain more than 130 homes.

In this way, Oncisa has liquidated all of its land on Isla Chamartín, where, in 2011, it sold another plot to Levitt for €27.5 million. That was subsequently acquired by Merlin Properties, which has recently started to construct an office block on the site, due to be completed during the first half of 2018.

The land is attractive due to its proximity to the city’s financial district as well as to the services in some very established neighbourhoods, such as Pinar del Rey and the PAUs of Sanchinarro and Las Tablas, where the supply of new homes and land is practically non-existent.

The operation, which according to market sources has been brokered by CBRE, is proof once more of the renewed investor and property developer appetite for well-appointed plots of land in areas where demand for housing is strong. In fact, it is one of the most important land transactions in the market in recent months and the most significant so far this year.

This project will represent a boost for the area, which is in the middle of a recovery in terms of both sales and prices. It is an area where there is a shortage of product and which is free from the urban planning and legal problems that are burdening its neighbour Valdebebas.

Original story: Real Estate Press

Translation: Carmel Drake

Don Piso Invests €36M To Build New Homes In Barcelona

11 July 2016 – La Vanguardia

The real estate group Don Piso has 10 housing developments underway, worth €36 million, in the province of Barcelona, according to its majority shareholder and CEO, Luis Pérez. “Property development has always been a complementary part of our company’s activity; we mainly focus on brokering the sale and purchase of homes”, explained Pérez. The group, which has created an independent company for each construction site, has already completed one development in Badalona, the first one it started following the end of the real estate crisis; and it expects to finish its flagship development, opposite the Clínica Quirón in Barcelona, on the site of the former headquarters of the Tusquets publishing house, in September. In addition, Pérez explained that the group has three developments underway in l’Hospitalet de Llobregat, two in Cornellà and three in Sabadell. “We buy small plots of land on which to construct between 10 and 30 homes, in areas where we already have representatives and therefore where we know the market”, he explained. The developments are all at different phases, some are still under construction, whilst others are waiting for licences to be processed.

Don Pizo, explained Pérez, has accelerated its pace of growth to manage the increase in transactions being brought about by the real estate recovery. Thus, he explained, the group already owns 20 offices of its own and a network of 51 franchised agents. “We are going to open an office in Madrid, with 8 people, which will operate as a sales office and which will also centralise the relationships with our franchisees: this represents our return to this market following the crisis”, he explained. The firm has also returned to the Canary Islands, where it had 60 offices before the crisis. “It is a very important market and we have hired a very powerful local partner there to undertake the significant expansion”.

Don Piso used to have more than 400 offices before the outbreak of the real estate crisis, in 2007 – it owned 156 of those outright and also had more than 260 franchises, but the crisis forced it to cut back, to just 8 own offices and less than 20 franchises, with a workforce of 40 people. Thanks to the recovery of the market, the firm now employs 296 people.

“We are enjoying an ideal market at the moment, with affordable prices and satisfied buyers. We hope that the market will continue like this, with price increases of between 2% and 6% p.a., and that we avoid repeating the mistakes of the past”, he acknowledged. Last year, Don Piso recorded a turnover of €7 million and brokered property sales worth €92 million. The firm, which returned to profit in 2014, expects to close this year with a 30% increase in revenues, to reach €9 million, with brokered property sales of €117 million.

Original story: La Vanguardia (by Rosa Salvador)

Translation: Carmel Drake