Tag: buildable surface area

Aelca to Build 2,100 Homes in Sevilla

20 February 2018 – Expansión

The property developer in which Värde Partners holds a stake has acquired several plots of land in the town of Entrenúcleos, where it plans to invest €250 million.

The residential property developer Aelca, in which the US fund Värde Partners holds a 75% stake, has completed a major land purchase in Sevilla, which is going to allow it to enter the Andalucían capital with a huge real estate project.

The company, led by Javier Gómez and José Juan Martín (pictured above), has announced the purchase of several plots in the Sevillan municipality of Dos Hermanos, where it is going to build more than 2,100 homes, according to ABC Sevilla.

In total, Aelca has acquired a portfolio of land with a buildable surface area of 227,788 m2, which it is going to develop in several phases. The first phase will be launched in May, with the development of 163 multi-family dwellings on one site and 78 family homes on another.

The investment in Entrenúcleos will amount to €250 million, said the company today.

“Andalucía is a key market for the company and, as part of our strategic plan, we hope to strengthen our presence in the region, where we have just opened a local office. We know that there is latent demand there at the moment in terms of housing and we are convinced that this is going grow further still, because the capital’s entire area of influence is already sparking a great deal of interest due to the numerous benefits that it offers and its competitive prices”, says Javier Gómez, CEO of Aelca.

The company, founded in 2012 by its current CEOs, Javier Gómez and José Juan Martín, closed 2017 with 1,118 homes sold. This year, the firm plans to launch 3,777 homes, spread across around 50 developments.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Acciona Buys a Plot of Residential Land in Malilla (Valencia) from Sareb

19 December 2017 – Valencia Plaza

Acciona Inmobiliaria is joining the property developer fever in Malilla. The firm has purchased one of the few plots of land left for sale in the Valencian neighbourhood from Sareb for more than €7 million, according to several sources in the sector speaking to Valencia Plaza.

The transaction, which was signed last week, places almost 2,000 m2 of land in Malilla Norte Residencial at the disposal of the property developer. The plot has a permitted buildable surface area of almost 15,000 m2 – equivalent to around 150 homes.

According to the same sources, Acciona, which has been advised by the consultancy firm CBRE, was awarded the plot after it submitted the best offer in a process that saw half a dozen companies compete. The marketing of the plot was carried out by Solvia.

Execution unit 1 in the Malilla Morte sector is one of the hottest spots in Valencia’s property market. It comprises a land surface area measuring 360,000 m2, of which 70,000 m2 will comprise a large garden – plus another 13,000 m2 for the same use spread throughout the neighbourhood – 68,000 m2 for the road network, 50,000 m2 for public use and 45,000 m2 for private buildable land.

It is precisely the buildable plots where a large number of property developers have taken positions, including Libra, Hábitat, ASG Iberia (Activum SG), Grupo Lobe, Urbem and Aelca.

The most talked about investment in the area was that made by the listed company Neinor Homes, which after acquiring a plot for the development of 54 flats in the neighbourhood, spent another €27 million to buy 50,000 m2 of land from the Valencia firm Urbem, where it plans to build 400 homes.

Second development underway

In terms of Acciona Inmobiliaria, the firm has at least two projects underway in the city after announcing its return to domestic property building in March, with the construction of 16 developments – 13 in Spain and the rest in Mexico and Poland.

As this newspaper reported, the infrastructure management and renewable energy company will build a development on Avenida del Puerto, 284, on the corner of Calle Barco. That residential complex will comprise 53 homes and will integrate a protected façade.

Original story: Valencia Plaza (by Dani Valero)

Translation: Carmel Drake

Quabit & Avenue Capital Create a Company to Buy Residential Land

4 December 2017 – El Mundo

Quabit Inmobiliaria and the global investment firm Avenue Capital have constituted a company, in which the US fund holds an almost 10% stake and the property developer controls the majority shareholding, to carry out the purchase and development of residential land in Málaga (Mijas), the Balearic Islands and the Corredor del Henares.

In this way, Avenue Capital is ratifying its support for Quabit’s investment and growth plan and is showing its confidence in the development of those assets, worth almost €75 million. The assets have a combined buildable surface area with capacity for approximately 2,000 homes, according to a statement issued by the property developer.

According to the same source, Quabit Inmobiliaria and Avenue have signed all of the documents that set out the terms of the financing line agreement amounting to up to €40 million, announced in September. Of those funds, which will be used to buy the aforementioned plots of land, 15% will take the form of a participation loan and the rest will correspond to senior debt.

The remaining cost of the land will be financed by Quabit Inmobiliaria through newly issued shares as the result of the capital increase that has already been approved by the General Shareholders’ Meeting.

Upwards review of the Business Plan 2017-2022

This new financing line from Avenue forms part of the financing arrangement for new investments set out in the Business Plan that the company has just updated to reflect the intense investment effort that it has undertaken in 2017. Quabit now has a land portfolio spanning almost 1 million m2 and it has put several residential developments on the market.

The company chaired by Félix Abánades has revised upwards its growth and expansion plan in such a way that it has almost doubled (92%) the objective for the number of new homes it expects to build between now and 2022, to 7,888 units, from the 4,100 units estimated initially.

“Since March, we have managed to close land operations amounting to almost €150 million, for less than initially forecast, thanks to the management expertise of the entire team. That gives us great visibility over our business plan and, in turn, allows us to extend our projections until 2022, which is when we will reach our cruising speed, with the hand over of 3,000 homes per year”, explains the President.

This investment effort and the launch of new developments will allow the company to exceed the revenue and profit forecasts it made in January by 20%. The company has designed an ambitious land acquisition plan, which will see it invest €673 million. The forecasts indicate that the firm will record revenues of €1.915 billion, generate operating cash flow of €463 million and distribute €87 million in cash dividends between now and 2022.

Original story: El Mundo

Translation: Carmel Drake

Equilis Sells Part Of Finestrelles Shopping Centre Project

5 October 2017 – Expansión

The Belgian multinational Equilis, which is currently building a shopping centre in Finestrelles (Esplugues de Llobregat), has sold part of the real estate project to the investment manager Temprano Capital Partners, which plans to construct a hall of residence for students on the site.

The plot of land, spanning 20,000 m2, which Equilis bought last year, has a licence to build a surface area of 57,300 m2. Of that figure, the majority (more than 46,800 m2) will be allocated to the shopping centre, which is going to be called Finestrelles Shopping Center. But that means that 10,500 m2 of buildable surface area will be left over, which is what is going to be allocated to the student hall of residence. Temprano Capital is an investment manager and real estate developer that was founded in 2013.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Villar Mir Teams Up With ACR To Build Homes Through Its RE Firm Espacio

14 September 2017 – Expansión

Inmobiliaria Espacio, the holding subsidiary of Villar Mir, and the ACR Group have announced the joint purchase of a plot of land measuring 15,000 m2 (buildable surface area), where they plan to construct 160 homes.

The operation, whose consideration has not been revealed, forms part of a joint venture that the two companies have closed to construct homes in different parts of Spain.

In fact, the plot of land in Valladolid is the second purchase made by this joint company, which acquired another plot of land a few months ago in Madrid, specifically in Avenida Daroca, for the development of 32 homes.

“This new acquisition demonstrates the success of the collaboration between both companies and reinforces our idea of continuing to promote homes in those areas where we observe increasingly more demand and where both companies have an outstanding track record”, explains David Botín, Director of Real Estate Development at the ACR Group.

Sources at the company have said that they will continue to look for investment opportunities together with Villar Mir’s subsidiary. Moreover, ACR also has another alliance, with Allegra, the real estate arm of the Losantos family.

At the beginning of the year, Espacio announced its return to residential development, after several years away following the burst of the bubble. At the time, it announced that it planned to construct 241 homes along the coast (specifically, in Málaga, Alicante and Mallorca), whilst it looked for opportunities to buy land in Madrid. Espacio owns approximately 325,000 m2 of land in the urban development of Valdebebas, in the north of the capital.

Moreover, the real estate division of Villar Mir is the co-owner of Torre Caleido, the fifth skyscraper that is being constructed in the ‘Business Area de la Castellana’ complex in Madrid. It also owns a stake in the luxury Canalejas complex, which will soon be home to the first Four Seasons hotel in Spain.

According to the latest results corresponding to the year 2015, Villar Mir’s subsidiary recorded turnover of €114 million in 2015, up by 52% compared to the previous year.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

GreenOak Puts Luxury Homes On C/Fuencarral Up For Sale

7 February 2017 – El Confidencial

Between €350,000 and €1 million. That is the price bracket at which the high-end homes at number 77 on Madrid’s alternative shopping street Calle Fuencarral are going on the market for. The homes are going on sale in the building that GreenOak purchased, together with ASG Iberia Advisors (previously Activum), from the General Treasury for Social Security, for €21 million in a public auction – it was the only offer that the State received for this centrally-located property, whose renovation will combine luxury residential properties with retail space.

The operation, closed at the end of 2015, was led by John Carrafiell (GreenOak), hand in hand with the German real estate fund manager (ASG Iberia Advisors), which is led in Spain by Brian Bettel, the man who used to hold the reins at Cerberus in Spain.

According to sources close to the project, the plans, which have been developed with the utmost discretion since the acquisition, comprise the construction of 40 1-, 2- and 3-bedroom homes (measuring between 50m2 and 150m2), which will be sold for between €350,000 and €1 million, i.e. around €6,000/m2. In addition, the building will continue to house a sizeable retail space, as three of its six floors will be used for that purpose. The common areas will have a swimming pool, solarium and gym, however, it will not have any parking spaces, a major drawback for a project of this standing. Construction is expected to be completed by the end of 2018.

Sources consulted say that there is a long waiting list of people wanting to acquire these units, given that there are no other luxury new homes up for sale in the area to compete with this project. In fact, one of the developments that could compete in this market is located on Calle Fernando VI (in the Lamarca Building, just 500m away), which is owned by the Venezuelan Capriles family, has been completely sold already. GreenOak and ASG Iberia have engaged the luxury real estate company Gilmar and CBRE España to market the properties. (…).

The building, which is located just a short distance from Tribunal metro stop, has been completely derelict for several years. It has a total constructed surface area of almost 8,000 m2 spread over six floors and was constructed on a plot of land measuring 1,875 m2. (…).

This is GreenOak’s first major residential project in Spain, where it has previously focused more on the logistics, office and retail sectors; meanwhile, ASG Iberia has expressed much more interest in housing, along with the retail sector. In fact, that company has separate plans to construct more than a thousand homes in Madrid.

Last year, the fund manager purchased six plots of land from Altamira in Alcalá de Henares with a buildable surface area of 50,000 m2, on which it will build up to 650 homes. (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Neinor Buys 7 Plots Of Buildable Land In El Cañaveral (Madrid)

27 December 2016 – El Confidencial

Developments in the south-east of Madrid have come under the spotlight of Neinor, one of the largest property developers in Spain, which has just marked a turning point with the purchase of several plots of buildable land in El Cañaveral, the most advanced neighbourhood in the capital’s ambitious expansion project.

The company led by Juan Velayos has acquired seven plots of land, with a combined buildable area of 47,000 m2, where it plans to start to build almost 500 homes, according to sources familiar with the transaction. The company itself has declined to make any comments.

Specifically, Neinor wants to construct 24 detached homes and 459 multi-family homes, plans which would lead to the definitive launch of El Cañaveral, where 14,000 homes are expected to be created in total, to house a population of around 50,000 people.

Nevertheless, Velayos’ plans for this development go much further, given that it is one of the few areas in Madrid where it is possible to buy buildable land, in other words, land that is ready to be developed.

According to the same sources, the company is holding advanced conversations to acquire four other plots, whose buildability exceeds 11,300 m2 and where it hopes to build another 95 homes.

Appetite for growth

Since its re-launch just over a year ago, Neinor has shown a strong appetite for growth, and to achieve that objective, it is actively searching for blocks of buildable land where it will be able to start to build new homes quickly.

In fact, the road map that the company announced at the end of 2015 aims to develop around 3,000 homes per year and to establish a permanent bank of land to enable it to build 10,000 homes. (…).

In addition to these ambitious business plans, another major corporate challenge promises to mark Neinor’s future in 2017, namely, its debut on the stock market. It is already working on the IPO and the size of the company will play an important role in its success.

The current firm Neinor was created by Lone Star, one of the international funds that was most committed to Spain during the worst years of the crisis, from the foundations of Kutxabank’s former real estate group.

This company, named Neinor by the Basque entity, was created in 2012 from the sum of the different real estate activities of the Basque former savings banks – BBK, Vital and Kutxa – and the Andalucían entity Cajasur.

Lone Star bought the property developer at the end of 2014 for €930 million, in an operation that represented a real milestone for the real estate sector, which was still licking its wounds, given that it represented the largest transaction by a company in the sector since the outbreak of the crisis.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake

Sevilla’s Chamber Of Commerce Sells 2 Plots Of Land To Rivero Family

30 November 2016 – Real Estate Press

The Chamber of Commerce in Sevilla has recently completed the sale of a portion of land at the Antares Club, where a hotel is going to be constructed, as well as a plot of land next to Eusa, where a hall of residence for university students is going to be built. The buyer of both assets is the Rivero family.

Initially, the Chamber of Commerce’s conversations began with Joaquín Rivero Valcarce, the Jerez-born businessman who used to chair Bami and who led the merger with Metrovacesa and Gecina. Following the death of the businessman in September, his only daughter, Helena Rivera, decided to push ahead with the operation and subsequently completed the negotiations that her father had begun.

The total price for the acquisition of both plots of land amounts to around €7.5 million. The largest investment relates to the Antares hotel. The plot covers a surface area measuring 1,700 m2, allocated for tertiary use, which includes the current exhibition hall, the Spica hall, the unique sloping auditorium, as well as a section for squash courts and a space that is currently used as a car park. The amount of this acquisition is estimated to have reached €4.5 million. This plot of land has a buildable surface area of 6,000 m2, where a hotel containing around 100 rooms may be built.

In the case of Eusa, the plan is to construct a hall of residence for students, given that, as well as being located next to the Chamber of Commerce’s own training centre, the site will also be close to the Law and Business faculties and with good transport connections to the University of Pablo de Olavide. The company managed by Helena Rivero has invested €3 million on this plot of land, which may be used for educational purposes and whose buildable surface area amounts to 9,000 m2.

The Chamber of Commerce has declined to make any comments on the details of the operation, given that the negotiations are subject to confidentiality clauses. Nevertheless, the sources consulted say that the sale has gone ahead and has received the necessary approvals from the Chamber of Commerce and the Junta de Andalucía.

Original story: Real Estate Press

Translation: Carmel Drake

Adif & Repsol Sell Residential Plot In Madrid To Vía Célere

14 November 2016 – Expansión

The Madrilenian real estate company Vía Célere has been awarded a plot of land, with a buildable surface area of 14,859 m2, for €29.15 million, which the railway manager and the oil company put up for sale in Méndez Álvaro (Madrid).

Specifically, Vía Célere will pay €29,157,830 for the plot, located in the Méndez Álvaro area, next to Repsol’s headquarters in Madrid.

The plot, which has a surface area of 2,107 m2 and a buildable surface area of almost 15,000 m2, was put on the market in July for €27 million. The deadline for the presentation of offers closed on 2 November and on Friday, the vendors announced the winning candidate.

Until now, the plot of land was owned jointly by Adif (42%), Repsol (21.5%) and the Compensation Board of Méndez Álvaro (36.5%).

This is the second operation that the real estate company Vía Célere has completed in just a week. On 5 November, the company chaired by Juan Antonio Gómez-Pintado was awarded a plot of land located in the district of Moncloa-Arava, which the Directorate General of Heritage, which forms part of the Ministry of Finance, put up for auction.

For that plot, which has a buildable surface area of 11,230 m2, the real estate company paid €19.6 million.

Vía Célere is one of the most active property developers in the residential market. Created in 2010 by Juan Antonio Gómez-Pintado, it owns two other plots in the centre of Madrid, which it acquired in April, and has several projects underway in Barcelona. It is also marketing six developments in Brazil, in the capital and in several other cities.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Sareb Teams Up With RE Companies To Build 1,100 Homes

28 September 2016 – Diario Vasco

Sareb has chosen 19 plots of land from its portfolio, which have the capacity to house around 1,100 homes, for which it will team up with a dozen companies from the real estate sector to develop projects under both co-investment schemes as well as through direct sales.

Sareb explained in a statement published on Tuesday that this project forms part of the strategy that it is pursuing to revalue its assets and better execute it divestment mandate.

In this case, Sareb’s initiative is being driven in conjunction with several selected companies: Grupo Brial (with 4 developments), Construcciones Amenabar (3), Grupo Bertolín (3), Inmobiliaria del Sur (1), Aldesa (1), Aelca (3), Desarrollos y Construcciones Fomex (1), Atica (1), Monthisa (1) and Sequoia Desarrollos Inmobiliarios (1).

According to Sareb, the winning property developers were chosen after a competitive process was held, in which 76 candidates participated. It added that it has been supported in the selection process by Irea as well as by three of its management companies (Altamira, Servihabitat and Solvia).

The 19 plots of land that Sareb has chosen from its portfolio have a combined buildable surface area that the bad bank estimates has the capacity to house around 1,100 homes.

The plots of land in this operation are located in Andalucía (4), Madrid (4), Cataluña (3), Baleares (2), Aragón (2), Comunidad Valenciana (2), Asturias (1) and Castilla y León (1).

Sareb explained in its statement that most of the offers from the selected companies reflect a co-investment model, whereby the bad bank will retain ownership of the asset, and the property developers will contribute some of the investment funds and take responsibility for the construction the properties.

In five cases, Sareb has opted for a “financial swap” to maximise the economic return. It explained that this alternative involves the property developer partners buying the assets outright.

The price that Sareb is receiving for the land will be complemented in the future by a percentage of revenues from the sale of the homes.

The construction works are expected to be completed from 2018 onwards, depending on their characteristics.

Sareb is evaluating offers for other plots of land, which, if they go ahead, would further expand the perimeter of the co-investment initiative.

“The plots of land and projects that have been put on the market have been selected in accordance with criteria of efficiency, commercial suitability and the technical quality of the proposals”, said the Director of Direct Management at Sareb, Juan Ramón Dios.

In 2015, Sareb announced the development of 13 plots of land, some of which are now being sold.

Morever, since its creation, Sareb has completed 46 developments that it received in an unfinished state, and as a result, has already put around 1,000 new homes on the market.

Original story: Diario Vasco

Translation: Carmel Drake