The Government Lifts the Veto on Construction Work in Buildings with Residents

The Ministry of Health is partially lifting the prohibition over the performance of non-emergency building work in both residential and commercial properties.

The Government is going to allow construction work to be carried out in buildings inhabited by residents. That is reflected in Order SND / 385/2020 issued by the Ministry of Health in the Official State Gazette published in an extraordinary way on Sunday.

“In order to limit the concentration of people in buildings where work is being carried out, and where construction workers have to share certain common spaces with the residents and other users, order SND / 340/2020 dated 12 April was approved. It suspends certain activities relating to intervention work in existing buildings where there is a risk of contagion by Covid-19. The evolution of the health crisis is forcing the adaptation of the measures adopted and in this framework, the Order must be amended to include, within the works excepted from the suspension, those carried out in premises, homes or other specific areas of an uninhabited building or areas to which residents do not have access for the duration of the work, provided that the conditions established in this order are met”, states the decree.

The Luksic Family will Reopen Hotel Adler in Madrid at the End of 2019

18 March 2019 – Preferente

The Luksic family is going to reopen the Hotel Adler in Madrid with BBVA as its main tenant, after the bank closed a rental agreement to occupy three floors of the property, spanning almost 1,600 m2.

The wealthy Chilean family purchased the iconic property, which is located on the corner of Calles Velázquez and Goya, in the heart of the Salamanca neighbourhood, from the Vázquez family for €27 million.

The new tenant is expected to move in during Q4 2019 since the building work is still in a very initial phase. BBVA is going to open a new multi-functional office/branch in the property.

Original story: Preferente (by R.P.)

Translation/Summary: Carmel Drake

Japanese Firm Fanuc to Invest €15M in New Spanish HQ in Barcelona

5 October 2018 – Eje Prime

New corporate operation on the outskirts of Barcelona. The Iberian subsidiary of Fanuc has purchased two plots of land from Institut Català del Sòl (Incasòl) in Sant Cugat del Vallès in order to locate its new headquarters in the town. The total investment will amount to €15 million, according to a statement issued by the company.

The subsidiary of the Japanese multinational of the same name specialises in the manufacture of robotic solutions. Fanuc Iberia will locate its new central offices in Spain in Sant Cugat del Vallès.

The complex, which will be located on the Can Sant Joan business park, will comprise two plots with a combined surface area of 14,237 m2. The new plant will be located on the financial axis of the B-30/AP-7 motorway. According to Fanuc Iberia’s forecasts, the building work will start at the beginning of 2019 and will be completed by the end of 2020.

Original story: Eje Prime

Translation: Carmel Drake

Madrid’s Town Hall to Approve the Mahou-Calderón Project

18 July 2018 – Eje Prime

The Mahou-Calderón project is pushing ahead. Tomorrow (Thursday), the Town Hall of Madrid is going to approve the urban development plan for the land, one of the most sought-after plots in the Spanish capital. The roadmap for the site, which is still home to the Vicente Calderón stadium, the historical home of Atlético de Madrid, means that the construction work will begin after the summer and will be scheduled for completion within three years.

After the summer, Atlético de Madrid and Mahou, the owners of the batch of land, hope that the period of public consultation will be completed so that they can start to demolish the stadium, according to El Confidencial.

The building work will be divided into three phases, starting with the demolition of the Calderón. Next, and after modifying the traffic flow that passes under the pitch, the roads between Paseo de los Pontones, Paseo Imperial and Paseo de los Melancólicos are going to be urbanised.

The first phase of the project is also going to be the most expensive, with an investment of €22.7 million, half of the total budget established (€42.2 million) for this ambitious urban development plan. The Government of Madrid is going to contribute another €60 million to cover over the road.

The finalists: Solvia, Ibosa and Princeton 

Waiting to see what happens tomorrow in the Town Hall are Solvia, Ibosa and Princeton, the three finalist investors looking to buy the plots, which will expand Madrid’s residential stock by another 33,339 m2 of buildable land, located on a plot with a buildable surface area of 132,344 m2.

The objective of Atlético de Madrid with this project is to raise up to €200 million from the sale operation. The club is planning to use that extraordinary capital to repay Carlos Slim the €160 million loan that he granted the sporting entity to complete the building work on its current stadium, the Wanda Metropolitano.

Original story: Eje Prime 

Translation: Carmel Drake

Valencia CF Expects to Receive c. €100M from Sale of Mestalla Plot

4 June 2018 – Expansión

Valencia Football Club (Valencia CF) is making progress with the financing for its new football stadium. Market sources estimate that the club could receive proceeds of more than €100 million from the sale of the land on which its current Mestalla stadium is located, a site between the sought-after avenues of Aragón and Suecia.

The sale of that plot, known as the old Mestalla and with buildability for residential and tertiary use, could materialise before the end of 2018, taking advantage of the good times in the real estate market. The plot measures 12,000 m2 and has a buildable surface area of 70,000 m2.

That amount would allow Valencia CF to partially finance the completion of the construction of its new site, where it has fixed assets in progress worth €115 million, and to reduce the debt that it currently holds with financial institutions and which amounts to around €185 million. It also holds liabilities with the public administrations.

The work on this construction site began in August 2007 but was suspended in February 2009, which means that the project has been paralysed now for almost a decade. Since then, several attempts have been made to restart it, but those efforts have always been postponed due to the need for financing.

The club has decided to accelerate its plans to move to the future Mestalla and push ahead with the reduction in its debt and the clean up of its balance sheet to focus on its sporting efforts. Only the arrival in December 2014 of the Singaporean magnate Peter Lim saved the team from bankruptcy, which has recorded losses of €60.2 million in total over the last three years, in large part due to this real estate expenditure. Losses are also forecast for this year.

In this context, the President of Valencia CF, Anil Murthy, now considers that “the real estate market has evolved enough to meet our objectives”. Thus, the club is going to continue working with the Town Hall to process the amended licences to start the building work.

Inauguration: in 2021

Murthy said that for this process, Valencia CF has engaged Deloitte, which will be its comprehensive advisor in all aspects financial, real estate, technical and economic relating to the entire process necessary to move to the future stadium within the timeframes set out in the Valencia Strategic Territorial Action Plan.

In addition, Deloitte will be responsible for the business plan and sale of the tertiary space in the new stadium, which will have more than 40,000 m2 of buildable space available for commercial use (…).

Original story: Expansión (by E. S. Mazo & R. Arroyo)

Translation: Carmel Drake

Lar Spends €6M on Renovation of Megapark Barakaldo Shopping Centre

10 April 2018 – Eje Prime

Lar is giving one of its assets a makeover. The Socimi owned by the Lar España group has started work on the complete renovation of the Megapark Barakaldo shopping centre, for the first time since its construction in 2004, which will involve an investment of €6 million, according to a statement issued by the group.

The shopping centre, which is owned by Lar España Real Estate Socimi, has been managed by Neinver since 2016. Neinver, which is directing the renovation work, is one of the leaders in the development and management of outlet centres in Spain and the second largest operator in Europe.

The renovation of Megapark is going to be carried out in two phases. Firstly, work will be undertaken in the retail space; this has already begun, without affecting the daily activity of the centre, and is due to be completed in November 2018. Subsequently, work will begin on the leisure area to modernise and unify its image with the rest of the park.

“During this first phase, the renovation of Megapark Barakaldo’s retail area will be reflected primarily in a more current image, which is going to be accompanied by the renovation of all of the façades, outdoor spaces and common areas”, explain sources at the group. For this, an urbanisation plan has been developed, which includes introducing urban design furniture and children’s areas.

The general remodelling of the centre is also being accompanied by the renovation of some of the retail stores such as those of Mediamarkt, Kiabi, Merkal and Forum, as well as the expansion of the Conforama store by 1,200 m2 to reach 6,200 m2.

Megapark Barakaldo is located fifteen minutes from the centre of Bilbao and is the only retail and leisure area of its kind in a 400 km radius. In 2017, it received more than 10 million visitors and it has a surface area of 128,000 m2.

Original story: Eje Prime

Translation: Carmel Drake

Quabit’s Profits Increased by 79.1% in 2017

28 February 2018 – El Economista

Quabit recorded a net profit of €14.3 million in 2017, which represents an increase of 79.1% compared with the previous year (€8 million).

The real estate firm explained that the increase in profits was due to “the greater activation of credits and discounts associated with the cancellation of its debt” with the bad bank Sareb.

According to a report submitted by the real estate company to the National Securities and Exchange Commission (CNMV) on Wednesday, its net turnover decreased by 82.6% in 2017 to €5.7 million.

Meanwhile, the EBITDA was negative at -€7.3 million, which represented a decrease compared to 2016 (-€19.6 million).

The company highlighted that the progress made in 2017 demonstrates Quabit’s management capacity and gives “visibility” over the execution of the strategic plan with a higher return than initially estimated.

Moreover, it says that it is on course to fulfil its objective of reaching a recurring sales volume of 3,000 homes from 2022 onwards.

For 2018, Quabit estimates having a commercial portfolio of 3,000 homes, as well as starting the construction of 2,000 homes, delivering 215 dwellings and securing plots of land, which will allow it to cover more than 80% of the needs of its strategic plan.

Original story: El Economista

Translation: Carmel Drake

Trinitario Casanova Invests €15M in a Logistics Platform in Barcelona

21 February 2017 – Expansión

Through the Baraka Group, the Murcian businessman has purchased a plot of land measuring more than 30,000 m2 from Consum, where it is going to build a logistics warehouse.

The construction group Baraka, controlled by the well-known businessman Trinitario Casanova, has completed the purchase of a plot of land dedicated to logistics-industrial use, located in the municipality of Sant Esteve Sesrovires, in Barcelona.

The land, owned until now by the Consum group, spans 30,665 m3; and Baraka is going to build a 19,213 m2 complex on the site, split into modules of around 6,000 m2, with the aim of leasing them to three operators, said the company. Currently, Baraka is negotiating with two companies interested in the project, say sources at the group, speaking to Expansión.

Sources at the company highlight the location of the future platform in the “strategic enclave of the Can Estella industrial estate, located next to the A-2 and AP-7 motorways, which connect the Mediterranean Arc with Barcelona, the main traffic route from Europe through the Mediterranean and Pyrenees, with Madrid”.

In total, Baraka is going to invest €15 million in this project.

In parallel to this industrial project, Baraka is working on the marketing of the commercial area of Edificio España, the property that it acquired last June from the Chinese Wanda Group, only to immediately sell it onto RIU Hotels.

In addition to the Edificio España operation, Casanova acquired a building on c/Preciados 13, also in Madrid, as well as the adjacent building, which houses the Carlos V Hotel. In the case of c/Preciados 13, Baraka has teamed up with the real estate group Hines, which is acting as the financial partner, whilst the Spanish firm is taking care of the building work and the search for a new tenant.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Xunta de Galicia to Build 1,600 Social Housing Properties in Vigo

6 February 2018 – Inmodiario

The Councillor for Infrastructure and Housing at the Xunta de Galicia, Ethel Vázquez, has revealed that the Xunta de Galicia is going to finalise the reurbanisation and repair work that it is carrying out in the Vigo neighbourhood of San Paio de Navia before the summer with a regional investment of €750,000.

Today, Vázquez paid a visit to the site to supervise the on-going work, accompanied by the Xunta’s regional delegate in Vigo, Ignacio López-Chaves. Whilst there, Vázquez reported that, in parallel, the Galician Government is pushing ahead with the process to acquire the land needed for the second phase of that estate, which will allow for the construction of 1,600 social housing properties in Vigo.

In comments to the media, Vázquez confirmed that, through an investment of €10 million already made, the Xunta has obtained almost all of the 130,000 m2 of land needed for the second phase of San Paio de Navia.

Once the Town Hall of Vigo has granted the initial approval for the modification of the partial plan for the expansion of San Paio de Navia, the Xunta will immediately begin the land exchange process with the interested owners. The Councillor added that, once definitive approval has been obtained for that partial plan, it will be possible to begin the tender for the urbanisation work.

According to her comments, the planned expansion of San Paio de Navia is an “integrated action” that, as well as facilitating the construction of almost 1,600 social housing properties, will also allow for improvements to be made to access routes, as well as the creation of more parking spaces and increases in public services.

In terms of the reurbanisation and repair works visited today, Ethel Vázquez stressed that they are necessary due to the growth in the population and the activity in this area. They extend to four streets: Poza Cabalo, Limpiño, Lamelas and Pedra Seixa and span a total of 1,300 m2 (…).

Original story: Inmodiario

Translation: Carmel Drake

First 100,000 m2 Of Land at Vigo’s new Logistics Platform Will Be Sold for €50/m2

28 November 2017 – Inmodiario

The councillor for Infrastructure and Housing at the Xunta de Galicia, Ethel Vázquez, has attended a meeting held by the Commission for the Monitoring of the Industrial Logistics Platform in Salvaterra-As Neves (PLISAN), where it was agreed that the tender to sell the plots contained therein should be convened before the end of the year. An incentive will be offered to entice buyers: the first 100,000 m2 of land will be sold at a discounted price of €50/m2.

At the meeting, which was also attended by other representatives from the Xunta, as well as from the Port Authority and the Free Trade Zone Consortium of Vigo, it was also agreed that the companies that sign up to PLISAN will be able to access the land with surface rights equal to the conditions applied to parks by the Xunta. They are awarded for 30 years, extendable for another 30 years, with an annual fee of 1.5% of the sales price during the first 2 years, and the option to request an initial 1-year grace period; then, 2.5% during the next 2 years; and 3.5% from the fifth year onwards.

Moreover, the attendees at the meeting agreed to start the creation of a management company for the future maintenance of the facilities at the logistics platform. Vázquez Mourelle said that in terms of work, the construction of the general systems has now been completed.

The councillor specified that the activity, which required investment of €11 million, involved the construction of the roads, lighting and pipework necessary for the supply, sanitation, electricity, gas and telecommunications systems, which will serve all of the companies that set up shop on the plots in the PLISAN area.

In terms of the construction of the sewage treatment plant, the plans and construction were awarded together, for a combined amount of more than €3 million. The plans are now being drawn up and the construction work is expected to begin in 2018.

The councillor said that the administrative procedures for the sewage treatment plant will continue to move ahead in parallel, given that the start of the construction work has now been authorised and the cost will be covered by the Galician Building Institute (Instituto Galego da Vivenda el Solo). In this way, in December, the tender will be published for execution during 2018, with an investment of around €6.3 million.

At the meeting, a decision was also taken to approve the tender for the urbanisation of the logistics-business area that the Free Trade Zone Consortium of Vigo is going to build. Technical approval is currently being processed for the project to develop 400,000 m2 of land, work that will require the investment of more than €12 million. Like in the case of the water purification plant, the plan is for the contract for the construction work in the logistics-business area to begin in December, and for the work itself to be carried out in 2018.

Original story: Inmodiario

Translation: Carmel Drake