Tag: business park

Alantra Leases 5,000 m2 of Office Space in Rivas Futura (Madrid)

27 February 2019 – Eje Prime

Alantra Reim has leased 5,000 m2 of offices in 521HUB, the business park that the company manages in Rivas Futura (Madrid). The complex comprises two twin, independent buildings located on Calle Marie Curie in the Madrilenian municipality, which span a total surface area of 43,500 m2.

With this operation, Alantra Reim, the Alantra Group’s real estate investment and asset management platform, is starting to occupy Building I in this business park, which the company purchased in July 2018 from the Spanish family office Autocampo. The other twin building is leased almost in its entirety, according to a statement issued by the company. This operation has been advised by the consultancy firm CBRE.

The 521HUB business park is located between the towns of Rivas Futura and Rivas Vaciamadrid, just twenty kilometres from Madrid, and has office spaces available from 1,500 m2 up to 17,000 m2.

In addition to its office assets, Alantra Reim, led by Luis Iglesias, also operates a line of business in the hotel segment. Last year, in Spain, it acquired the Islantilla resort in Huelva and Hotel Denia La Sella in Alicante.

Original story: Eje Prime

Translation: Carmel Drake

Mapfre Sells Office In Madrid To GMP For €72M

7 April 2017 – Expansión

Yesterday, Mapfre agreed to sell an office building in Madrid to the real estate group GMP for €72 million. GMP will completely refurbish the property from 2018, according to a joint statement issued by the two companies.

The building, located on Calle Manuel Cortina, in the district of Chamberí, has a gross leasable area of 14,424 m2, with ten office floors and a ground floor that is used for commercial purposes. Moreover, it has three underground parking floors, with 368 parking spaces.

At the moment, the property’s main tenant is Mapfre, but the insurance firm will vacate the office floors at the end of 2017. Nevertheless, it will continue to occupy the majority of the commercial space on the ground floor over the long term.

The Director General of Business at GMP, Xabier Barrondo, highlighted that the operation “is another example of GMP’s commitment to investing in high-quality office buildings and business parks”.

Meanwhile, the Director General of Mapfre Inmuebles, Melchor García, explained that the sale “formed part of the insurance company’s policy to rotate its real estate assets and diversify its portfolio”.

Original story: Expansión (by I. García)

Translation: Carmel Drake

GreenOak Buys Vallsolana Garden Business Park For €25M

31 March 2017 – Cinco Días

The US fund GreenOak is continuing its commitment to the Spanish real estate sector with another acquisition. It has just closed the purchase of the Vallsolana Garden Business Park, located in Sant Cugat del Vallès (Barcelona) from the Swiss entity UBS for €25 million, according to market sources. The operation has been advised by Cushman & Wakefield.

The complex has a surface area of almost 20,000 m2, spread over two office buildings. Each one of the independent properties has four floors. The facilities house the headquarters of companies such as Adidas, Everis and Eurofragance.

GreenOak will add these offices to its ever-growing portfolio in Spain. Last year, the fund purchased four buildings in the Avalon business park, on the Julián Camarillo industrial estate in Madrid from Santander.

Nevertheless, to date, its only major acquisition in a single operation was made last year when it acquired the Las Mercedes business mega-complex, next to Barajas airport. That park has a surface area of 78,000 m2 and comprises nine buildings. In that case, it paid around €140 million to Standard Life, according to sources in the sector.

GreenOak is also preparing to launch its second real estate specific fund in Spain, with an expected investment capacity of around €900 million.

The building in Sant Cugat includes services such as padel courts, a gym, a games room, an auditorium and a lounge. In addition, the business park has around 400 parking spaces. The site’s currently occupancy rate stands at 80%, according to sources in the sector.

The business park is located in one of the most powerful business centres in Barcelona, in the city of San Cugat, which attracts numerous companies.

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

Sareb Sells 14,400m2 Plot Of Land In Madrid To Insur

12 December 2016 – La Opinión De Málaga

Sareb has sold a plot of land in Madrid measuring 14,400 m2 to the Andalucian real estate company Grupo Insur for the construction of a business park. The land is located on Paseo de los Melancólicos, close to the Manzanares River and inside the M-30 ring-road. With a buildable surface area of almost 27,000 m2, the plot has the capacity to house nine above ground floors, plus several underground parking floors, according to Sareb.

The operation, which has been conducted through Solvia, one of Sareb’s property managers, generates value from an asset located in an sought-after area, following the renovation of the Manzanares riverbank thanks to the Madrid Río operation.

“This asset is located next to the plots of land that form part of the Mahou-Calderón operation and is close to the Palacio de Oriente. It is well connected and is surrounded by an established urban network, which offers a wide variety of shops and services. The current sale comes in the context of the reactivation of the office segment, driven by a notable decrease in the availability of such assets, in particular in the primary markets of Madrid and Barcelona”, said the company. During the first six months of 2016, Sareb sold 625 plots of land across Spain, from both its own portfolio as well as from the balance sheets of its debtors. Most of these operations were closed in: Community of Valencia, Cataluña, Murcia and Andalucía.

Overall, during the first six months of the year, Sareb sold 5,590 properties (residential assets, land and tertiary properties) and recorded revenues of almost €1,400 million. 52.4% of those revenues were generated from the management of its loans and the remainder from the sale of both properties (26%) and loans (almost 20%).

Original story: La Opinión De Málaga

Translation: Carmel Drake

Family War Between The Owners Of La Finca

24 August 2016 – Expansión

An open war is raging between members of the García-Cereceda family, owner of Procisa, the property developer of, amongst other assets, the exclusive La Finca business park in Madrid.

The carve out of the property developer and the subsequent entry of the US fund Värde has represented a new chapter in the battle between Susana and Yolanda García-Cereceda, both daughters of the founder of Procisa, Luis García Cereceda, who died in 2010, and both heiresses of the family empire.

As a result of this latest encounter, a ruling from Commercial Court number 11 in Madrid, on 18 August, decided to partially adopt the injunction requested by Mercedes López, the mother of Susana and Yolanda García-Cereceda, regarding the total carve out of Procisa.

The carve out of Procisa

The carve out was approved at a general shareholders’ meeting held on 26 July 2016. Specifically, the shareholders approved the decision to divide Procisa’s assets between La Finca Global Assets – owner of the carved out company’s real estate assets, which manages the leases of the offices and retail premises; La Finca Somosaguas Golf – which included ownership of a urban development area for luxury residential use that can be executed immediately, known as Casablanca – and finally, La Finca Promociones y Conciertos Inmobiliarios (owner of Procisa’s remaining assets and liabilities).

This carve out plan also involved the entry of the US fund Värde into the office business, as Expansión revealed in April.

This line of business is the group’s most profitable and it includes, amongst other assets, La Finca business park, located in Pozuelo de Alarcón, whose tenants include multinationals such as Orange and Microsoft.

Entry of Värde

Procisa, chaired by Susana García-Cereceda, had reached an agreement to sell 40% of its office business to the fund Várde, with Procisa retaining ownership of 100% of the residential business.

According to that plan, Susana García-Cereceda would lead the two areas. The entry of new members with experience and background in the sector was also planned, to complete the organigram of the new real estate company.

Nevertheless, this decision had not been approved by all of the company’s shareholders. Some voices against the negotiations argued that the complete carve out had not been referred for consultation to the Tax Authorities or other tax bodies to confirm the existence or otherwise of tax benefits in terms of exemption from Corporation Tax.

According to sources close to the opposing shareholders, if there are no tax benefits in terms of Corporation Tax, then the younger daughter of García-Cereceda, Yolanda, and her children, would be “seriously harmed”.

The legal ruling on 18 August requires the Commercial Registrar to suspend the inscription of the corporate operation agreed at the general shareholders’ meeting in July. This decision, therefore, hampers Värde’s entry into Procisa’s office business. (…).

According to the ruling, the suspension must remain in force until the Tax Authorities have issued their binding opinion regarding the existence or otherwise of tax benefits in terms of Corporation Tax. (…).

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

GreenOak Purchases Las Mercedes Business Park For €140M

24 June 2016 – Expansión

The US fund GreenOak Real Estate has purchased the Las Mercedes business park in Madrid from Standard Life Investments for around €140 million, according to sources close to the deal.

In 2004, Standard Life Investments invested around €150 million in the construction of the business park, located on the outskirts of Madrid next to the A-2 motorway. The business park, located on Calle Campezo 1, opposite Madrid Barajas airport, is just a few metres away from the Plenilunio shopping centre – measuring 70,000 sqm – owned by Klepierre.

Covering 78,500 sqm, the business complex comprises nine office buildings and a private garden. Constructed on a plot of land measuring four hectares, the complex includes a common area with two cafeterias, a restaurant, a supermarket, a courier service and a gym. The business park is served by public transport and a shuttle bus, which connects it with Madrid. In addition, the business park has parking spaces with capacity for 1,652 vehicles.

The Las Mercedes business park is currently occupied by tenants such as Altran, Applus, la Agencia Española de Medicamentos y Reguladora and Xerox. Clifford Chance, Jones Lang LaSalle (JLL) and Gleeds have advised the buyers, whilst Gomez-Acebo &Pombo and CBRE have advised the sellers.

GreenOak, which opened its office in Madrid in 2015, has been very active in Spain. Last year, it acquired the Sevilla Factory shopping centre and a building on the Madrilenian Calle Fuencarral. In addition, in 2014, it joined forces with Baupost and Lar to purchase seven properties located in Madrid, Málaga, Barcelona, Burgos and Alicante.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Procisa To List La Finca Business Park As A Socimi

12 May 2016 – Cinco Días

The real estate company Procisa is finalising a major corporate restructuring process, which will culminate in the IPO of its office business. The company, renowned for having constructed the luxury La Finca urbanisation in Pozuelo de Alarcón (Madrid) will separate its activity into two companies. The residential development business will be called La Finca Procisa and the RE asset business will be called La Finca Global Assets.

The new RE asset (offiec) company will be converted into a listed Socimi, according to sources familiar with the operation. These types of companies have the advantage of being exempt from corporation tax, in exchange for having the obligation to distribute dividends every year. Like all Socimis, La Finca Global Assets will have a period of two years to debut on the stock market.

From the beginning, the Socimi will benefit from having Värde Partners as one of its shareholders – the US fund is currently finalising the acquisition of a 40% stake in the real estate company. The fund, created in Minnesota (USA) in 1993 has been very active in the Spanish market in recent years. (…). The consideration to be paid by Värde in this operation has not been revealed, but the deal is expected to close within the next few days.

The company, founded by the late Luis García Cerceda, is now being led by the second generation – Susana García Cereceda is the Chairman, and it controls the property developer through the holding company Michigan 42. The real estate company recorded revenues of €83.8 million in 2014, the most recent figures available in the registry, and losses of €19 million, along with long-term debt of €511 million.

The new Socimi’s main asset is the La Finca business park in Pozuelo, constructed alongside the luxury residential urbanisation where several footballers live, including Cristiano Ronaldo, Karim Benzema and Fernando Torres. The complex comprises 20 buildings, including 16 offices.

Tenants include companies such as Microsoft, Orange and Accenture. The Hotel AC La Finca is also located there. It is one of the most sought-after business parks in Madrid, given that it has just 0.3% of free space, according to market sources (…).

The future Socimi Finca Global Assets will manage a surface area of offices covering 227,000 sqm. As well as the complex in Pozuelo, the company also owns other office buildings, which will be included in the operation. These include the Marcelo Spínola business centre, constructed in 1991, comprising seven buildings.

In the Méndez Álvaro area, the company owns the Torre Suecia, which is currently leased to the technology firm Ericsson. Close to the A-2, it manages the Martínez Villergas business centre, which houses, for example, Warner’s headquarters in Spain. Moreover, it owns other office buildings on the sought-after streets of Serrano and Almagro.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Lone Star Puts Adequa Business Park Up For Sale

6 May 2016 – Cinco Días

The US fund Lone Star is going to put the Adequa business park up for sale, which it acquired after taking on the debt of the inactive real estate company Bami Newco. Adequa will be put on the market within the next few weeks and will be marketed by the brokers Knight Frank and JLL.

These consultancy firms received the exclusive joint-mandate to handle the sales process, which will be presented to a small group of investors only.

Adequa is one of the largest business parks in Spain. It has a total surface area of 120,813 sqm and contains six office buildings, as well as a service centre with commercial space measuring 5,013 sqm, including a gym, restaurants, a pharmacy, a nursery and three padel courts. The park is located next to the A-1 highway, in the new neighbourhood of Las Tablas.

This business park is home to the headquarters of Renault in Spain, for xample. Moreover, construction is on-going at the site, to build a new space, measuring 44,885 sqm, which will be divided into two buildings, one of which will be a central tower with office space covering 29,095 sqm.

Bami Newco, the real estate company controlled by Joaquín Rivero following his departure from Metrovacesa, filed for liquidation last year, at the company’s own request under the Bankruptcy Law, with debts amounting to €652 million. At that time, the assets, basically the business park itself, were worth €726 million.

Original story: Cinco Días (by A.S.)

Translation: Carmel Drake

IBA Capital Buys Vodafone’s HQ In Madrid

5 October 2015 – Cinco Días

The real estate fund manager IBA Capital Partners has purchased Vodafone España’s headquarters in Madrid through its Socimi Iberia Nora, on behalf of Zambal Socimi SA. It has also agreed a long-term rental contract with the telecommunications company.

In a statement on Saturday, IBA Capital said that this operation represents an important addition to the group’s portfolio of real estate assets, valued at €650 million.

Vodafone España’s headquarters are located in a business park comprising five buildings, with a total surface area of 50,000 m2 and 1,500 parking spaces.

IBA Capital Partners, Investment and Asset Manager, which is itself headquartered in Madrid, said that it had been one of the first groups to back the recovery of the real estate sector in Spain in 2013.

The group’s portfolio of assets includes the headquarters of several organisations and corporates including: the Ministry of Foreign Affairs, Unión Editorial, Día, Enagás and BMW in Madrid, as well as the ABC Serrano shopping centre, also located in the Spanish capital.

The managing partners of IBA, Jesús Valderrama and Thierry Julienne, highlighted that their objective is to “continue investing through Zambal, in high quality assets in Madrid and Barcelona and in other high added value assets in Spain’s other major cities”.

Original story: Cinco Días

Translation: Carmel Drake