Caser Buys an Office Building in Central Madrid

14 December 2018 – Eje Prime

Caser has acquired a prime asset in Madrid. The Spanish insurance company has purchased a building on Calle Velázquez measuring 5,460 m2. The property, which is occupied in its entirety, is home to commercial premises and offices, according to a statement issued by the company.

The property is located at number 94 of the central street in the Spanish capital and its surface area is distributed over the semi-basement floor, the mezzanine floor and six upper floors. The amount of the operation has not been disclosed and the deal has been advised by the consultancy firm Savills Aguirre Newman.

The building, which dates back to 1920, is being incorporated into Caser’s real estate portfolio, which comprises assets located in Madrid as well as in other cities around the country. Of the properties in the Spanish capital, the firm’s headquarters in Las Tablas stand out, as do the assets distributed in strategic locations such as Calle Alcalá, Plaza de la Lealtad and Julián Camarillo, where Eurovision has just leased offices, as revealed today in Eje Prime.

Original story: Eje Prime 

Translation: Carmel Drake

Colonial Sells Office Building on c/Alcalá to German Firm Real I.S.

1 October 2018 – Europa Press

Colonial has sold an office building in the centre of Madrid to the German financial firm Real I.S. The property is located on Calle Alcalá and is leased to the Regional Government’s Ministry for Education, according to a statement issued by the purchasing entity. The consideration paid has not been not disclosed.

The property in question dates back to the 19th century and was renovated in the 1990s. It is located at numbers 30 and 32 Calle Alcalá, Madrid, in the centre of the city and comprises office space spanning 9,100 m2, distributed over seven storeys, plus two underground floors for parking.

Real I.S. highlighted the investment opportunity offered by the property given its location and long-term rental agreement, as well as the “positive performance” of the real estate market in Madrid.

Original story: Europa Press

Translation: Carmel Drake

Única Purchases a Portfolio of 5 Assets from AM Locales for €4.6M

27 July 2018 – Idealista

The Socimis are trading assets. Única Real Estate is getting out its chequebook for the first time since it made its debut on the Alternative Investment Market (MAB) to purchase a package of five commercial establishments from the Socimi AM Locales Property for €4.6 million. The assets are located on the main commercial thoroughfares of Madrid and Móstoles.

Única Real Estate is going to add to its portfolio a store at number 30 Calle Goya, another at number 31 Calle Augusto Figueroa and a third at number 310 Calle Alcalá, all in Madrid. In Móstoles, the assets are located at number 23 Avenida Dos de Mayo.

The total price of the premises described amounts to €4.6 million, and they span a combined constructed surface area of approximately 805 m2. “This purchase has been financed using own funds and with a mortgage loan from Bankinter for €2 million”, explain sources at the group.

Única Real Estate owns 35 retail premises in the Community of Madrid, with a combined value of €32.5 million, that generate annual rental income of more than €1.9 million. Currently, the Socimi’s capital is owned by 53 shareholders, including the company’s executives.

The Socimi, specialising in retail premises, has set itself the objective of investing at least €10 million each year on the purchase of new establishments in the Community of Madrid and other large Spanish cities. Única Real Estate, which made its stock market debut in June with a price of €25.25 per share, is also planning to undertake new capital increases over the coming months.

Meanwhile, AM Locales Property made its MAB debut last summer with a portfolio of 40 properties. The Socimi started its activity in 1990 and since then, has been undertaking a variety of real estate acquisitions in Spain. The company’s assets are, for the most part, commercial premises. Its properties are managed by Inversiones GB Balboa, which is controlled indirectly by the company (100%).

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

Ores Acquires 2 Commercial Premises in Madrid & León for €4.9M & €3.8M, Respectively

4 June 2018 – Eje Prime

Ores is ratifying its position as one of the most active Socimis in Spain in terms of acquisitions. The Socimi owned by Bankinter and Sonae has just purchased one commercial premise located on Calle Alcalá in Madrid for €4.9 million. That purchase was carried out after the Socimi signed a €140 million loan with ING, as revealed by Eje Prime.

The commercial establishment is located at number 157 Calle Alcalá and has a surface area of 374 m2. The premise is currently leased to the Tim Hortons restaurant group. The operation, according to sources in the sector, has been brokered by the real estate consultancy Aretail.

In addition, Ores has bought a commercial premise at number 13 Calle Ordoño II in León. That store, which has a surface area of 745 m2, is occupied by the Catalan fashion chain Mango as the tenant. The Socimi paid €3.8 million for the space.

“With these acquisitions, financed using available cash from Ores, the company is continuing to fulfil the investment objectives established in its business plan, in accordance with the financial parameters committed to with the shareholders”, add sources at the group.

These purchases form part of a new growth phase that Ores is embarking on, which is being financed by a €140 million loan. With this financial strength, the group is going to carry out new real estate acquisitions in Spain and Portugal. The group’s most recent purchases include two plots in Mejorada del Campo in Madrid for €6.6 million. With a surface area of 8,000 m2, they are both leased in their entirety to the Valencia-based supermarket group Mercadona.

The year 2018 is proving to be one of the most active for Ores in terms of property purchase operations. At the beginning of the year, the company invested €86 million in the acquisition of six commercial premises in Portugal (…).

Ores is aimed at private banking clients. Although its portfolio of assets is reduced, for the time being, the Socimi made its debut on the stock market with the aim of investing €400 million in high street retail premises, supermarkets, out-of-town retail parks (measuring up to 20,000 m2), bank branches and single assets with long-term leases and solvent tenants.

Bankinter and Sonae Sierra launched this new venture in the real estate sector in record time. The two groups constituted the company on 15 December last year and in just two months, carried out the process to create the vehicle, raised sufficient capital to bring it to life and completed its stock market debut.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Bankia Relaunches Sale of c/Alcalá 1 With Asking Price of €20M

16 April 2018 – Eje Prime

Bankia can’t make up its mind about c/Alcalá 1, one of its star assets in the centre of Madrid. The Spanish bank has put paid to the first process that it opened at the beginning of the year and is now launching a new round with a minimum sales price of €20 million, according to sources in the sector.

In the previous bid, which several investment funds participated in, the finalists were Arcano and Renta, after both submitted offers amounting to around €18 million, as revealed by Eje Prime.

Despite the offers, Bankia has now decided to seek refuge in a clause that allows it to exit the process if none of the bids proved attractive and has opted to launch a new tender with a higher minimum asking price, whereby taking advantage of the boom in the market.

The asset, which due to its façade would interest restaurant operators more than fashion retailers, has two floors: the first spans 458 m2, whilst the basement measures 405 m2.

The building, constructed in 1880, has a total surface area of 3,209 m2 and has housed the offices of the Community of Madrid’s Ministry of Finance and the Economy. Although it currently houses offices, compatible uses also include a hotel, commercial, administrative, healthcare, education and even residential (…).

Bankia’s other prime assets

In addition to the property on Calle Alcalá, Bankia’s asset portfolio contains a second property located in a prime enclave in the centre of the Catalan capital. That building is the former headquarters of Bankia in Barcelona, located at number 9 Plaza Cataluña. The property has a surface area of 1,000 m2 and has attracted attention from a large number of operators.

Although the objective with the branch in Madrid was to sell it, the strategy with the property in Barcelona is not so clear. According to explanations provided by the entity to Eje Prime, there are several options on the table, including a sale, but also the rental of the building to an operator or even investing in the property to renovate it (…).

Original story: Eje Prime

Translation: Carmel Drake

Renta & Arcano Bid for Bankia’s Former Branch on c/Alcalá (Madrid)

5 April 2018 – Eje Prime

The number of parties interested in one of Bankia’s star commercial assets in Madrid is being whittled down little by little. As Eje Prime revealed, last month, the entity opened an auction for its branch located at number 1 Calle Alcalá. After a period receiving offers, Arcano and Renta have been chosen to participate in the final round. Within the coming days, a decision will be taken as to who will end up acquiring the asset, according to sources close to the auction, who indicate that Arcano is currently best positioned in the race.

According to the same sources, a third group reached the final round but then withdrew due to the value that the asset may reach in the last round of offers. Arcano is one of the best-positioned players given the type of property up for sale; in recent months, it has acquired a handful of other assets with similar characteristics, such as the store at number 202 Calle Bravo Murillo that it purchased from Redevco for €12 million.

The highest offers submitted to Bankia for this latest asset amount to around €18 million, with those presented by Arcano and Renta Corporación proving most attractive to the banking institution (amounting to €18.3 million and €18.2 million, respectively, according to sources close to the operation). The asset, which is likely to interest restaurant operators rather than fashion firms given its (limited window) façade, comprises two floors: the first spans 458 m2, whilst the basement measures 405 m2.

In the event that Renta Corporación’s bid proves successful, something that is unlikely according to market sources, it could be the first move in a larger deal to acquire the whole building. Renta Corporación does not specialise in commercial assets but is an expert in the acquisition of entire buildings for their subsequent renovation. Moreover, the building did go up for sale in 2014.

Indeed, following the success of the sale of several assets, such as those located at numbers 18 and 3 Gran Vía for more than €26 million, and at number 8 Plaza Chamberí for more than €40 million, the Community of Madrid decided to try its luck with this property, located on Calle Alcalá, for which it was asking €10.7 million at the time.

The asset, constructed in 1880, has a total surface area of 3,209 m2 and used to house the offices of the Community of Madrid’s Ministry of Economics and Finance. Although nowadays it is used as offices, and its compatible uses include hotel, commercial, administrative, healthcare, education and even residential. Nevertheless, the Community of Madrid pulled out in the end and did not end up selling the building.

Bankia’s other prime assets

In addition to the premises on Calle Alcalá, Bankia’s portfolio of assets contains a second branch located in a prime enclave in the Catalan capital. It is the former headquarters of Bankia in Barcelona, located at number 9 Plaza Cataluña. That property has a surface area of 1,000 m2 and has received attention from a large number of operators.

Sources are Bankia have explained to Eje Prime that whilst the aim with the branch in Madrid was to sell it, the plans for the property in the Catalan capital are not as clear. According to the entity, it is considering several options, including a sale, but it may also lease the property to an operator and even invest in generating value from the asset by undertaking a renovation (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Solvia Invests €8M In Two Logistics Projects In Cataluña

4 October 2017 – Eje Prime

Solvia is strengthening its position in the logistics sector. The real estate company and property developer, which is owned by Banco Sabadell, is going to construct two new logistics platforms in Cataluña. These properties, in which Solvia will invest €8 million, will house the headquarters of Nexans and Mediapost and will be located in Polinyà (Vallès Occidental).

Solvia will finance the turn-key operations and will ultimately own the two assets, which are going to be built on land already owned by the bank, according to Expansión. Nexans and Mediapost, specialising in cable solutions and promotional marketing, respectively, will sign long-term lease contracts with Solvia.

Whilst Nexans’ warehouse will have a surface area of 7,200 m2 and will be ready by the first quarter of 2018, Mediapost’s space will have a surface area of 13,900 m2 and will be handed over during the first quarter of 2019.

In addition to developing its logistics business, Solvia is also boosting its commercial footprint across Spain. Its strategic plan includes opening 180 franchised branches and 36 own offices all over the country between now and 2019.

In addition, as Eje Prime revealed, Solvia plans to open branches in prime locations. The company opened a flagship store in the Spanish capital, on Calle Alcalá (in the heart of the Salamanca neighbourhood) during the first half of this year and has just opened an iconic office in the heart of Barcelona, at number 16, Ronda Universidad, a stone’s throw from fashion operators such as Zara and Desigual, as well as Apple’s flagship store in the Catalan capital.

The most recent business line to be developed by Solvia is that of real estate brokerage, with companies and investors. The company is strengthening its advisory and brokerage divisions, whereby positioning itself to compete with the main consultancy firms that operate in Spain, such as CBRE, Aguirre Newman, Cushman&Wakefield and Knight Frank, for example.

Original story: Eje Prime

Translation: Carmel Drake

Solvia Plans To Have 55 Estate Agent Branches By YE

7 September 2017 – Eje Prime

Solvia is fuelling its high street estate agent business. The servicer arm of Banco Sabadell plans to have more than fifty branches in Spain before the end of the year. The company already has 19 branches of its own spread all over the country and it plans to open around thirty franchises before the end of the year.

According to Cinco Días, Solvia’s strategic plan includes opening 180 franchises and 36 own offices all over Spain between now and 2019. The network of Solvia Stores sold 1,850 homes during the first seven months of the year, worth €233 million.

Moreover, as EjePrime revealed, Solvia plans to open offices in prime locations. The company opened a flagship store in the Spanish capital, on Calle Alcalá (in the heart of the Salamanca neighbourhood) during the first half of the year and has just opened an iconic establishment in the heart of Barcelona, at number 16 on Ronda Universidad, just a stone’s throw from fashion retailers such as Zara and Desigual, and the Apple flagship store in the Catalan capital.

In this way, Solvia is completing its strategy with a physical presence on the high street. For the time being, it has stores open in cities such as Sevilla, Madrid, Alicante, Oviedo, San Sebastián, Valencia, Marbella, Torrevieja and Badalona, amongst others.

The last line of business to be developed by Solvia is that of real estate broker on behalf of companies and investors. The company is boosting its advisory and broker team, in a move that will allow it to compete with the major consultancy firms in Spain, such as CBRE, Aguirre Newman, Cushman & Wakefield and Knight Frank, for example.

Original story: Eje Prime

Translation: Carmel Drake

Villar Mir Seeks 40 Luxury Brands For ‘Galería de Canalejas’

19 July 2017 – Eje Prime

More than nine million people visited Madrid in 2016. Of those, 4.6 million were foreigners. The museums, Royal Palace, Retiro Park and Santiago Bernabéu were some of the most popular attractions, although the centre of the capital took the biscuit, receiving the most visitors overall. This area is also home to the most luxurious hotels in Madrid and several more are currently being built there. Nevertheless, there is no shopping area to cater for these high-end visitors and hotel guests. And that is precisely the gap that the Canalejas complex wants to fill. And if it does so, the shopping arcade could revolutionise Madrid’s high street.

After more than ten years of abandon, the group of seven buildings located at the intersection of Calles Alcalá, Sevilla and San Jerónimo promises to become a wake-up-car for retail, especially fashion, in the centre of the capital. Promoted by OHL Desarrollos and Grupo Villar Mir, Madrid’s Canalejas Centre welcomed a new shareholder in February, with the arrival of the company Mohari Limited, in which the co-founder of Poker Stars, Mark Scheinberg owns a stake. His company purchased 50% of the complex for €225 million.

A Four Seasons hotel with 200 rooms, 22 private residences associated with the hotel, a 400-space car park and the shopping arcade will comprise the complex’s four main areas. The shopping arcade, which will link Calles Alcalá and Canalejas, will be the heart of the centre and has plans to welcome more than 2 million clients every year (of the 147 million people who move in the vicinity of the centre each year).

With a select client profile, the Galería de Canalejas will comprise a commercial space with a surface area of 15,000 m2, which will be home to more than 40 fashion, cosmetic/perfume and jewellery/watch brands (on the ground and first floors) as well as a restaurant area covering more than 3,000 m2 (on the lower ground floor).

Canalejas has already started to market the space and is getting ready to sign the first agreements with some of the high-end operators, which will take receipt of their stores in November 2018 ready to open their doors in 2019, at the same time as the rest of the complex.

There are no plans for any of the large retailers (such as Zara and Uniqlo) to open stores in the complex, given that the positioning of the centre and the space requirements of such players do not tally. According to the managers of the centre, the average asking prices for the stores are below the average for the area, given that the whole zone is conditioned by Preciados, the most expensive street in Madrid for opening retail premises.

With the aim of securing around forty brands to occupy the premises, which will measure between 40 m2 and 400 m2 each, Canalejas is looking for high-end, premium firms in the fashion, jewellery and cosmetics segments (…).

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

Prosegur’s Owners Buy BBVA Seguros’ Former HQ For €23M

12 July 2017 – Eje Prime

Family offices are continuing to gain prominence in the real estate business with the help of their chequebooks. In the latest deal, the Revoredo family, which owns the security company Prosegur, has purchased an office building located at number 17 on Madrid’s Calle Alcalá from the family office Casticapital. Until about a year ago, the property housed the headquarters of BBVA Seguros.

The sale, executed through Gubel, the Revoredo family’s real estate company, was closed for a price of approximately €23 million, according to Expansión. Casticapital has sold off the asset just seven years after purchasing it. One of the projects that the group was considering before selling the property was the conversion of the building into a hotel.

The asset in question has eight floors plus a ground floor, with a total above ground surface area of around 3,000 m2. The Casticapital family office acquired the building from BBVA in a sale and leaseback operation (sales contract and subsequent lease) for around €18 million.

The property, which is located a stone’s throw from La Puerta del Sol and close to the Canalejas Complex, was home to the headquarters of the insurance company Hércules Hispano for many years.

Nevertheless, the building has been empty for approximately one year, after BBVA moved its insurance subsidiary to the bank’s central headquarters in Las Tablas (Madrid). That move came shortly after the end of the term that the bank was obliged to occupy the property for, according to the terms of the sale and leaseback contract signed in 2010.

Original story: Eje Prime

Translation: Carmel Drake