Tag: Calle Genova

Invesco & Niöra Acquire Residential Building In Madrid For €30M

18 October 2017 – Eje Prime

Another new partnership has been formed in the real estate sector. Invesco Real Estate, the global real estate investment management firm, and Niöra Real Estate, the real estate investment firm belonging to the Levante Capital Partners Group, have joined forces to purchase the property located at number 7 on Calle Génova, in Madrid. The project will involve a total investment of more than €30 million.

The real estate operation between Invesco and Nïora Real Estate marks the beginning of a collaboration between the two companies to create a series of luxury real estate projects, given that the two entities are already working together on the completion of a second operation before the end of the year.

The building, constructed at the beginning of the last century, is located in the Almagro district of Madrid, one of the wealthiest in the capital. Génova 7 comprises seven above-ground floors and one underground floor, spanning a total surface area of 6,088 m2. The property is going to be completely renovated to create retail premises on the ground floor and luxury residential units on the upper floors. The renovation, which is expected to be completed in 2019, will begin at the end of this year and Niöra Real Estate will be responsible for managing the project.

Niöra Real Estate specialises in originating real estate opportunities based on analysing the fundamentals in the market; repositioning assets, advising on the modification of features to improve their value; and optimising exit strategies and divestments.

Meanwhile, Invesco Real Estate currently has around $65,000 million in assets under management, which it handles through 21 offices around the world. This new acquisition is being incorporated into its European portfolio containing more than 130 assets in 13 countries, worth around $9,000 million.

Original story: Eje Prime

Translation: Carmel Drake

Catella Buys 216 Homes In Madrid For €23.5M

13 February 2017 – Eje Prime

Catella Asset Management Iberia, the real estate fund manager that the Catella Group operates in Spain and Portugal, is continuing to invest in property in our country. The company has acquired 216 homes in Madrid, in an operation worth €23.4 million, according to a statement.

This operation follows a transaction that the company completed last month, when it acquired two residential properties in the Madrilenian suburb of Pinto for €24 million. Those two buildings have a total constructed surface area of 18,092 m2, distributed over 216 homes, 216 parking spaces and 216 storerooms. Those properties have an occupancy rate of 93% of the leasable surface area.

Following these two operations, Catella has accumulated a portfolio under management worth €100 million, during its first year of activity. Just over two months ago, it completed four transactions: three operations involving the purchase of residential properties located in Madrid (in Barajas and on Calle Génova) and Barcelona (in Poblenou); plus the purchase of the Portal Mediterráneo shopping centre in Vinaroz (Castellón).

Catella specialises in the real estate investment and management sectors, as well as in fund management and banking. It has a strong presence across Europe, with 500 professionals distributed across its offices in 12 countries. In Spain, the group operates two distinct activities: Catella Asset Management Iberia (Catella AM) and Catella Property.

Original story: Eje Prime

Translation: Carmel Drake

Catella Buys 3 Residential Buildings In Madrid & Barcelona

5 December 2016 – Real Estate Press

Catella Real Estate, which is headquartered in Munich, has acquired 277 homes in Berlin, Madrid and Barcelona for €92.7 million, which it will incorporate into its real estate fund Catella Wohnen Europa. The acquisition forms part of the fund’s investment strategy to acquire residential properties across Europe into its portfolio.

“The Spanish market is enjoying a sustainable recovery. Specifically, in Madrid and Barcelona, there are currently some very attractive investment opportunities. Through our Catella network and in collaboration with our asset management and investment platform in Spain, we have identified and executed these excellent acquisition opportunities for our investors”, said Markus Wiegleb, Portfolio Director at Catella.

The Spanish residential portfolio comprises a surface area of 13,469 m2 in total. The fund has acquired two properties in Madrid: the recently renovated building on Calle Genova, 5 for €23.9 million, which was contructed in 1900 and which contains 24 homes; and the modern property on Calle Alaró 4, built in 2008, with 82 residential units, which was acquired for €12.9 million. The third Spanish property, Rambla Poplenou 124 in Barcelona, was constructed in 2002 and contains 59 residential units. It was acquired for €23.7 million. (…).

“Catella has a strong local presence in Europe, with offices in 12 countries. Moreover, we work in partnership with a large number of local companies in other European countries. Our extensive knowledge of the real estate sector and our pan-European reach allows us to access unique investment opportunities for our investors across Europe”, said Xavier Jongen, Project Director at Catella in the residential real estate funds division.

Original story: Real Estate Press

Translation: Carmel Drake

Colonial Buys An Office Building On c/Génova For €36M

31 July 2015 – Idealista

The real estate company Colonial has announced the acquisition of a prime office building measuring 5,000 m2, located at number 17, Calle Génova for €36 million. The property is leased to several high profile companies and represents the third purchase made by the company in the office segment this year.

The property, located at number 17 of the Madrilenian street of Génova, has a surface area of almost 5,000 m2 and 70 parking spaces. It is currently leased to several leading companies, whose names have not been disclosed. (…).

The real estate company, in which Juan Miguel Villar Mir holds a stake, said that “the prime position of this building, thanks to its central location, is strengthened further by its recent comprehensive renovation, its “very good” BREEAM certifications and its “A Rating” Energy Certificate, which certify that all of the construction components have been reviewed, to ensure the utmost energy efficiency and sustainability”.

The transaction, which was closed during the first half of the year, was advised by BNP Paribas Real Estate and is the third made by the company in the prime office sector this year.

In fact, after spending €36 million on this building, Colonial’s total investment this year amounts to €125 million. The three buildings that it has purchased in Madrid’s business centre have a combined above-ground area of around 26,000 m2.

The appetite for prime office blocks in the capital is high due to the scarcity that exists in the market for this kind of product, which attracts high quality demand and maximum rental prices. (…).

This latest operation fits perfectly into the real estate company’s new strategy, which consists of growing in the office market in the three major cities in which it has a presence: Madrid, Barcelona and Paris.

Original story: Idealista

Translation: Carmel Drake