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

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

Zara Vacates Redevco’s 2,300m2 Store On c/Goya

30 November 2017 – Eje Prime

Redevco ends the year with another store up for rent. The fund that specialises in retail has terminated its contract with Zara, the main brand of the Galician giant Inditex, after it closed one of its flagship stores in Madrid, located at number 47 Calle Goya. The store in question has been owned by Redevco for seven years, according to sources at the group, and has a retail surface area of 2,300 m2.

The Pan-European investment fund acquired the premises in June 2010 for €27 million. At the time, it signed a long-term lease contract with Zara, which had operated in the store since 2005. The fashion chain, which closed its doors on 27 November, will continue to operate in the area from its stores located at number 23 Calle Serrano and number 16 Calle Conde de Peñalver.

Inditex’s main chain has great penetration in the Spanish market. Currently, the chain operates more than 2,236 stores all over the world, of which 434 are located in Spain, as at the end of the first half of 2017.

Zara’s departure from the premises will allow Redevco to renegotiate the rent with a new operator. Currently, the average rental price for a store on this shopping street is €120/m2/month, with maximum rents reaching €170/m2/month. Calle Goya has almost 100 shops and an average return of 4.8%.

Redevco manages almost 50 real estate assets in Spain and Portugal, worth €800 million. The company, led in Spain by Israel Casanova, who sits on the fund’s management board, and Jordi Soriano, Director of the asset portfolio, employs a team of 17 professionals.

In recent months, the group has strengthened its team in Spain. In March, the company appointed José Carlos Torres, formerly of Aguirre Newman, as the new Head of Investments for the group to lead the fund’s acquisitions team in Spain and Portugal (…).

The fund, which manages more than 173 rental contracts across the Iberian Peninsula, has more than 300,000 m2 of retail space under management. Redevco is clearly focused on the acquisition of commercial opportunities and on the administration and management of assets for third parties (…).

Around the world, Redevco manages a portfolio of more than 400 assets located in the main shopping areas of Germany, Austria, Belgium, Spain, France, Hungary, Luxembourg, The Netherlands, Portugal, the UK and Switzerland (…).

Original story: Eje Prime (by Custodio Pareja and Pilar Riaño)

Translation: Carmel Drake

The Montejo Family Puts 2 Prime Stores In Madrid Up For Sale For €20M

30 October 2017 – Eje Prime

The commercial real estate segment is continuing to revolutionise Madrid. The latest operation is being prepared by the family office owned by the Montejo family of jewellers, which has put two of its prime stores in Madrid up for sale. The company has put a package of two establishments on Calle Goya on the market for €20 million, according to sources at the group speaking to Eje Prime.

The operation, advised by the company specialising in real estate management and consultancy TBCA, comprises, on the one hand, the store at number 25 Calle Goya, which has an asking price of €11.5 million. The establishment, which is currently occupied by Joyería Montejo, has a retail surface area of 158 m2 and a façade of 9m.

On the other hand, the Montejo family has also put a second store in Madrid up for sale, also located on the prime thoroughfare. Located at number 43 Calle Goya, that establishment is currently leased to the Italian firm Kiko, specialising in cosmetics. The asking price for that retail asset is €7.6 million and it has a retail surface area of 164 m2, spread over two floors.

The Montejo family, which has awarded the exclusive mandate for the sale of this package of assets to TBCA, also has other investments in Madrid, in the industrial and residential segments, although for the time being, no other parts of its portfolio are up for sale, according to sources at the real estate company.

In recent months, family offices have become the most active players in Spain’s real estate sector. With the search for the creation of trans-generational value, these types of vehicles are diversifying with the acquisition of their assets, in terms of geography, products and clients, in search of robustness with sustainable investments.

In this way, retail assets have become the currency of exchange for this kind of company, which either divest these types of products or negotiate better rents to get more out of them. Such is the case of the Madrilenian Lurrueña family, which has just leased the premises at number 54 Calle Serrano to the Prada group, which is opening a Miu Miu store. The establishment has a surface area of 250m2 spread over two floors and was occupied until now by the historical Lurrueña shoe shop, also owned by the family. (…).

But, the activity is not limited to Madrid alone. The family offices are also active in Barcelona. Although the city has lots of high profile players, such as the Tous family, Caboel, owned by the founder of Caprabo, and the Andic family, owner of the Mango fashion retail group, the latest real estate group to star in an operation of this kind in the Catalan capital, has been the Carcassona family, which has leased its store in Portal de l’Àngel to Inditex.

As Eje Prime revealed, the historical haberdashery Mercería Santa Ana, owned by the Catalan Carcassona and Capdevila family, will close its doors, located at number 26 Portal de l’Àngel, after signing an agreement with the Galician giant to open a large format store for its underwear and sportswear brand Oysho (…).

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Uniqlo Signs Lease To Open Mega-Store In El Jardín de Serrano (Madrid)

22 September 2017 – Eje Prime

The Revilla brothers are making their investments profitable. The company Hermanos Revilla, which specialises in the acquisition of real estate assets in Madrid, has signed a pre-lease contract with the Japanese fashion chain Uniqlo to open a mega-store in El Jardín de Serrano, a shopping arcade in the heart of the Salamanca neighbourhood. According to sources close to the operation, the store will be opened by 2020 and will see the conversion of the arcade into a single store.

El Jardín de Serrano is located at number 6 on Calle Goya, in the heart of the Salamanca neighbourhood of Madrid. Uniqlo will occupy two floors of the property, specifically the first and basement floors, which together span approximately 1,300 m2. The property, which will be subject to a comprehensive renovation, has been on the market for a long time and had also received interest from groups such as Primark and H&M.

According to the same sources, the rental contracts of all the retail establishments that currently occupy the arcade expire in 2019. In this way, Uniqlo and Hermanos Revilla will have a period of one year to carry out the necessary construction work to transform the property into a large format store. Professionals in the sector consulted by Eje Prime say that Uniqlo will pay rent of approximately €2.5 million per year.

El Jardín de Serrano underwent a remodelling project in 2011. It has a total surface area of 3,700 m2, spread over four floors. If Uniqlo does end up moving into the property (it has included a cancellation clause in the pre-lease contract, to be invoked in the event that “a better opportunity arises”), then the two upper floors will continue to be used as offices. This will represent the fashion chain’s first store in Madrid.

Sources at Hermanos Revilla declined to comment about the deal, whilst some of the establishments that currently operate in the shopping arcade confirmed that they are aware that negotiations are underway for a fashion brand to open a large store in the building.

Hermanos Revilla is one of the main investment families in the real estate sector in Madrid. The company owns a portfolio of properties comprising office buildings and shopping centres, such as the case of El Jardín de Serrano.

Currently, Hermanos Revilla own a dozen office buildings located in the financial district of Madrid, including iconic assets on Paseo de la Castellana, where it owns number 41, the buildings at numbers 29 and 8 on Calle Goya (which together span a surface area of more than 10,000 m2 for offices and retail use) and number 35 on Calle Jorge Juan.

Hermanos Revilla also owns other properties in the Chamberí area, with a building at number 2 on c/José Abascal; in Chamartín, with an asset at number 132 on Principe de Vergara; the Musgo 1 and Musgo 3 buildings in the Moncloa area and four buildings on the outskirts of Madrid, in the M-30 and A-2 districts.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Saint Croix Acquires Blanco Store On c/Goya For €15M

13 February 2017 – Eje Prime

Saint Croix, the Socimi owned by the Colomer family, has won the bid to acquire the Blanco store located on Calle Goya in Madrid. The company has spent €15 million on the premises, which several other investors, including Jesús Antúnez, also bid for. Antúnez came close to winning, but Saint Croix took the prize in the end.

The Socimi owned by the Colomer family (which also owns the real estate developer Pryconsa) has spent €15.25 million acquiring the property, which has a gross leasable area of 863 m2. In other words, it has paid a price equivalent to more than 17,600/m2. The company has also acquired two parking spaces as part of the operation.

Until now, the premises were owned by the real estate arm of the former owner of the Madrilenian chain Blanco (which specialises in fashion retail), namely, Inversiones Blasol. The company, whose administrator is Bernardo Blanco Moreno (son of the founder of the Blanco fashion chain) and which was constituted in 19991 with the corporate purpose of leasing real estate assets, filed for voluntary creditors’ bankruptcy in December 2014 in Commercial Court number 10 of Madrid. The company is now in the middle of negotiating its bankruptcy arrangement.

Inversiones Blasol has several other assets up for sale, including a store on Calle Pelai, 1 in Barcelona. That establishment has a commercial area of 200 m2. Jesús Antúnez also bid for those premises, and sources consulted by Eje Prime report that he offered €4 million.

According to the most recent results filed by the company, as at 30 September 2016, the Socimi had a portfolio comprising 209 assets, worth €339.26 million. They include retail premises, such as the Zara store on Conde de Peñalver (Madrid) and several supermarkets leased to Día; office buildings such as CLH’s headquarters on Calle Titán; and several four- and five-star hotels on Isla Canela (Huelva), managed by chains such as Iberostar, Meliá and Barceló.

Original story: Eje Prime

Translation: Carmel Drake

The Luksic Family Buys Hotel Adler In Madrid

22 December 2016 – El Confidencial

It is located on one of the most important corners in Spain. The intersection of Calles Velázquez and Goya has been home to the Hotel Adler for decades. It is one of the most ancestral establishments in Madrid, renowned for its restaurant, Nimú Bistró, and for its maximum discretion, a virtue that led it to host some of the most important business people and politicians in the country.

Reigned over by the Vázquez family, one of the most important entrepreneurial dynasties from Castilla y León, the property said goodbye to its last client this week and on Sunday, according to sources in the know, it will finish making all of the staff redundant; the employment contracts are more than a decade old in many cases.

This drastic decision is the result of the sale of the building, in an operation that began to take shape, with the discretion that characterises the Adler, four years ago, and which has been finalised this month, with the closure of the establishment.

In December 2012, the Luksic family, the wealthiest fortune in Chile and one of the most important in the world, acquired the hotel’s presidential suite by purchasing the property that houses it for almost €27 million. Nevertheless, the Vázquez family reserved the right to purchase it for five years and manage the hotel for the same period, which means that, initially, it will only receive a profit of €8.4 million from this operation.

Over the next two years, a special plan was processed to change the use of the property to retail and offices, work that was performed by Ruiz Barbarin Arquitectos (…).

In December 2015, the Vázquez family declined to exercise its call option, two years early, and sold the property for €19 million “by virtue of a contract signed with Topland Investments”, according to a statement in the audit report for the company Iova, through which the family used to control Hotel Adler.

Behind Topland Investments is Sandypoint, one of the many entities that comprises the Luksic’s emporium, whose fortune amounts to $12,100 million (€11,600 million), according to Forbes and whose flagship company is Antofagasta, the copper mining giant, which is listed on the London Stock Exchange.

Although that is the main business, the Luksic family has also been building up its hotel emporium over the last two decades, focusing above all on Croatia, where it has become the largest operator in the country through three companies: Adriatic Luxury Hotels, Plava Laguna and Istraturist.

In Madrid, by contrast, it seems to have other ideas and after obtaining approval for the special plan to change the use of the property, it is expected that the sought-after corner of Goya and Velázquez will become home to a major fashion firm, although the option of turning the building into offices has not been ruled out.

Hotel linked to a family

In 1998, the late Antonio Vázquez Cardeñosa acquired the property at number 31 on Calle Goya, with the idea of converting it into a luxury hotel, with an investment, to cover the purchase price and the renovation, of 2,000 million pesetas at the time (equivalent to €12 million at current prices).

Two decades later, the property has changed hands and use, although the Vázquez family plans to open another establishment in a new location in the capital. (…).

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake

Telefónica Considers Offers Worth €50M+ For 2 Buildings In Madrid

4 May 2016 – El Confidencial

The countdown has begun. Telefónica has received the first offers for two of the buildings that it currently has up for sale in Madrid. Two buildings that it is selling together and for which it hopes to receive offers amounting to at least €50 million. According to sources, the properties in question are located on Calle Irún, 15 (measuring 10,000 m2) and Calle Alcántara, 25 (measuring more than 7,000 m2). The latter currently houses Telefónica’s Research and Development department.

Both of the assets are very well located and have sparked a great deal of interest amongst investors. The first is located just a stone’s throw from Plaza de España and Príncipe Pío train station and may be converted into homes in the future.

The second is situated just 500 m from Calle Goya and Plaza de Manuel Becerra. In both cases, Telefónica will remain as the tenant for 10 years, with the option of extending the lease contract for five more years.

These buildings form part of a long list of properties on the market or already sold by the telecommunications operator, which has recorded revenues of €200 million from the sale of properties in the last two years.

Real estate divestments

The listed company designed a real estate efficiency plan for 2014 and 2015, which included the sale of nine buildings that, in light of imminent technological changes, will become completely obsolete within less than a decade, whilst the revenues obtained could be used to finance the investment required to adapt to the new times.

Telefónica will continue as the tenant of the buildings – which is known in real estate jargon as a “sale & leaseback” arrangement – for between seven and 10 years, which means that the new owner will have both of the buildings at its disposal once the lease contracts have expired.

Following the disappearance of analog technology and the digitalisation of all of its equipment, the operator has been forced to divest its non-strategic assets. And that is precisely what it has done over the last two years.

In August 2015, it sold two buildings in the centre of Madrid for €42 million. A few months before that, it sold another five buildings, located in Madrid, Bilbao, Valencia and San Sebastián, for €65 million.

On this occasion, unlike in the cases of previous divestments made by the operator, Telefónica has decided to sell the two buildings as a single lot, which has been valued at €50 million, rather than finding an interested buyer for each property. The sale mandate is in the hands of Aguirre Newman, which has declined to make any comments in this regard.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Corpfin Capital To Debut On MAB At €1.60/Share

24 September 2015 – Europa Press

Corpfin Capital Prime Retail, the Socimi that manages retail premises on several Spanish high streets, will make its debut on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) this Friday 25 September, at a price of €1.60 per share, representing a company market value of €23.28 million.

Corpfin will be the tenth Socimi to go public on MAB after Autonomy Spain Real Estate, which is due to debut today (Thursday).

Corpfin manages 12 retail premises in total, located on the main shopping streets in Madrid, San Sebastián, Vitoria and Burgos.

In the capital, its assets are located on the so-called “Golden Mile”, in other words, on Calles Serrano and Goya, as well as on Calles Princesa and Fuencarral.

Corpfin explains that it “fully owns” the properties in which its retail premises are located, with the exception of the two buildings on Princesa and Goya.


Corpfin’s tenants include brands from the textile group Inditex, Mango, Décimas, Vodafone and La Sureña.

The company is seeking to raise funds through its debut on the MAB, which it will use to finance its future growth and purchase new assets, as well as to open itself up to new investors.

Corpfin Capital Real Estate is led by Javier Basagoiti Miranda, a former director of Ferrovial Inmobiliaria and Martinsa Fadesa, who has 28 years of experience in the real estate sector. Mr Basagoiti Miranda is currently also a Senior Advisor at KPMG in the Corporate Finance & Real Estate team.

Original story: Europa Press

Translation: Carmel Drake