Sareb Sells a Residential Asset in Barcelona for €2M

23 January 2019 – Idealista

Sareb is divesting more assets in Cataluña. The company, in which the State owns a 45% stake, has sold a residential building in Hospitalet de Llobregat, in Barcelona, for €2 million. The buyer is a Catalan family office and the operation has been financed by La Caixa.

The building, located in Collblanc, used to be occupied illegally, but has subsequently been renovated and fitted out to house residential homes. The operation has been brokered by Mercat Inmobiliari.

The building has a surface area of 1,800 m2 comprising housing and parking distributed over four above-ground floors plus a basement, ground floor and mezzanine level. In recent months, Mercat Inmobiliari has also closed the sale of two buildings in Palma de Mallorca to the fund Mediterranean Capital for their conversion into holiday homes. Those two assets also used to be owned by the public-private entity (Sareb).

Sareb is finalising several options to get rid of its assets. One possibility includes the creation of a fund with a property developer, to which it would contribute land worth more than €800 million for the development of new build homes.

Moreover, the company is sounding out the market to sign agreements with specialist companies to convert its plots into buildable sites. Sareb owns land in Spain worth €5 billion, but almost half of the plots lack building permission.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

Altamira Sells New Office Building In 22@ District To Family Office

1 February 2017 – Real Estate Press

BNP Paribas Real Estate has advised a Catalan family office on the purchase of a new office building located on Avenida Diagonal, 131 in Barcelona.

The property, which has a surface area of 3,150 m2 and 36 parking spaces, has been acquired from the real estate arm of the Santander Group, Altamira Asset Management, market leader in the sale of properties and in the valuation and construction of real estate developments.

The new building has been built in accordance with the highest quality requirements and has received an “A” energy rating, making it the only building with these characteristics in the 22@ district, the area marketed as the continuation of Barcelona’s Prime area. The family office behind this purchase will now put this new office building up for rent; it will make an ideal corporate headquarters in the Catalan capital.

This operation is further proof that the office market is experiencing one of its busiest periods since the start of the crisis. The purchase of newly constructed office buildings for rent is establishing itself as one of the preferred options for investors. This activity is expected to evolve continuously during 2017.

In addition to this deal, BNP Paribas Real Estate advised numerous high profile transactions during 2016, including several in the Catalan office investment market, such as the sales of the Gran Vía, 583 and Pere IV, 289 office buildings.

Original story: Real Estate Press

Translation: Carmel Drake