Tag: Catella

Optima Retail Buys Store in Marbella for €3M as part of €60M Investment Plan

12 September 2018 – Eje Prime

The retail sector in Marbella is attracting attention from investors. Optima Retail, one of the funds owned by the Spanish real estate and energy consultancy Optima Global Services, has acquired a retail outlet in Puerto Banús for €3 million. The operation forms part of the fund’s investment plan, through which it intends to disburse €60 million between now and 2019, according to explanations from Javier Alcalde, CEO of the group, speaking to Eje Prime. The objective will involve the firm spending €30 million in 2018 and another €30 million in 2019.

Launched in 2017, Optima Retail has just signed the purchase of the store located at number 17 Muelle de Benabolá in Puerto Banús from a family office. The asset, which has a surface area of 100 m2, is, and will continue to be occupied; it is let to the multi-brand footwear firm RKS. The operation has been advised by the real estate consultancy Catella.

The store displays the characteristics that the fund Optima Retail seeks for its portfolio: located in a prime area or provincial capital, as well as prices that do not exceed €4.5 million. The fund currently owns six units, located in cities such as Segovia, Vigo, Marbella and León.

Founded in 2004, and headquartered in Madrid, Optima Global Services comprises a group of companies dedicated to the real estate and energy sectors. One of the company’s areas of operation is the creation and management of real estate funds, both for external clients and on its own behalf. The company operates in a number of sectors, from retail to residential, to industrial, to hotel and including alternative assets such as hospitals and student halls.

Besides Optima Retail (its youngest vehicle), the company also operates through the fund Vastned, based in Amsterdam. In that case, Vastned focuses on assets located on prime streets of European cities, with Madrid and Barcelona amongst its targets in Spain. For example, Vastned’s assets in the Spanish capital include the properties at number 15 c/Ortega y Gasset and number 37 c/Fuencarral.

Optima Global Services also manages a portfolio of six shopping centres in Spain, located in Madrid (La Dehesa), Valencia (Mercado de Campanar), Zaragoza (Plaza Imperial), Córdoba (Connecta), Ciudad Real (Puerta del Ave) and Vigo (Travesía de Vigo). The company manages assets worth €600 million.

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

Grupo Baraka Sells a Logistics Warehouse in Murcia to Corum for €14M

11 June 2018 – Expansión

The Baraka Group, controlled by the businessman Trinitario Casanova, has closed an agreement to sell one of the logistics assets owned by its construction company Trabis.

Specifically, Baraka has sold a logistics warehouse, called Trabis II, located in the Murcian town of Yecla, the region where Casanova’s companies are headquartered. The property, which has a constructed surface area of 14,000 m2, has been sold for €14 million through a sale and leaseback contract.

“The advantage is that the buyer is guaranteed an asset in which the tenant will continue to undertake its activity”, explained Pablo Carvajal, Director of Capital Markets at Catella, the consultancy firm that has advised the new owner in the transaction.

The buyer is the French fund manager Corum Asset Management. Created in 2011 and with offices in Paris and Amsterdam, the firm set itself the objective last year of investing €500 million in real estate assets across Europe, with a special focus on Spain. For its investments, whose yields exceed 6%, Corum works with two funds Corum Origin and Corum XL, the latter was launched last year.

This is not the first time that Baraka and Corum have closed an operation together. In July 2016, the French firm paid more than €24.8 million for another logistics building also leased to Trabis.

Corum is one of the international investors that has opted to purchase logistics assets in Spain, a booming market due to its high returns and the increase in the e-commerce business. “The logistics investment market is proving attractive for domestic and international investors alike and increasingly more are investing in this type of asset. Between January and May, €250 million has been invested in these types of properties”, say sources at Catella.

At the overall level, investment during the first half of the year is expected to reach €5 billion. “During 2018, €3 billion has been invested in tertiary (non-residential) assets. Taking into account certain transactions pending completion, we expect to see investment of close to €5 billion during the first half of the year, around €1 billion less than during the same period in 2017”, he predicts.

Casanova

The divestment of this logistics warehouse comes just weeks after Trinitario Casanova entered the Madrid Nuevo Norte real estate project (known as Operación Chamartín). The businessman has committed to pay €400 million to the initial owners for the rights to 1.2 million m2 of land (now in the hands of the Ministry of Development) where the company DCN, controlled by BBVA and SanJosé, is planning to build an urban development with more than 10,500 homes.

In addition, Casanova is working on the marketing of the future shopping arcade in Edificio España, the property that he purchased from Wanda for €172 million to immediately sell it on to the RIU hotel group.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Catella Acquires 3 Residential Assets in Pamplona for €26M

7 June 2018 – Eje Prime

Catella Asset Management Iberia (Cami) is on a roll in Spain. The Swedish fund has taken another step forward in its strategy to grow its residential business in Spain with the purchase of three buildings in Pamplona for €26 million, according to explanations provided by sources at the company speaking to Eje Prime.

The latest operation signed by the fund in Spain is the acquisition from a local property developer of three residential buildings for their operation as long-term rental properties. “The vendor is going to continue to take care of the day-to-day management of the buildings”, explain the sources.

Two of the three assets are located in Plaza Puerta de Badostain, in the town of Sarrigueren, located to the west of Pamplona. Those two assets contain 168 homes, 187 parking spaces and 173 storerooms, covering a total constructed surface area of 15,080 m2.

The third building is located on Calle Paseo de los Donantes de Sangre, in the neighbourhood of Ezcaba, in the north of Pamplona. This residence has 67 homes, 69 parking spaces and 67 storerooms, which together span a constructed surface area of 7,100 m2.  The operation has been brokered by the real estate consultancy JLL.

Moreover, Catella has recently signed agreements with developers for the construction of two developments in Madrid containing 362 homes and which will form part of its portfolio in operation in the next 18 months.

The first development, whose delivery is scheduled for December 2018, is located in the expansion area of Villaverde in Madrid. It is a development with 171 homes, garages and storerooms, with a combined constructed surface area of 13,035 m2.

Meanwhile, the second development comprises 191 homes, garages and storerooms, spanning a constructed surface area of 13,800 m2 and located in the south of Madrid, which will be handed over at the beginning of 2020. With these acquisitions, Catella Asset Management Iberia has four residential assets: four in Madrid, one in Barcelona and three in Pamplona.

Roadmap in Spain

This operation forms part of the new roadmap that Catella is going to follow in the Spanish market. The Swedish manager, which is going to focus on its objective of growing its asset portfolio in the residential and office sectors, plans to own up to 1,000 flats for rental by the end of this year, doubling its current figure, which stands at around 400 homes.

Present in Spain since 2015, Catella has signed five purchases in recent years in the residential segment, where it has spent around €85 million. The group has €300 million more to spend to continue growing through purchases in the country.

In addition to the residential business, Catella is also very present in the retail sector, where it has recently undertaken operations, such as the purchase from Axiare of the Planetocio shopping centre in Madrid, alongside AEW. The company closed 2017 with a portfolio of assets under management in Spain worth €200 million.

In addition, through its fund specialising in student housing, Catella European Student Housing Fund, the investment company is backing the star alternative asset in the real estate at the moment.

In 2017, it purchased the La Campana hall of residence in Pamplona and, this year, it is analysing possible new acquisitions in the large capitals such as Madrid, Barcelona, Valencia and Sevilla, but also in another city with a notable presence of university students: Granada.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Grupo Arenal Acquires Banesto’s Former HQ in Bilbao for €6M

26 April 2018 – El Correo

Onwards and upwards. Bizkaia is continuing to form the backdrop to some of the country’s most high profile real estate transactions. Following the placement on the market of BBVA’s old skyscraper for €100 million and the Ballonti commercial mega-centre in Portugalete for €150 million, big-name investment funds have put Bilbao in their line of fire once again for large operations that mix financial, commercial and real estate interests.

The most recent major intervention has been undertaken by three players. The international consultancy firm Catella has brokered the sale of Banesto’s former headquarters, located at number 3 Calle Navarra. The perfume company Grupo Arenal has acquired the historical building, which has been closed for several years following the cessation of the bank’s activity. The Galician firm has made the disbursement for the property, which spans 2,500 m2 and is spread over three floors.

According to experts in the sector, the operation has been closed for a sum of around €6 million, a figure on which sources at Catella declined to comment yesterday. The consultancy firm, one of the most important in Europe and founded by the owner of Ikea, who ended up selling it to a fund, has served as a bridge between Grupo Arenal, which had been studying the Bilbao market for years, and the former owners of the iconic building. The building previously belonged to a family office of the Invivas Group, owned by the Bilbao-based businessman Sabino Arrieta Heras.

To a certain extent, this operation breaks the mould of the recent sales and purchases carried out in Bilbao. To date, most of the acquisitions have involved local investment funds, which follow very closely the few buildings that become free in the city. The amount disbursed by Grupo Arenal is slightly lower than the figure agreed two weeks ago by the Governing Board of the Town Hall of Bilbao to acquire the largest Zara store in Euskadi and use it for the future expansion of the Basque Museum.

The PNV and PSE approved the payment of €5 million – divided into equal parts by the Town Hall and the Diputación de Bizkaia – for a store measuring just over 1,900 m2 on Calle La Cruz, owned by a company chaired by the wife of the Inditex founder.

A 70m-long façade

The arrival of Grupo Arenal has fulfilled the expectations of all the parties involved. Santander has freed itself of a property for which it was paying a sizeable rent, even though it was empty, and the perfume brand is ensured a shop window that measures more than 70m in a retail area that is very much on the rise (…).

The megastore, whose neighbours will include Starbucks, will soon open its second store in the Vizcaya capital, as it seeks to take advantage of the future “commercial pull” of Primark, which is going to occupy five floors of BBVA’s tower and the arrival of TAV. It is also hoping to benefit from its proximity “to major fashion operators, such as El Corte Inglés, Inditex and Mango” (…).

The perfume brand is going to use Bilbao as a “strategic” axis in its expansion plans, which involve increasing its revenue to €150 million and growing the number of points of sale from 40 to 60 by 2020.

Original story: El Correo (by Luis Gómez)

Translation: Carmel Drake

Inmobiliaria Espacio & Gingko to Build 800 Homes & 1 Hotel in Málaga

1 February 2018 – El Economista

Inmobiliaria Espacio, part of Grupo Villar Mir, is entering the Malagan urban development of La Térmica with a bang, in partnership with Unicaja and together with the investment fund Ginkgo. The three actors are going to carry out a reconversion project in that industrial space, where they are going to build more than 800 homes, as well as shops and a hotel.

The real estate firm has taken the step through the company Espacio Medina, in which it controls a 70% stake, whilst the remaining 30% is owned by Acinipo, part of the Unicaja group. That company has been working in property development in Málaga for 10 years and is now strengthening its commitment to the city by participating in the project to regenerate La Térmica, a site that used to house the old thermal power plant for the city of Málaga.

Specifically, Espacio Medina has acquired 20% of the company Nueva Marina Real Estate (NUMA), owner of the rights over these plots. The remaining 80% is owned by the fund Ginkgo, which acquired the entire project at the end of 2017 through its subsidiary Ginkgo Participations II, after reaching an agreement with Endesa, the main shareholder of NUMA at that time.

Regeneration project

NUMA, which has entrusted the management of the planning and the subsequent development and marketing to Espacio Medina, is going to create more than 800 homes on the La Térmica site, alongside plots for other tertiary uses such as commercial space, offices and a hotel, on a site that has a total surface area of 115,944 m2.

The real estate consultancy Catella, together with Ginkgo’s law firm, Zaforzeta & Romero Rey, and PwC, on the side of Espacio Medina, have advised the operation.

With this new investment, Ginkgo, Inmobiliaria Espacio and Inmobiliaria Acinipo are all consolidating their commitment to Málaga, which they regard “as one of the best European cities on the Mediterranean Coast with the best expectations for development and quality of life for investment over the next few years”, explain sources at the company.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

British Firm Collegiate Plans its Arrival in Barcelona After Opening Student Halls in Madrid & Valencia

9 January 2018 – Eje Prime

Spain is already a reference country in Europe for investment in student halls, as evidenced by the entry of foreign capital into the domestic market. The latest company to look for returns in this sector is Collegiate. The British firm is searching for an enclave in Barcelona, after opening student halls in Madrid and Valencia. The company has already announced that it plans to make its debut in the Catalan capital “soon”.

Collegiate is a company specialising in the management of student residences with a notable presence in the British Isles, where it owns assets in most of the capital and large cities. In Spain, the firm arrived first in Madrid with a hall of residence in Aravaca with 213 prime private rooms, whilst in Valencia, it entered in the maritime area with 350 rooms.

Both buildings have common areas that are typical for these types of prime assets, including a swimming pool, a fitness room, a cinema and a study area with library. The price per person in the Madrilenian hall ranges from €204 to €238 per week, depending on the features of the room, whilst staying in the building in Valencia costs between €196 and €204 per week.

Currently, Collegiate is embarking on an expansion process across Europe, as evidenced by its upcoming openings in Portugal, in Porto, and in another town with a great university tradition in the neighbouring country, Coimbra, which will be added to the hall of residence it recently opened in Lisbon. In Spain, nevertheless, its next major project is yet to come, given that the company has announced its upcoming arrival in Barcelona, a destination city for students from all over the world.

Investment in student halls amounted to €560 million in 2017 

The commitment from this international company to Spain comes in addition to those that have been made over the last year by a market that is clearly booming. In 2017, investment in student halls grew to €560 million, according to data from the real estate consultancy JLL. The significant growth, which compares to the barely €50 million that was invested in 2016, was driven primarily by transactions known as Erasmus and Rio.

Project Erasmus involved the sale of the portfolio of assets owned by the Resa Group, the largest in the country, to Greystar in an operation that was appraised at around €500 million. As a result of the purchase, the manager now owns 37 assets (33 of which are already operational) in Spain and is supported financially by a joint venture formed by the international investment funds AXA Real Assets and CBRE Global Investment Partners.

Meanwhile, the operation known as Rio involved the British manager GSA (Global Student Accommodation), which acquired Nexo Residencias from Threesixty Developments, a company owned by the fund Oaktree Capital, as part of an investment plan in which it plans to spend €300 million over the next five years. In addition, another recognised player, the investor group Catella, has also set its sights on this alternative investment business in Spain, with the acquisition of La Campana hall of residence in Pamplona.

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

Auren Sells 3rd Floor Of Its HQ In Madrid For €10.5M

9 October 2017 – El Economista

The professional services firm Auren has sold one floor of its office building in Madrid to a Spanish foundation for €10.5 million, according to sources in the sector.

The headquarters of the consultancy firm is located in the Edificio Masters I building on Avenida General Perón, 38; Auren has operated from that multi-owner property for almost 20 years. When it first moved in, it acquired the third floor of the building and then went on to lease more space on two other floors, as the company continued to grow. Now that this asset is no longer strategic for the firm, it has opted to undertake a long-term sale & leaseback operation, which has been advised by Catella.

The transaction comprises one floor measuring 1,669 m2 and 16 parking spaces in the property, located in the Azca business district, which has established itself as a strategic enclave over the last few decades, above all for companies in the financial and technological sectors.

This operation, which has been closed at the high end of the market in terms of price per square metre, is another example of the good times that the office sector is enjoying. During the first nine months of this year, the office segment accounted for 24% of all real estate investment in Spain.

In this sense, Pablo Carvajal, Director of Capital Markets at Catella, highlights that “we are in an increasingly competitive market where it is hard to find quality assets for sale. That means that sale & leaseback operations, involving tenants of the calibre and solvency of Auren, in prime locations, are particularly attractive for investors looking for long-term stability”.

Auren is one of the largest multidisciplinary firms in Spain, with 51 offices in nine countries and more than 200 offices in 60 countries through Antea. The firm closed 2016 with a total turnover of €52.2 million, up by 4% compared to 2015. The company offers the following services: Audit, Legal & Tax Advice, Consultancy and Corporate and employs more than 1,500 people in the countries in which it has an international presence.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Catella: RE Inv’t Rose By 60% During First 8 Months To €7,061M

25 September 2017 – Expansión

The Spanish real estate market is still a magnet for investment at the global level. In this way, during the 8 months to August, investment in tertiary real estate assets (in other words, non-residential properties) rose to €7,061 million. That volume is 62% higher than the figure registered during the same period in 2016, according to data from the consultancy firm Catella (…).

By type of properties, commercial assets accounted for 45% of the total investment, with a volume of more than €3,200 million, up by 52% compared to the first eight months of 2016. In fact, that figure already exceeds the amount recorded for last year as a whole and is very close to the record investment made in 2007, when commercial assets worth more than €3,590 million were sold, according to sources at the consultancy firm.

Of that amount, investment in shopping centres accounted for 60% of total retail investment, amounting to €1,929 million. The figure is explained by the completion of major operations, such as the purchase of Xanadú, in Arroyomolinos (Madrid), on which Intu Properties spent €530 million; and the operation involving Nueva Condomina, in Murcia, which Klépierre purchased for €233 million.

Interest

Large assets were not the only retail assets to spark interest: high-street premises were also on investors’ radars. As such, €711 million was spent on that type of property between January and August, with highlights including operations such as the purchase of Preciados 9, the future flagship Pull & Bear store in the centre of Madrid, by Generali for €98 million. Meanwhile, investors spent another €516 million on retail parks and supermarkets, with the operation involving a portfolio of nine retail parks leading the way – the South African investor Vukile spent €193 million on that purchase.

In the case of offices, investment increased by 46% to reach €1,512 million. “The Boston portfolio – comprising 14 office buildings located in Barcelona, Madrid and Valencia – owned by BBVA and acquired by Oaktree for €180 million has been the most important transaction so far this year. In Madrid, the most significant transaction saw the acquisition of the Manoteras business park by Tristan Capital (€103 million), whilst, in Barcelona, the most high-profile deal has been the purchase of Torre Agbar by Merlin Properties (€142 million”, say sources at Catella.

During the first 8 months of 2017, hotel purchases rose by 25% to reach €1,760 million, thanks to operations such as the one involving Edificio España, for €272 million, as well as the purchase starring the international fund London & Regional (which acquired four hotels located on the coast and islands for €240 million), as well as others involving Starwood and KKR.

Moreover, the logistics sector has not been left behind in terms of the increase in investment. Between January and August, that segment saw investment grow by 31% to reach €575 million. (…). In this area, the most significant operation has been the sale of GreenOak’s portfolio to P3 Logistics Park for €243 million.

Whilst retail assets were the star product by type of property, international funds continued to be the undisputed stars in terms of buyer profile.

Between January and August, funds accounted for 42% of the total volume invested; whilst real estate companies represented 28% of the total (…). Meanwhile, the Socimis, who were the most active investors in 2014 and 2015, have seen their share of the cake decrease to 11% so far this year.

“On the other hand, core investors have returned to the market, with the acquisition of prime properties located in Madrid and Barcelona. Insurance companies, family offices and other institutional investors have purchased assets such as offices and retail premises in Madrid, with yields of around 3%”, said Carlos López, Partner at Catella.

Year-end

“…We expect 2017 to be a record-breaking year, with an investment volume of around €10,000 million, compared to the figures of more than €8,500 million in tertiary investment in 2016”, says López (…).

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Catella Accelerates Its Investments In Spain

19 September 2017 – Expansión

Catella Asset Management is stepping on the accelerator in Spain. The Swedish fund manager, which arrived in the country just two years ago and which has already invested €150 million in assets, plans to boost the pace and make purchases amounting to €350 million over the next two years, whereby taking the firm’s total investment volume in the country to €500 million, according to Javier Hortelano, Managing Partner at Catella Asset Management in Iberia.

Until now, the company has undertaken five transactions in the residential rental market – four properties in Madrid and one in Barcelona – and has participated in the purchase of two shopping centres. Specifically, the fund manager has bought the Portal Mediterráneo shopping centre in Vinaroz (Castellón), together with the fund Aberdeen, and the El Manar retail complex in Massalfassar, in the Valencia metropolitan area, with the Belgian investor Mitiska Reim. In both cases, Catella is responsible for managing the assets.

The fund manager, which is listed in Stockholm, has a presence in 12 countries and manages assets worth around €3,400 million in Europe. “Spain is one of the markets that the firm is backing the most. Until now, we have invested €150 million, but the group’s ambitions go beyond that, given that we consider that the Spanish market offers a lot and has great potential”, he adds.

Spain ranks in the group’s Top 5 behind Scandinavia, Germany and France. Hortelano revealed that Catella is already analysing assets and expects some of the operations under consideration to materialise within the next couple of months. Specifically, the manager expects to invest €60 million in the residential sector before the end of the year.

Operations under consideration

In the future, the company will continue investing in the retail and residential sectors, where it is considering entering new locations such as Valencia, Málaga, Sevilla, Alicante, Madrid, Bilbao, San Sebastián and Vitoria, where it is identifying opportunities. “There is an increase in demand, oriented towards leasing. Spain is gaining ground, in line with other European countries, such as Germany and the United Kingdom”, says Eduardo Guardiola, Partner at the firm.

Guardiola believes that Spain suffers from a lack of supply and professional management in the residential rental market, which is adding to greater potential demand.

Moreover, the firm is considering entering other tertiary markets and wants to invest in offices and halls of residence for students. “Catella has a fund that invests in halls of residence for students at the European level. It is a very interesting asset, with lots of potential in Spain”, say the partners.

Both have a long history in the real estate sector. Before joining Catella, Hortelano was a Partner at PwC and previously served as the Director General of Operations at Redevco and was a member of the Dutch multi-national’s Board of Directors. Meanwhile, Guardiola has held positions of responsibility at PwC, Bouygues and Decathlon.

Potential

In terms of the real estate market, Catella believes that Spain is consolidating its position as one of the most attractive markets in Europe, but that, after years of rising returns, the sector has entered a new phase in which, in order to create value, you have to invest capex, professionalise the management and improve the rental market. “We have the opportunity to go from being an opportunity country to being a core country with a recurrent volume of investment every year”, say the executives.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Swedes Are On A Mission To Buy Homes In Spain

17 July 2017 – Economía Digital

Foreigners are buying more homes than ever in Spain. Last year saw a new historical high, with more than 53,000 purchases by overseas buyers, despite a decline in acquisitions by the Brits and the French and a stagnation in purchases by the Germans. Instead, the Swedes have arrived and with them, Swedish real estate companies.

Swedes have risen to fourth position in the ranking of house purchases by foreigners. In its latest statistical annual, the College of Property Registrars in Spain highlights that overseas buyers are showing the “greatest strength”. According to the annual, Britons continue to occupy first place in the ranking, accounting for 19% of total sales to foreigners, although that figure has decreased with respect to 2015 (21.3%). They are paying for the effects of Brexit. The French have also lost strength, to account for 8.05% of the total, compared to 8.72% a year earlier. The Germans remained at 7.69%, just a few tenths more than in the previous year. By contrast, the Swedes increased their share to 6.72% from 5.89% a year earlier, which means that they purchased almost 4,000 homes in 2016.

When analysing this data, it is worth taking into account the demographic weight of the respective countries. Sweden had a population of 10 million in January, whilst Germany has a population of 82 million, France 67 million and Great Britain 58 million. And so, although the population is much smaller, Swedes are buying almost as many homes in Spain as the Germans and French.

The strength of the krona compared to the euro

Sources at the Swedish agencies attribute this interest in Spain to several reasons: the exorbitant prices of properties in their own country; the strength of the krona with respect to the euro; the desire of their compatriots to own a second home near a sunny beach; and, also, the publicity campaigns being carried out.

The most well-known of the Swedish real estate companies is Fastighetsbyrán, which forms part of the Swedbank group, the country’s main bank. It has a dozen franchises in Spain. Its CEO, Daniel Nilsson, said that it sold 1,050 homes in Spain to Swedish compatriots last year for a total amount of €250 million. Its market share in the housing segment for Swedes in Spain is almost 25%.

In terms of location, Swedes concentrate their purchases along the coasts in the south of the peninsula – preferably between the province of Alicante to the Portuguese Algarve – as well as in the Canary and Balearic Islands. (…). Investment funds have also arrived, such as Catella, which is headquartered in Stockholm and which last year closed four operations amounting to €84 million: two residential buildings in Madrid, another one in Barcelona and a retail park in Vinaroz (Castellón)

The Swedish real estate companies are unique in that the vast majority of the personnel and clients of the franchised offices come from the same country. (…).

The second largest Swedish real estate company in terms of sales is Bjurfors, with half a dozen franchises in Spain. From their offices in Marbella, they explain that they are open to clients from everywhere, but they acknowledge that, for the time being, all of their clients are Scandinavian, and most of them are Swedish.

Homes with sunny terraces

All of the employees consulted agreed that there is increasingly more demand. Scandinavian clients want homes with outdoor space: they have to have large sunny terraces or patios. Otherwise, they are not interested.

According to a study conducted by the Svenskar i Väriden organisation in 2015, more than 90,000 Swedes live for most of the year in Spain. According to data provided by the Swedish embassy in Madrid, in June 2016, there were 27,000 Swedes registered (empadronados) in Spain and two million travelled here for tourism last year. It is expected that 2.2 million will come this year.

Original story: Economía Digital (by Josep María Casas)

Translation: Carmel Drake