Tag: Catella

Aberdeen & Catella Acquire El Manar Shopping Centre For €40M

12 July 2017 – Cinco Días

The firm Harbert Management Corporation has sold the El Manar shopping centre in Valencia for €40 million, according to sources familiar with the operation. The buyers are the companies Catella and Aberdeen, which have created a joint venture to undertake the transaction.

El Manar has a gross leasable area of 24,000 m2 and is located in the city of Massalfassar, in the metropolitan area of Valencia. According to the directory compiled by the Spanish Association of Shopping Centres, the property is managed by CBRE, was inaugurated in 2007 and comprises around twenty stores, with the Carrefour hypermarket proving to be the main draw. El Manar is also home to stores operated by Media Markt, C&A, Kiwoko, Sprinter and the toy shop Poly and it has 1,344 parking spaces. Each year, the centre receives 2.4 million visitors.

El Manar was promoted by the Pradera Group, and Harbert purchased it in 2014, in an operation whose consideration was not disclosed at the time. Three years later, the fund from Alabama has sold the asset in a deal that has been advised by CBRE and Eversheds Sutherland. Meanwhile, the buyers have been advised by the law firm Dentons.

Catella is a Swedish investment manager, which also acts as an advisor in real estate transactions. In Spain, the firm is led by Javier Hortelano.

Meanwhile, the British fund Aberdeen has €360,000 million under management around the world. In Spain, the firm is led by Ana Guzmán Quintana.

Original story: Cinco Días (by A. Simón)

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 2 Housing Blocks In Pinto (Madrid) For €24M

24 January 2017 – Expansión

The Catella Group’s real estate fund manager, Catella AM, has acquired two residential properties located in the Madrilenian municipality of Pinto, for €24 million.

As well as participating in the purchase process, Catella AM will also take responsibility for managing the asset portfolio. The two buildings are twins and have a combined constructed surface area of 18,092 m2, distributed over 216 homes.

Similarly, the assets have 216 parking spaces and 216 storerooms. The properties have an occupancy rate of 93% of the gross leasable area. Catella AM is the Catella Group company that manages investments and real estate assets in Spain and Portugal on behalf of the funds managed by the company itself, as well as for Spanish and overseas institutional investors.

During its first year of activity, the manager has accumulated a portfolio under management amounting to €100 million. In recent months, Catella AM has purchased three residential properties located in Madrid, in Barajas and on Calle Génova, and in Barcelona, in Poblenou (pictured above).

In addition, the manager has completed the acquisition of the 12,400 m2 Portal Mediterráneo shopping centre in Vinaroz (Castellón).

Original story: Expansión (by R.A.)

Translation: Carmel Drake

Invesco Buys Property On c/Serrano 53 For €52M

14 December 2016 – Expansión

The German fun Invesco Real Estate is heading into the final stretch of the year as one of the most active funds in the Spanish real estate market, having invested more than €500 million in 2016. Its latest acquisition is Serrano 53. The building on the famous Madrilenian street was constructed in 1905. It is primarily a residential property, but it also houses a retail space, which has been vacant for some time. Its previous owners, a Spanish family office, searched for a tenant for several months following the departure of the accessories company Jota Ele. In the end, it sold the property to Invesco for €52 million.

The German fund will now be responsible for leasing the premises, along with the new homes. The latter represents a change in strategy for the fund. To this end, Invesco has engaged the firms Catella and Knight Frank, which will be responsible for searching for new tenants for the retail and residential premises, respectively, whilst Barba Grupo Inmobiliaria will lead the design of the new homes.

The German fund’s plans, which involve an investment of more than €3 million, will retain the nineteenth century character of the building, with a renovation that will allow the wrought-iron balconies to be conserved, along with the original entrance doorway and interior staircase. In total, Serrano 53 will contain nine homes measuring more than 200 m2. Invesco has already applied for the construction permit, with the aim of handing over the homes to their new owners in June 2018. Although the asking price for these properties has not been set yet, they are expected to fetch between €9,000/m2 and €10,000/m2.

Retail premises

The retail premises on Serrano 53 will be ready sooner. Just a few metres away from Chopard, Cartier and Gucci, this space is one of the largest premises available on the exclusive Madrilenian street. In total, it has a surface area of 1,800 m2 spread over three floors, which is unusual in an area characterised by much smaller stores. “This is a unique property due to its size, and because it shares its location with prestigious brands”, said Íñigo Gutiérrez, Senior Advisor at Catella. “The objective is to lease this store to a luxury brand”, he added.

Original story: Expansión (by Rocío Ruiz)

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

MDSR Investments Buys Travesía De Vigo Shopping Centre For €49M

3 November 2016 – Real Estate Press

The establishment, located in the city centre, has a surface area of more than 65,000 m2, of which 24,736 m2 is dedicated to retail space, according to data from the Spanish Shopping Centre Association.

Inaugurated in October 2003, the shopping centre is leased out almost in its entirety to tenants such as Carrefour, several brands from the Inditex group, including Pull & Bear and Stradivarius, as well as Corfefiel, Springfield and WomenSecret. In addition, it has an underground car park with more than 1,500 parking spaces.

This is the fifth investment that the Israeli fund has made in Spain in less than a year. In this way, in recent months, MDSR Investments has acquired the following retail parks: La Dehesa in Alcalá de Henares, Connecta in Córdoba and Puerta del Ave in Ciudad Real, as well as the Mercado de Campanar shopping, leisure and restaurant complex in Valencia.

“Our objective is to acquire more commercial assets and become a key player in the market for retail spaces in Spain within a short period of time”, said Annalaura Benedetti, Head of MDSR Investments in Spain.

Until now, the shopping centre was controlled by Meteore Alcala y Pradera, a British fund that owns 43 shopping centres and business parks across several European countries, which are worth around €2,000 million.

The real estate consultancy firm Catella has advised the vendors in the operation whilst the Pérez-Llorca has provided legal advise to the buyer. “This acquisition consolidates the appetite from institutional investors for shopping centres with a significant area of influence and first-rate tenants”, said Carlos López, Partner at Catella.

Original story: Real Estate Press

Translation: Carmel Drake

Catella Advises Sale Of 2 Retail Premises In Burgos & Cádiz

28 July 2016 – Press Release

The international real estate consultancy Catella has advised a Spanish investment vehicle on the sale of two retail premises, located in Burgos and Cádiz, and leased to Massimo Dutti, Lefties and Desigual.

The premises in Burgos are located on Calle Vitoria, 17, but are also accessible from Calle de la Puebla, 24-26. The asset is located on the best shopping street in the city, home to high profile tenants such as Zara and El Corte Inglés. It has a total surface area of 1,929 sqm, distributed over the ground floor, mezzanine level and basement. And it is leased to the Inditex Group for use by its commercial brands Massimo Dutti and Lefties.

The premises in Cádiz are located on Calle Columela, 23 (pictured above), the main shopping street in the city, alongside brands such as Mango, Zara and Massimo Dutti. The property has a total surface area of 225 sqm distributed over the ground and first floor. It is leased to the fashion chain Desigual, which is going to introduce its new concept soon.

According to Pablo Carvajal, Director of Capital Markets at Catella, “given the absence of products with attractive returns in the prime markets of Madrid and Barcelona, investors are now showing more interest in the best shopping streets in other cities, where they are finding high yields and first-rate tenants”.

About Catella

Catella is a listed international real estate consultancy and a leader in the Europen market. Catella adds value by combining its extensive knowledge of local markets with its own investment bank approach and its great capacity to generate investment opportunities.

Original story: Press Release

Translation: Carmel Drake

Anida Sells Office Building In Valencia To Family Office

29 January 2016 – Misoficinas.es

The real estate consultancy firms Catella and CBRE have advised a family office and Anida Inmobiliaria BBVA on the purchase and sale (respectively) of an office building on Calle Alfahuir, 45 in Valencia. This modern asset is located in one of the most dynamic business areas in the city. It is currently leased to several prestigious clients, including Fujitsu and Sage, amongst others.

The building has a total surface area of 8,000 m2, with a gross leasable area of 5,305 m2 spread over nine floors. It is well connected to the city centre by public transport (metro and bus).

According to Belén Díaz, Director of the Capital Markets Department at Catella, “this transaction reflects the shortage of products with attractive returns in the office markets in Madrid and Barcelona, which means that investors are now looking for opportunities in other locations, such as in Valencia, Bilbao, Sevilla and Málaga”.

According to Víctor Gregori, Director of Agency & Business Development at CBRE Valencia: “The real estate market in Valencia experienced a very positive year in 2015 and all indications are that 2016 will continue along the same path, with operations such as this one, involving domestic and international investors seeking attractive returns”.

Original story: Misoficinas.es

Translation: Carmel Drake

Swedish Firm Catella Launches Investment Platform In Spain

1 July 2015 – Expansión

The consultancy firm has hired Javier Hortelano to lead the new investment platform for Spain and Portugal.

Real estate consultancies are focusing their attention on Spain once more. Such is the case of Catella. The Swedish consultancy has decided to expand its commitment to the Iberian market with the creation of an investment platform through which it will channel requests from clients interested in investing in Spain and Portugal. “We are constantly evaluating expansion into new countries and the Spanish market is in recovery – turnover and investment volumes are increasing, and there is a strong inflow of foreign capital”, says Timo Nurminen, Director of Investment and Real Estate Management at Catella.

Catella has appointed Javier Hortelano (pictured above) to lead the new investment management arm. Until now Mr. Hortelano was the partner responsible for Real Estate Transactions at PwC and Chairman of the Spanish Council of Shopping Centres and Retail Parks. “This platform already exists in Finland, Denmark, Germany and for the past year, in France. It is a very attractive project, since Catella currently has €3,500 million in assets under management and Spain is known for being a key market”, says Hortelano, who will be responsible for the investment platform in Spain and Portugal. “We estimate that we will reach investment volumes of between €500 million and €1,000 million within a couple of years”, says the executive.

The majority of this investment will come from international funds, which Catella may add to, by contributing an amount to each operation. “The objective is to work with all kinds of investors: from those looking for longer-term opportunities to those seeking out short-term options, from funds that want to co-invest to those that do not.

In the first quarter of 2015, the Swedish group Catella generated revenues of around 419 million krona (€45.4 million) compared with 267 million krona last year, and made a profit after tax of 43 million krona (€4.6 million) compared with 15 million krona in 2014.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake