Pedro Trapote Puts Teatro Barceló in Madrid up For Sale

23 April 2019 – Expansión

The businessman Pedro Trapote has put the “for sale” sign up over Teatro Barceló in Madrid. The former Pachá nightclub was an important meeting point during Madrid’s “movida” era (in the 1980s).

The asset, located at number 11 Calle Barceló, was constructed in the 1930s and comprises six storeys with a useful surface area of 3,200 m2. The asking price for the property is reported to amount to around €25 million and the Spanish consultancy firm TC Gabinete Inmobiliario is advising the sale.

It is thought that the transaction will be formulated as a sale and leaseback deal with a long-term rental contract that will allow the property to continue as a nightclub.

The property was originally a theatre and cinema, but has been a nightclub for almost forty years. Some of the building’s installations have been renovated in recent years.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Villar Mir Redesigns Fifth Tower & Delays Award of Construction Contract

20 November 2017 – Eje Prime

Grupo Villar Mir has listened to its partners and the Town Hall, and is going to redesign Torre Caleido, the fifth tower in Madrid. The skyscraper, which is going to be built next to the Cuatro Torres, will be adapted to the requests of Megaworld Corporation, its Philippine partner, and the local government led by Manuela Carmena. Amongst other features, the project is now going to include a supermarket and a cinema, as well as more lifts than initially planned, as requested by the Town Hall.

This redesign of the building will result in a delay in the award of the construction contract, which is now expected to take place during the final month of the year. Nevertheless, OHL, the construction company that forms part of Grupo Villar Mir, is currently positioned as the favourite to build the skyscraper, since to date, it has carried out the demolition and the work to prepare the land, which spans a surface area of 33,326 m2, according to El Economista.

An investment of approximately €160 million is estimated for the main construction work to build the skyscraper, out of a total projected budget of €300 million. Moreover, Torre Caleido already knows who its most important tenants are going to be, namely: IE and Quirón. The business school has acquired 50,000 m2 of the skyscraper in its move to become the first high-rise campus in Spain, whilst the healthcare group will turn its section of the building into a state-of-the-art medical centre.

On the outside, Villar Mir has redesigned the plans to include a shopping area, which will contain a supermarket and two cinema screens, an express wish of Megaworld, the company that controls 49% of the project’s capital. The tower will have 36 storeys as well as a four-floor base, which will be 20m tall.

Original story: Eje Prime

Translation: Carmel Drake

Lar España Invests €250M To Build Sevilla’s Largest Shopping Centre

18 October 2017 – El Periódico

Lar España has started construction of the new ‘Palmas Altas’ shopping centre in Sevilla. The project will involve an investment of €250 million and will generate around 4,800 jobs during its execution phase and subsequent operation.

The centre, which will open its doors in 2019, represents the largest urban planning investment to have been made in the Andalucían capital for a decade. It is also going to be the most valuable asset in the portfolio of its owner Lar, the Socimi that specialises in shopping centres.

The first stone of the establishment was laid on Tuesday and the centre will be the largest commercial space in Sevilla, given that it will have a surface area of more than 123,000 m2. Moreover, it will have an artificial lake spanning more than 7,000 m2, along with green spaces and cinemas, amongst other facilities.

During the unveiling of the project, the CEO of Lar España, Miguel Pereda, said that the total surface area of the centre, comprising the retail and leisure space will span 100,000 m2 and will house 200 stores and terraces.

Primark and Media Markt

According to the property developers, the supermarket Mercadona has already committed to leasing a space in the new centre, as has the textile firm Primark, which will take over premises measuring 8,000m2; Media Market will occupy another large store. The cinema screens will be operated by the company Yelmo, which belongs to the Cinépolis group.

Moreover, the centre will be completed with a 3,200-space parking lot, most of which will be underground. All in all, the centre hopes to receive around 14 million visitors per year.

Original story: El Periódico

Translation: Carmel Drake

Aina Purchases 50% Of Gran Hotel Velázquez From Didra Group

25 July 2017 – Expansión

Aina Hospitality – the fund promoted by Edmond de Rothschild and Jaume Tàpies – has purchased 50% of the iconic Gran Hotel Velázquez from the Didra Group. The property is located at number 62 of the Madrilenian street whose name it bears.

This asset, located in the neighbourhood of Salamanca, just a stone’s throw from the Retiro park and in the heart of Madrid’s golden mile, has been owned by the Didra Group for just a few months. It is currently undergoing a comprehensive renovation with the aim of ascending its category.

Together with the Didra Group, owned by the Ardid Villoslada family, Aina Hospitality will reposition the property, transforming it into a five-star hotel. Last year, the family office owned by the Ardid family reached an agreement with the Salazar family – the former owners of SOS Cuétara – to purchase this hotel for €63 million and now, almost a year later, it has decided to open up the share capital to Aina Hospitality.

At the moment, the four-star Gran Hotel Velázquez, has 143 rooms but it recently closed its doors to undergo a complete refurbishment.


Following its renovation, the hotel will have 111 rooms and suites, a restaurant, a rooftop terrace, cinema, bowling alley, luxury spa and fitness centre.

Tàpies, the CEO of Aina Hospitality, highlighted the excellent location of the hotel: “Madrid is a cultural, historical and leisure destination and it is a tourist and financial centre. This hotel is located in the centre of the city, close to some of the most important tourist attractions and the historical centre”.

The operation represents Aina Hospitality’s seventh investment in Europe and is in line with the investment strategy carried out by the manager to date. Aina Hospitality purchases high-end properties – with four- and five-stars ratings. In addition to Madrid, the fund has recently made acquisitions in Paris, Eindhoven, Vienna, Brussels and Berlin.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Alicante’s Shopping Centres: Musical Chairs

24 October 2016 – Valencia Plaza

The shopping centre map in Alicante and its metropolitan area is entering a new phase of transformation during which we can expect to see sales, changes in management, extensions and even the entry of new players into the market, in addition to the likely arrival of Ikea in the city.

And the first change may come before the end of 2016. It involves the sale of the complex led by Poniente’s platform, Panoramis, owned until now by the company Marina de Poniente, which is controlled by the constructor Enrique Ortiz following the departure of Vectalia in 2014. Eighteen years after the centre opened, the company has been forced to get down on its knees and file for liquidation, after failing to comply with the creditors’ agreement that it reached in 2012.

In July, Commercial Court number 1 authorised that an auction may be held for the business unit (in short, the concession to operate the property, owned by the Port Authority) with the aim of generating revenues to cover the debt. So far, up to four solvent investors have expressed their interest in submitting offers to take over the management and operation of the centre for 12 years with the option of extending that period for another 12 years. (…). The centre has 54 units and a multiplex cinema. (…).

In parallel, talks are underway regarding the ownership of the Puerta de Alicante shopping centre in the neighbourhood of La Florida. According to sources in the sector, the French group Klépierre – which has owned 83% of the shares since 2002 – has been sounding out its possible sale since the spring. (…). The complex has a surface area of more than 34,000 m2 spread over 74 retail premises and a cinema multiplex. According to information available on the website, only 28 of its units are currently occupied. The centre contains a Carrefour hypermarket and the French retailer controls the remaining 17% of the centre’s shares.

The third change is expected in the Gran Vía shopping centre, the first retail offering of its kind to open in the provincial capital (in 1998). Its owner, a fund linked to Deutsche Bank – RREEF Investment GMBH – is considering either a change in terms of its operation or the inclusion of new shareholders into its capital. (…). The complex contains 65 retail and restaurant spaces spread over three floors. The low turnout of spectators forced the centre to shut down its cinema screens, but the centre was recently remodelled and the firm Primark has now moved in, which is boosting activity once again.

In other developments, The Outlet Stores de San Vicente centre, the only outlet that specialises in out-of-season products in the whole province, is also undergoing changes. The fund Zaphir Asset Management took over its reins in 2013 after purchasing the asset from the German bank Eurohypo for €9 million. (…). The centre has a retail surface area of 36,500 m2 and contains 75 fashion, leisure and restaurant units, as well as a cinema complex. Its owner is now considering a future expansion, which could involve the construction of another 70 units during 2017. (…).

And finally, permission has been granted to facilitate the opening of an Ikea store in Rabasa (accompanied by land for between two and four retail outlets), the subsidiary of the Fuertes Group, Profusa, has set out plans to construct a shopping centre measuring around 40,000 sqm in the El Mesell area, in the municipality of El Campello (…), however, final approval is still pending.

Original story: Valencia Plaza

Translation: Carmel Drake

KKR & Neinver Finalise Sale Of Nassica Shopping Centre

8 August 2016 – Expansión

The US investment firm KKR and the real estate company Neinver are finalising the sale of the Nassica shopping centre, located in the Madrilenian town of Getafe, to TIAA Henderson Real Estate.

The price of the transaction, advised by the real estate consultancy Knight Frank, is expected to exceed €100 million.

The transaction is expected to be completed soon, after the due diligence process has been completed. TIAA Henderson also currently owns another Madrilenian shopping centre, Isla Azul.

Nassica, which receives more than 12 million visitors per year, has a gross leasable area (GLA) of 50,200 sqm and 4,000 parking spaces.

The centre includes a 10,700 sqm Carrefour hypermarket. The retail offering is completed by brands such as Conforama, Décimas, Merkal, Toys ‘R’ Us, Worten and Kiwoko. In addition, the site has a The Style Outlets centre with a surface area of almost 21,000 sqm.

In addition, Nassica has a 20-screen cinema, with more than 5,000 seats, as well as an area dedicated to leisure with more than 25 restaurants.

KKR, which created a joint venture with the real estate company Neinver in 2014 to acquire Nassica, will sell the property just two years after it bought it. At the time, the investment fund and the Spanish operator bought the Nassica and Vista Alegre shopping centres, both from the Pillar Retail European Fund, whose majority shareholder is British Land, for around €90 million.

Constructed by Neinver in 2002, the Nassica shopping and leisure centre underwent a makeover in 2015 to renovate and modernise its facilities. The renovation included both the decor of the property as well as changes to the shopping centre’s common areas. In this way, for example, the paving and façade were refurbished and new recreation areas and green spaces were created, and the terraces were made more accessible.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Lar España Completes Acquisition of ‘Portal de la Marina’

4 April 2016 – Mis Locales

The Socimi, which already owned 59% of the asset and the hypermarket, has completed the acquisition of the remaining 41% stake for €14.58 million.

The Socimi Lar España Real Estate has acquired 41% of the company Puerta Marítima de Ondara, which, in turn, owns the Portal de la Marina de Ondara shopping centre in Alicante.

The Socimi had already acquired 59% of the company in October 2014, and it acquired the hypermarket in June 2015, in such a way that, following the recent acquisition, it now owns the entire Portal de la Marina shopping complex, worth €94.5 million.

Figures relating to activity at Portal de la Marina in 2015 clearly reveal its appeal, given that it recorded a 13% increase in sales compared with the previous year and a 6% increase in the number of visitors, to 3.76 million.

José Manuel Llovet, Director of Retail, said that “with this acquisition, we have consolidated 100% of Portal de la Marina, an excellent regional shopping complex, and this allows us to accelerate the decision making process and drive our ambitious management and value creation plans.

The shopping complex has a leasable surface area of approximately 40,000 m2, spread across 120 stores over two floors. It has eight cinema screens, with brands such as Cortefiel, H&M, Mango, C&A, Tien21 and eight brands from the Inditex Group, as well as 1,600 parking spaces.

Following this purchase, Lar España has now acquired assets worth €961 million, of which €686 million has been spent on the purchase of twelve retail premises located in Madrid, Valencia, Sevilla, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; €150 million on the purchase of four office buildings in Madrid and one in Barcelona; €70 million on the acquisition of four logistics assets in Guadalajara and one in Valencia; and €55 million on the acquisition of a residential asset in Madrid.

Original story: Mis Locales

Translation: Carmel Drake

Axa Puts UGC Manoteras Shopping Centre Up For Sale

14 January 2016 – Expansión

The real estate arm of the insurance company Axa has decided to put one of its most long-held assets from its Spanish portfolio on the market. The asset in question is the UGC Manoteras shopping centre, located in the north east of Madrid.

The establishment has a constructed surface area measuring 27,000 m2, of which 13,226 m2 is dedicated to retail space, according to the Spanish Association of Shopping Centres. The entire space is dedicated to leisure, with several cinema screens, operated by the company UGC Ciné Cité, and a number of restaurants.

Axa acquired this property in 2007 for €53 million, a price that may now be exceeded, given the high degree of interest that investors have in shopping centres at the moment.

The real estate subsidiary of Axa has been one of the institutional funds that has returned to the Spanish market after several years away investing in other markets. In this way, in 2014, it purchased the Urbil shopping centre in Guipúzcoa from the fund manager CBRE Global Investors for €60 million.

Last year, it also acquired the former Cine Avenida, located at number 37 on Madrid’s Gran Vía, which has now been converted into H&M’s flagship store in Madrid. For that transaction, the insurance company’s real estate subsidiary broke a market record by paying €79.7 million for the building, which has a surface area of around 4,000 m2. In other words, it paid €20,000 per m2 for the property.

At the end of April, Axa Real Estate also acquired 381 bank branches on behalf of a group of investors from the Socimi Uro Property. It paid €308 million for those properties, which are leased to Banco Santander. In addition, in August, it purchased two office buildings in Madrid (where it has its own headquarters in Spain) and Barcelona. The investment, made on behalf of one of its clients, was closed for more than €110 million.

Original story: Expansión

Translation: Carmel Drake

Lar Buys 3 Stores In A Pamplonese Retail Park For €8.45M

27 July 2015 – Mis Locales

Savills, one of the leading international real estate consultancy firms has advised Värde Partners on the sale of three stores in the Parque Galaria retail park in Pamplona.

The most important operators in the province are located in this retail complex, which includes brands such as Media Markt, Leroy Merlin, Conforama and Kiaba, as well as the E.Leclerc hypermarket and the La Morea shopping centre, which is regarded as one of the 20 best shopping centres in Spain with tenants such as Primark, Zara, H&M, C&A, Cortefiel and a 12-screen cinema.

Salvador González, Head of Retail Investment at Savills, said that “this transaction forms part of Värde Partners’ strategy to divest its non-strategic assets, and also gives Grupo Lar the opportunity to increase its portfolio of retail premises, whereby raising its profil in the retail park sector”.

Original story: Mis Locales

Translation: Carmel Drake