Tag: Claudio Coello 108

Lar & Pimco Sell A Luxury Home In Lagasca 99 For €16,000/m2

15 December 2016 – El Confidencial

They have exceeded all expectations and broken a new record in the luxury residential market in Madrid. The Socimi Lar España and the US fund manager Pimco, which jointly own (50% each) the most exclusive housing project in the capital, Lagasca 99 (previously known as Juan Bravo 3), have already sold half of the 42 super-luxury homes that make up the development, where the average sales price stands at around €10,000/m2.

But that is not the most interesting part of the story. One of the homes, measuring 800 m2 (one of the largest in the development) has been sold for around €16,000/m2, bringing its final sales price to around €13 million, including the price of the parking spaces (four or five), according to sources close to the project.

Moreover, these same sources also confirm that the project has just received the green light from the Town Hall of Madrid for the last urban planning licence necessary, not only for the definitive launch of the project, but also so that the sales of the homes can be formalised. Until now, only reservations have been accepted.

The price of €16,000/m2 undoubtedly breaks all records in the high standing market in the capital, where, until a few weeks ago, a 600 m2 penthouse on Calle Serrano 7 boasted the honour of being the most expensive multi-family home ever sold in the heart of Madrid. It was sold for €9 million, equivalent to €15,000/m2.

The transaction signed now at Lagasca 99 has even exceeded Pimco and Lar’s initial expectations, given that they had fixed a price range of between €10,000/m2 and €14,000/m2 for the properties. (…).

The identify of the purchaser has not been revealed and the utmost secrecy is being maintained. Nevertheless, several sources indicate that the buyers of Lagasca 99 include some very wealthy Latin American and Spanish investors, primarily from outside of Madrid.

The homes will be ready in 2018

The plot of land on which this exclusive development, designed by the architect Rafael de la Hoz, is going to be constructed, was sold to Lar España and Pimco at the beginning of 2015, when the two companies joined forces to purchase Eurosazor. The property developer was previously owned by Rafael Ortiz and the businessman Fernando Fernández Tapias, and owned a 26,023m2 plot of land on Juan Bravo 3 and a 5,328 m2 plot of land on Claudio Coello 108. Lar and Pimco paid €120 million for the business and since then, this asset has appreciated in value by more than 10% – the building on Claudio Coello was sold to the German firm Patrizia Inmobilien for €22 million. (…).

The homes are expected to be finished during the first quarter of 2018.

Luxury homes gain momentum

The luxury residential market in Madrid is enjoying a real boom. At the beginning of October, the homes on José Abascal 48 went on sale, with the first luxury properties now ready for their owners to move in. The building contains 17 homes measuring between 100 m2 and 400 m2, whose prices range between €6,000/2 and just over €10,000/m2. But there are also several important renovation projects being carried out right in the heart of the capital, such as on Príncipe de Vergara 11, Recoletos 13 and 8, Salustiano Olózaga 12 and Lagasca 19. (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Eurostone Buys EFE’s Former HQ To Convert Into Luxury Homes

30 March 2016 – El Confidencial

Eurostone, a real estate company headquartered in Luxembourg, has purchased the building located on the Madrilenian street Calle Espronceda, 32-34 from BBVA, which until 2013 housed the headquarters of the new agency EFE, which occupied the property for 35 years. The consideration paid for the operation has not been disclosed, but BBVA acquired it in March 2007 from SEPI (la Sociedad Estatal de Participaciones Industriales) for €51.25 million. The consultancy firm CBRE has advised the vendor, whilst Gabinete Inmobiliario and J. Pueche have advised the buyer.

The property, located just 300 m from Paseo de la Castellana, has a surface area covering more than 8,000 m2 spread across seven floors and more than 200 parking spaces. Eurostone already owns one property in Madrid following its purchase of a building on Génova 7 and three buildings in Barcelona, all in good locations.

The fund plans to convert the building on Espronceda into a luxury residential project in a neighbourhood, namely Chamberí, that has a shortage of new, high quality homes, and so it is hoping to become one of the iconic developments in the capital. The project, which will involve collaboration with the architect studio Lamela, will comprise homes and duplex apartments containing up to four bedrooms, terraces, gardens, a swimming pool, gym, etc. In addition, it will have more than 230 parking spaces and 1,700 m2 of retail space.

The building forms part of Project Zafiro, whose sale is being managed exclusively by CBRE. The portfolio of assets owned by BBVA comprises 15 buildings of different types, located in major Spanish cities, as well as in Lisbon, with a total surface area of more than 100,000 m2 and 1,300 parking spaces. This process has sparked interest from several funds, both domestic and international, and is close to being finalised. (…).

In addition, the building in question is located just 100 m from the former block of tenement flats (arranged around a patio, typical in Madrid, known as a “corrala”) that Pontegadea, the investment arm of Amancio Ortega, sold less than a year ago to the Catalan property developer Uniq, which specialises in the development of luxury homes, and which will be responsible for leading the development of the project.

According to sources at the time, Uniq will construct the homes, but another company, an investment fund whose identity has not been revealed, put up the capital to close the deal. The price of that operation amounted to around €20 million.

In addition, less than a kilometre away, on Calle Claudio Coello, number 108, another international fund, in this case the German fund Patrizia, recently entered the neighbourhood of Salamanca, with the acquisition of a residential building from Grupo Lar and Pimco for €22 million, where it plans to construct 14 luxury homes measuring 300 m2, with two or three parking spaces per flat.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake