Ares Acquires a Portfolio of Rental Homes to the East of Madrid

21 November 2019 – Ares has finalised the acquisition of a portfolio of 401 rental homes in the vicinity of Alcalá de Henares. The homes are in a new residential area that has easy access to Spain’s capital, Madrid, via the A-2 motorway and public transport.  

The acquisition is set to significantly increase the supply of rental homes in the area. Colliers advised Ares on the transaction, details of which were not disclosed.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner

Mahou Hires Colliers to Sell Two Plots of Land Linked to Calderón

2 September 2019

Mahou-San Miguel has commissioned the real estate consultancy Colliers to sell the two neighbouring plots of land to Mahou-Calderón.

Colliers was already in charge of the sale of the first two plots of land, in addition to the two now under consideration, plots RC1 and RC2. RC1, RC2 and RC5 have a total buildable surface area of ​​63,075 m2, according to the project. The residential component amounts to 55,823 m2, while the rest will be for retail and offices. Sources say that the average price per residential m2 will likely be around 3,200 euros, generating total revenues of close to 180 million euros to the land as a whole.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Operación Calderón: Mahou Puts First Plot Up for Sale

7 May 2019 – Eje Prime

Mahou has put the first plot of land up for sale on the site of Operación Calderón. The brewery has engaged Colliers to handle the sales process, which it hopes will close this year and generate proceeds of €60 million

Potential candidates for the purchase include the cooperative Ibosa, amongst others, which plans to build around 400 homes on two of the plots.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Arcano Buys EFE’s Former HQ in Chamberí to Build Luxury Homes

1 April 2019 – El Confidencial

Arcano has just acquired the property at number 32 Calle Espronceda in Madrid, which previously housed the EFE Agency for several decades.

The firm’s new real estate fund has just purchased the building, which spans 8,000 m2, for more than €40 million from the fund Eurostone, where it plans to promote 50 luxury homes. The property is distributed over seven floors and has more than 200 parking spaces. Moreover, it has already been granted all of the licences necessary for the redevelopment work.

The operation has been advised by Colliers, Doble Dígito and TC Gabinete Inmobiliario and partially financed by CaixaBank.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Málaga: One of Spain’s Top Cities for Hotel Investment Again in 2018

11 January 2019 – La Opinión de Málaga

Málaga has consolidated its position as one of the tourist areas with the highest volume of hotel investment in recent years, even though the data for 2018 was somewhat lower than that registered in 2017, which was an “extraordinary” year, according to a report presented yesterday by the consultancy firm Colliers International Spain. In this way, Málaga recorded a total investment of €215 million in 2018, which represented 5% of the national total, estimated at €4.81 billion. The study includes investments in existing hotels (improvements and sales/purchases) as well as those dedicated to land and non-hotel properties (for their conversion to hotel use).

The consultancy firm explained that hotel investment at the national level increased by 23.1% in 2018 with respect to the previous year, to achieve a “new historical maximum”. Nevertheless, in the case of Málaga, investment decreased by 50%, motivated by the high levels reached in the area in recent times, with a “very vertical” investment, which has made investors “more cautious” following an “extraordinary” 2017 (…), according to the Partner and Director for Hotels at the consultancy, Miguel Vázquez.

In 2018, ten hotel transactions were closed in Málaga (two in the capital and eight in the rest of the province). The most important deal was the purchase of a hotel by the Greek hotel group Ikos Resorts. In the capital, the purchases corresponded to NH Málaga and Vincci Málaga – in both cases, the ownership changed hands but the hotel management remained the same.

Two buildings were also purchased for hotel use, both in the capital: the Equitativa (acquired by the Didra investor group) and another on Calle Puerta del Mar, where the chain Catalonia is going to open a hotel. On the other hand, there were two land operations, also in the capital, by Room Mate and Well&Come.

The Canary Islands was ranked ahead of Málaga as the region that accounted for the most investment in 2018 (€1.63 billion), which represented 35% of the total, followed by the Balearic Islands, with €944 million (21%). Madrid accounted for another 13% of hotel investment (€601 million) whilst Barcelona recorded €244 million (5%), very similar figures to Málaga. The Catalan capital also saw its investment volume decrease by 50% in 2018, according to data from Colliers International Spain (…).

The strength of the holiday sector

Based on the figures for 2018, Spain was ranked in second place for hotel investment in Europe, behind the United Kingdom, according to data recorded to September 2018, with a market share of 24% of the total for the region, which amounted to €21.6 billion. In total, 273 hotels were purchased, containing 36,189 rooms, 91 more than during the previous year, when 182 establishments changed hands involving 28,813 rooms (…).

Original story: La Opinión de Málaga (by José Vicente Rodríguez)

Translation: Carmel Drake

Stoneweg Buys Plot to Build Luxury Apartments for €130M

13 December 2018 – Idealista

The real estate market has broken a new record in Madrid: the Spanish-Swiss fund Stoneweg has purchased a residential plot from Dragados for €130 million, the most expensive operation in the history of the capital, according to Idealista News. The plot, located on Paseo de la Dirección, 246, spans 40,000 m2 and two luxury residential towers are going to be built on the site, which will be sold for €6,000/m2.

The project, which is going to be constructed by Dragados, comprises two towers that will have 700 homes in total, and which will go on sale for around €6,000/m2. The land will also be home to two tertiary-use towers, destined for offices, which do not have an operator yet. The operation has been advised by the firm Colliers.

According to sources consulted by Idealista News, these two towers will change the skyline of Madrid and will open the door to a change in the physiognomy of the Tetuán district. The property developer is whereby continuing to take advantage of the real estate cycle and, specifically, of the good times that the luxury residential business is experiencing, which is attracting attention from local and international buyers alike.

Over the coming weeks, Stoneweg is going to open a selection process to choose a company to take care of the sale of the 700 luxury homes. Candidates are expected to include CBRE, Savills-Aguirre Newman, BNP and Colliers (…).

Original story: Idealista (by Custodio Pareja, P. Martínez-Almeida & Ana P. Alarcos)

Translation: Carmel Drake

Sareb Sells a €247M Property Developer Loan Portfolio

21 December 2018 – Europa Press

The Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) has closed the sale to an international consortium of a new portfolio of property developer loans, whose nominal value amounts to €247 million.

According to a statement issued by the bad bank, the portfolio, called Adra, groups together loans secured by properties located primarily in Andalucía, the Balearic Islands, Cantabria and the Community of Valencia.

The process was launched in June and the transaction has been undertaken in compliance with the most stringent requirements in terms of transparency and fair competition, assured Sareb.

The sale of this portfolio has received financial advice from Colliers and legal advice from Herbert Smith Freehills (HSF).

Original story: Europa Press 

Translation: Carmel Drake

Meridia Capital Sell’s Nestle’s HQ in Barcelona for €87M

6 October 2018 – Real Estate Press

Savills Investment Management, the international real estate investment manager, has brokered the sale of Nestle’s headquarters in Barcelona by the manager Meridia Capital. The buyer in the operation is the Korean manager IGIS Asset Management. The value of the transaction has not been revealed, but sources close to the operation claim that it amounts to €87 million.

The complex, which includes 5 office buildings with a total surface area of almost 50,000 m2 and a GLA of 27,607 m2, is located in Esplugues de Llobregat, close to Avenida Diagonal in Barcelona. It is a prime location, where other large multinational companies also have their offices including Bayer, Cobega and Codorniu. The complex, which has been home to Nestle’s headquarters in Spain since the 1970s, has almost 600 parking spaces. Building 1 has a LEED 1 Platinum certificate and Building 2 and the common areas have a LEED Gold certificate.

Fernando Ramírez de Haro, Director General of Savills Investment Management for Spain and Portugal, said: “Our client has managed to access a complex with unique characteristics. At Savills IM, we are delighted to have been able to accompany them in this operation, which will undoubtedly mark a milestone in the real estate market during the second half of this year”.

In reference to Savills IM’s objectives in Spain, Ramírez de Haro added, “after closing this investment, which follows others recently completed in Spain and Portugal, we are close to recording total acquisitions of €500 million in 2018”.

Ashurst, Cushman & Wakefield, KPMG and Colliers advised the purchaser whilst the law firm Uría Menéndez and Valliance Real Estate Advisors acted as advisors to the vendor.

Original story: Real Estate Press

Translation: Carmel Drake

IBA Capital & CBRE GI Sell Preciados 9 to Generali

15 March 2018 – Eje Prime

A new prime retail operation has been closed in the capital. The fund manager IBA Capital, together with CBRE Global Investment, has closed the sale of number 9 Calle Preciados in Madrid to the real estate vehicle of the insurance company Generali, Generali Real Estate. The Italian group has paid €100 million for the asset, which is going to be home to the future Pull&Bear store on that street, one of the most expensive in Spain for opening a store.

The property, which has a surface area of more than 3,000 m2, was the first building that El Corte Inglés sold in the Spanish capital and fired the starting gun for the policy of real estate divestments by the distribution group.

The asset, located in the so-called Golden Triangle of Madrid, was built in the 1940s. The building overlooks the confluence of the areas of Sol, Preciados and Gran Vía, and has a commercial surface area of more than 2,100 m2, distributed over six floors.

The operation, which has been brokered by the real estate consultancy Colliers, has been in the pipeline for six months, but the parties have not signed the agreement until now. In this way, IBA Capital is continuing to transform its asset portfolio in Spain.

Founded in 2013, IBA Capital is headed by Thierry Julienne and Jesús Valderrama, founders of the investment vehicle. The group has the capacity to manage all kinds of real estate assets and, currently, manages assets with a value of approximately €1 billion.

IBA Capital’s activity is divided into three lines of business. The company is continuing to acquire new assets following a phase of “prior selection of opportunities and a process of internal analysis”, according to sources at the company. IBA Capital also manages and sells assets, as well as controls the Socimi Zambal.

Its current portfolio comprises more than a dozen assets situated in prime locations of Madrid and Barcelona for the most part. They include number 18 Gran Vía and the ABC Serrano shopping centre, which have been acquired for their subsequent renovation and enhancement.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Colliers International Acquires Spanish RE Consultancy Irea

27 February 2018 – El Confidencial

There’s a new marriage in the market for real estate consultancy firms. Colliers International Group has acquired the independent Spanish firm Irea. This move comes just a few months after Savills purchased Aguirre Newman, a firm that Colliers also expressed its interest in.

Following this integration, the new company will have a team comprising more than 100 professionals, with offices in Madrid and Barcelona, a turnover of €25 million, and will provide services in the following fields: advisory, capital markets, consulting, valuation, workplace solutions and project management. The objective of the new group is to be one of the top three firms in the sector within five years.

The operation has been structured through the purchase of the majority of Irea’s share capital by Colliers International, a listed company with a global turnover volume of €27 billion, a move that has been followed by a merger, whereby Irea has acquired the Spanish subsidiary of Colliers.

Mikel Echavarren, Founding Partner at Irea, is going to be the CEO of Colliers in Spain. Meanwhile, the rest of the management team is going to comprise: Ignacio M. Iturriaga, Joan García and Álvaro Alonso as the Heads of Corporate Finance; Neil Livingstone and Antonio Pan de Soraluce as the Heads of Capital Markets; and Miguel Vázquez and Laura Hernando, as the Heads of the specialist hotel services division.

In addition, in accordance with the model that characterises Colliers, which teams up with local partners, Echavarren, Livingstone and Pan de Soraluce will hold onto 20% of the share capital of the Spanish subsidiary.

“The Spanish real estate and hotel markets have experienced significant growth in recent years, and having the opportunity to expand our business with Irea’s excellent team of professionals is going to allow us to offer high added value services for our clients”, said Chris McLernon, CEO at Colliers International for the EMEA region.

“Our integration into Colliers represents a natural evolution for Irea, given that both companies share the same business culture and a strong commitment to excellence”, said Echavarren. “We consider that integrating ourselves into a global brand that has an unparalleled international platform is the key for strengthening our growth strategy and continuing to offer the best service possible to our clients, wherever they are in the world”, he added.

Original story: El Confidencial (by R. Ugalde)

Translation: Carmel Drake