General de Galerías Comerciales Buys ‘Las Terrazas’ Shopping Centre for €42M

22 March 2019 – Europa Press

The Socimi General de Galerías Comerciales has purchased Las Terrazas shopping centre in Telde, Gran Canaria for €42 million. The asset has a total constructed surface area of 121,461 m2, as well as a plot measuring 22,045 m2.

The portfolio of the Socimi, which is listed on the MAB, now contains seven shopping centres, including five properties in Andalucía and one in Cataluña.

The Socimi currently has a share price of €107, up by 35.4% since its debut price of €79, taking its market capitalisation to around €2.8 billion.

Original story: Europa Press

Translation/Summary: Carmel Drake

Montebalito & Altosa Team Up to Build a Residential Complex in Madrid

1 August 2018 – El Mundo

The real estate firm Montebalito has joined forces with the property developer Altosa to undertake a residential project in Madrid whose investment is estimated to amount to €8.8 million. The project comprises 40 homes in total spread over a plot with a constructed surface area of more than 3,000 m2.

The purchase price of the land amounted to €4 million, which has been shared equally between the two companies, according to a statement filed by the real estate company with Spain’s National Securities and Markets Commission (CNMV).

Specifically, €2 million was paid at the time the purchase was signed and the remaining €2 million will be handed over in a maximum period of one year. Montebalito, which has acquired the plot using its own funds, expects to start work on the preparation of the site in October. The construction work is expected to take 18 months once the respective building permits have been obtained.

Original story: El Mundo 

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

PSN Gestión Socimi Buys Hotel Soho Boutique in Salamanca for €3M

7 May 2018 – Tribuna Salamanca

PSN Gestión Socimi S.A, the listed real estate investment company tasked with managing the properties owned by the PSN Group that are destined to leasing, has acquired the Hotel Soho Boutique Salamanca for €2.9 million.

This establishment, which has a four-star rating and is located in a central building next to the Plaza Mayor and the central market of Salamanca capital, has a constructed surface area of almost 1,200 m2, spread over seven storeys and a patio area of 25 m2.

According to information provided by the PSN Group, the property has more than 20 bedrooms, as well as lounges, a bar, a dining room and an indoor car park, leased in the building opposite.

In this way, PSN Gestión Socimi S.A. has incorporated the hotel into its real estate portfolio, which already contained another complete building that is used as a hotel in the centre of Madrid, as well as several offices, commercial premises and parking spaces spread over 27 buildings located in 21 cities in Spain and Portugal, with a constructed surface area of more than 15,600 m2, according to the entity.

These properties owned by “the largest company of its kind promoted by an insurance company in the Spanish real estate market” are located in several cities such as Madrid, Sevilla, Valencia, Barcelona, Lisbon, Coimbra and Oporto, amongst others.

PSN Gestión Socimi S.A. started trading on the Alternative Investment Market (MAB) on 22 December 2017 with a global capitalisation of more than €28 million.

Its shares debuted with a reference price of €14.20 and are currently trading at €14.50, according to the company that has purchased the hotel in the centre of Salamanca.

Original story: Tribuna Salamanca

Translation: Carmel Drake

Town Hall of Granada Sells Former Housing Dep’t HQ for €1.5M

2 February 2018 – La Vanguardia

The Town Hall of Granada has sold the historic building that used to house the headquarters of the now defunct municipal housing company, together with three parking spaces that form part of its estate, for around €1.5 million. Approximately €1 million of the proceeds received will be allocated to the renovation works that are currently underway in the neighbourhood of Santa Adela.

At a press conference following the local government meeting on Friday, the councillor for Urban Planning in Granada, Miguel Ángel Fernández Madrid, confirmed the sale of the property located on Calle Lepanto, behind the headquarters of the Town Hall of Granada, together with three parking spaces in Plaza Gamboa, nearby in the centre of the city.

According to legislation, the proceeds obtained from the sale of the municipal land asset must be allocated to investments in the city. “As we have an extended budget and the beans have been accounted for, the bulk of the money, almost €1 million, will go towards paying the costs” that the Town Hall is currently facing on the Santa Adela project, explained Fernández Madrid. He added that this will serve to “justify” the municipal investment with a view to the receipt of European Edusi funds for this project.

The future of the half a million euros that will be left over from the sale of the former headquarters of Emuvyssa and the three parking spaces is yet to be decided, but it is expected that that amount will also be invested in projects with Edusi funds, for which the Town Hall has to justify that “it is going to spend around 30% of the money”, that it will receive from Europe, in other words around €3 million.

For this reason, investing most of the proceeds resulting from the sale in the Santa Adela construction work is “the best option”, said the councillor for Town Planning. He recalled that the plenary approved the disposals of municipal land property and that belonging to the now defunct Emuvyssa “by sufficient majority”. They mostly comprise social housing developments that “carry a municipal mortgage”, representing a “substantial amount”, which the Town Hall has to pay each month.

The building on Calle Lepanto has a total constructed surface area of more than 600 m2 – according to information available on the website of the Town Hall of Granada. According to the information provided by Miguel Ángel Fernández Madrid to the media, a tender was held to dispose of the property but no one participated, and so the asset has been sold to the first bidder willing to offer the asking price.

Original story: La Vanguardia

Translation: Carmel Drake

Inbisa Completes Expansion of Dr. Schär Plant in Zaragoza

31 January 2018 – Eje Prime

Inbisa is fattening up its portfolio of projects for the food industry. The Basque construction group has completed a 5,000 m2 expansion of the Dr. Schär plant in Zaragoza. It has invested €3 million in the project in total over the different phases of construction.

The work to renovate the complex, located on the ‘La Ciruela’ Industrial Estate, in the town of Alagón, has taken 17 months. The total investment undertaken by the European company, which specialises in the manufacture of gluten-free food, in this industrial project has amounted to €12 million.

The expansion of the Dr. Schär factory has involved increasing the surface area of the plant by 2,600 m2 to allow the multinational firm to install a new bread production line, as well as the renovation of an adjoining warehouse, measuring 2,400 m2, for the storage of finished products.

Following the renovation of the industrial complex, the facilities have seen an increase in their constructed surface area to 10,550 m2, on an urbanised plot measuring 13,500 m2.

With this project, Inbisa is strengthening its portfolio of developments in the agri-food industrial segment, in which it has previously undertaken construction projects with the company Ogimahaia, in Salvatierra (Álava), and with Panusa, in Astillero (Cantabria).

Original story: Eje Prime

Translation: Carmel Drake

‘Area Industrial & Logistics’ to Build New Industrial Warehouse for Endutex Ibérica

12 December 2017 – Cadena de Suministro

Area Industrial & Logistics will be the property developer responsible for constructing the new headquarters of the Portuguese company Endutex Ibérica under the “turnkey” modality. The building is going to be constructed on a land with a surface area of 6,410 m2 in the SUP I-3 Sector “Puerta de Madrid” located in the town of San Fernando de Henares.

This plot is the result of the segregation that the property developer carried out of a larger block measuring 26,387 m2, on which Area has already successfully built one turnkey project involving a 7,500 m2 cross docking warehouse for XPO Logistics. With this operation, the property developer company Area Industrial & Logistics will manage to complete the total development of the aforementioned block, which has a combined land surface area of 26,378 m2 and a total constructed surface area of 11,622 m2.

The future headquarters of the company Endutex Ibérica will comprise a total warehouse surface area of 3,507 m2, used for storing supports for digital printing and the manufacturing of tarpaulins, the Portuguese company’s main activity. Similarly, it will have an office measuring 615 m2, spread over 3 floors, which will feature a ground floor space measuring 115 m2 that Endutex will use as a showroom for the display and sale of its products to customers.

The total approximate investment in this new turnkey project contracted by Area Industrial & Logistics is €3.4 million and construction is expected to be completed by the first quarter of 2019.

Original story: Cadena de Suministro

Translation: Carmel Drake

Mapfre Inaugurates Newly-Renovated Office Building In Plaza De La Independencia

26 October 2017 – Inmodiario

Mapfre has started the hand over to its tenants of the building on Plaza de la Independencia 6, in Madrid. Dokei RE prepared the execution and activity plans.

Dokei RE was awarded the full scope commission, including the writing of the due diligence report for the acquisition of the building, determining and limiting the risks of the development, logging the necessary urban planning queries given that the building is surrounded by several historical monuments, performing the Project Management services and coordinating all of the teams involved in the construction work.

The building, located in a unique position, in an unparalleled environment, has been renovated in accordance with the highest quality standards in terms of its finishes, installations, as well as sustainability. It has an A-rated Energy Certificate and a Gold Leed rating.

The property comprises open-plan floors, without any pillars, which allows for the maximum efficiency and natural light from 4 of the 5 façades (…).

With a total constructed surface area of 11,568 m2, of which 7,559 m2 is above ground and a useful surface area of 9,893 m2, “Plaza de la Independencia has sought to install the best acoustic and thermal insulation, and as such, all of the external windows and doors have been replaced and the insulation of the façades has been reinforced (…). Moreover, the use of a highly efficient air conditioning system has allowed us to obtain an A energy rating”, said Jesús Lanzón, Director at dokei RE (…).

The building has a car park, paved with resin and equipped with LED lighting; meanwhile, the basement level has parking space for bikes and a changing room/shower area.

Original story: Inmodiario

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

Grupo Zeta Puts Its Barcelona Printworks Up For Sale For €19.5M

18 January 2017 – Economía Digital

(…). Grupo Zeta has put its brand new industrial print warehouse up for sale for €19.5 million, according to several classified advert websites. It is the company’s final real estate asset, given that it already sold its editorial buildings in Barcelona and Madrid.

The group chaired by Antonio Asensio Mosbah has engaged CBRE and Activa Properties to coordinate the sale. The former has placed an advert for the warehouse on its website, albeit without any indication of the price; the latter has posted adverts on several real estate portals. The property was initially put on the market last summer for €23 million, but the price has now been reduced to €19.5 million.

Although the print press is still functioning and more than 50 people are working at the site, the adverts have already written off the continuation of any similar activity: the warehouse is advertised as “previously the print press, storeroom and offices of an editorial group”. The property has a constructed surface area of 35,000 m2 on a plot measuring 58,400 m2.

The Grupo Zeta’s print press, which is located in Parets del Vallès (Barcelona), prints El Periódico, La Razón and ABC for the Mediterranean area, as well as several other smaller publications. (…).

Original story: Economía Digital (by Xavier Alegret)

Translation: Carmel Drake