30 May 2018 – Eje Prime
The industry stalwart Núñez i Navarro wants to generate returns from some of its old investments. The company has started work on the renovation of one of the buildings that it acquired in Barcelona before the crisis to convert it into a residential property. The asset is located at number 125 Paseo de Gracia, one of the most prime areas of the Catalan capital for the residential sector, as sources at the company explained to Eje Prime. Moreover, Núñez i Navarro has more than a dozen new developments under construction and on the market.
The group, founded more than 65 years ago, expects to begin handing over the new homes at the end of this year. The building, which used to house offices, will comprise around twenty apartments with between one and three bedrooms. These homes, whose average price has not been revealed, will be mainly targeted at international clients and will be available for rent.
Núñez i Navarro acquired this property during the process to buy a batch of assets at the end of the 1990s. The company purchased a portfolio of four buildings in Barcelona from the insurance company Eagle Star for €26.6 million. That lot contained three buildings on Paseo de Gracia, at numbers 125, 127 and 129, as well as the property at number 641 Gran Vía de les Corts Catalanes (…).
“This project on Paseo de Gracia joins the twenty or so other renovation jobs that Núñez i Navarro has carried out in Barcelona, highlights of which include the Andreu Tower, also known as La Rotonda, the Torre Enric Cera, the Casa Lleó i Morera, Hotel 1898 on la Rambla, the only colonial style hotel in Barcelona, Hotel Gran Vía, and the Can Trías de Bes farmhouse in Sant Joan Despí, amongst others”, explain sources at the group (…).
Although the group’s main business is residential, the company has diversified somewhat over the years in order to generate new revenue streams. The company has a major presence in the office sector in Cataluña, with a particular concentration in the city of Barcelona. For example, its portfolio contains assets such as number 35 Paseo de Gracia (Casa Lleó Morera) and number 20 Plaza Cataluña.
The group is also strong in other businesses such as industrial warehouses, car parks and hotels (…).
The company, the largest unlisted real estate firm in Cataluña, saw its profits soar in 2016 to €33.1 million, compared with €12.9 million in the previous year. In this way, the group returned to positive growth, coming close to its best ever result, recorded in 2007, when it generated profits of €48.6 million (…).
By contrast, Núñez i Navarro’s turnover worsened in 2016. The company generated revenues of €110 million, down by 5.1% compared to the same period a year earlier, when its sales amounted to €116 million. The company’s consolidated own funds amount to €595 million.
Original story: Eje Prime (by C. Pareja)
Translation: Carmel Drake