Dazia Capital Acquires Building in Chamberí for New Luxury Development

8 November 2019 – The Spanish investment firm Dazia Capital has finalised the acquisition of the building located at Calle de Santa Engracia 3, in Madrid where it intends to build nine luxury flats.

Located in one of the capital’s most sought-after neighbourhoods, Chamberí, Dazia Capital will transform the 19th-century building into a luxury residential development. The firm’s €14-million investment will result in nine luxury flats with common areas including a spa, indoor pool, gym and wine cellar. The flats will have up to five bedrooms, some with private pools and large terraces.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Dazia to Redevelop Warehouse into Apartment Building in Madrid

30 July 2019 – Richard D. K. Turner

Dazia Capital, owned by Daniel Mazin, the heir to Tryp Hotels, has finalised the acquisition of a former industrial warehouse on Calle Anastasio Herrero in Madrid. The building had been used as a lumberyard until its closing several years ago.  

The company plans to apply for a change of use for the property and redevelop it into a 32-flat housing development. The warehouse has about 3,000 square meters of surface area. Construction is expected to begin in 2021, through Dazia’s subsidiary Darya Homes.

The acquisition was made through Dazeo, a joint venture between Dazia and the French fund Eurazeo Patrimoine. Between the land and its subsequent redevelopment, the firm will invest a total of 8.5 million euros.

Original Story: El Confidencial – Elena Sanz

Dazeo to Invest €20M in Construction of 52 Homes in Madrid

3 April 2019 – Eje Prime

The residential joint venture between Dazia Capital and Eurazeo Patrimoine has acquired a plot of land at number 107-109 Calle Embajadores, in Madrid. The firm plans to invest €20 million in the development of a 5,500 m2 property on the site, which will contain 52 homes, a gym, a swimming pool and a parking lot.

Following this purchase, Dazeo now owns four assets in Madrid, plus a plot of land on the beachfront in Estepona (Málaga).

Dazia Capital will be responsible for the management of the project, under its property developer brand Darya Homes.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Who is the Largest Residential Property Developer in Madrid

29 November 2018 – El Confidencial

With 12 developments underway comprising 758 homes with some type of protection, the Municipal Housing and Land Company (‘La Empresa Municipal de la Vivienda y Suelo’ or EMVS) is the most active property developer in the city of Madrid. Of the more than 350 residential projects under construction in the capital at the moment, the public initiative (by the Town Hall of Madrid), together with the promotion of cooperative homes or units with some kind of protection, has significant weight in Madrid, given that more than 16% of new build projects underway and 22% of the units under construction are public initiative developments (EMVS) or cooperative promotions.

That is according to data from the consultancy firm CBRE, which has compiled a study to analyse real estate activity in the Spanish capital, using satellites, taking into account both new build projects that require cranes for their completion as well as comprehensive renovation projects that do not need cranes or scaffolding. On the basis of the data obtained, the property developers who are currently carrying out those projects in the 21 districts of Madrid have been identified, be they new build projects, renovations, private homes or social housing units, excluding any homes being marketed on which construction work has not started yet.

The study establishes a ranking with the top 25 residential property developers in the capital on the basis of the number of projects underway and the number of units under construction. That ranking is led by the EMVS both by number of developments as well as by number of homes. Its developments are concentrated in the Pau de Vallecas (8 projects comprising 475 units), Latina (one development comprising 87 homes), Arganzuela (one development comprising 85 units), Villa de Vallecas (one development comprising 72 homes) and Carabanchel (one development comprising 25 homes).

Despite the strong development activity of the EMVS, the reality is that it is the private property developers who lead the activity overall, given that they account for three quarters (78%) of the new home units under construction in the city of Madrid. In fact, there are 12 private property developers with three or more projects under construction, which account for more than a third (34%) of the homes under construction.

Pryconsa and Inmoglacier, the most powerful

The second position in the ranking by number of developments is held by Pryconsa. The company chaired by Marco Colomer currently has seven projects underway, comprising 500 homes (…).

By number of units under construction, the second place in the ranking is held by Inmoglacier, with 748 homes under construction, distributed across just five developments, all of which are concentrated in Parque Ingenieros in Villaverde (…), all with some kind of protection and constructed on land acquired from Sepes more than three years ago. The company chaired by Ignacio Moreno (…) is one of the most active property developers in the capital and is focused towards a segment of the population capable of acquiring a home at affordable prices.

“At first glance, the sector appears to be vey fragmented. The 351 residential projects underway in Madrid are split between 241 companies or cooperatives. However, many property developers assign a separate legal entity to each promotion (…) and so it is not always easy to identify the large groups (and commercial brands) behind each project”, explains Samuel Población, National Residential Director at CBRE speaking to El Confidencial (…).

By area, the main national property developers are committed to constructing large projects in new areas, such as Arroyo del Fresno (Amenabar and Grupo Pinilla), Valdebebas, Parque de Ingenieros and El Cañaveral, where the projects with the largest number of units are concentrated. Companies such as Grupo Ibosa (…) and Vía Celere, along with the newcomer Brosh, complete the ranking (…).

International firms stick to the rich neighbourhoods

In terms of the property developers with a more international profile, by contrast, they are continuing with a strategy focused on the renovation of homes inside the city, in the most sought-after neighbourhoods. Venezuelan property developers have been particularly active, including Gran Roque (…), which has a dozen residential projects underway comprising more than 100 homes in some of the most sought-after areas of Madrid (…).

Also, Grosvenor (from the UK) and Darya Homes or Dazia Capital (France) are concentrating their activity exclusively in the districts of Centro, Chamberí and Salamanca. Those three developers – include Gran Roque – are currently managing 10 residential remodelling projects, which are characterised by the limited number of units (14 on average) and a clear vocation towards the high- and very high-end segments of the market.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Dazeo Acquires a 5,000m2 Plot in Estepona to Build 20 Luxury Apartments for €15M

10 September 2018 – Eje Prime

Dazeo has closed its first operation following its creation. The joint venture between the Spanish real estate firm Dazia Capital and the French fund Eurazeo, has invested €15 million in the development of a 20-unit luxury apartment complex in Estepona.

The company has acquired a plot of land spanning 5,000 m2 on the coast of Málaga. The project, which will be undertaken by Arata Arquitectura, will house twenty apartments with terraces, a swimming pool, gardens, a spa and a gym.

Following this first purchase, Dazeo is planning to undertake further acquisitions in Madrid, Málaga and Valencia. The group is going to spend €70 million on residential projects in urban nuclei in its first phase. The joint venture, controlled by Eurazeo, will grow to reach €250 million, according to forecasts.

In addition to its venture with the French fund, Dazia Capital has signed other international alliances in recent years. In 2017, for example, it closed an agreement with the British fund Chenavari. Over the last four years, the Spanish real estate company, created in 2013 by Daniel Mazín, has acquired buildings and land with a surface area of 86,000 m2 and 500 homes located in Madrid and the Costa del Sol.

Original story: Eje Prime

Translation: Carmel Drake

Dazia Capital Creates a Property Developer JV with French Fund Eurazeo

25 May 2018 – Expansión

The real estate group Dazia Capital and the French private equity fund Eurazeo Patrimoine have joined forces to tackle the residential sector in Spain. This alliance is being manifested in the launch of the joint venture Dazeo.

With a time horizon of three years, Dazeo will have an investment fund from Eurzaeo amounting to €70 million to undertake acquisitions in Madrid, Barcelona, Valencia, the Costa del Sol and other urban nuclei in Spain. The joint venture, controlled by Eurazeo, will achieve a business volume of up to €250 million, according to the forecasts. The agreement has been advised by Montalbán, Cuatrecasas and Uría Menéndez.

Dazeo has been created with a portfolio comprising three buildings in Madrid on Calles Alcalá, Santa Engracia and Santa Isabel. The entity is going to begin a new build project soon in the capital’s Salamanca neighbourhood, which will comprise 23 luxury homes with gardens, a garage and a gym.

Dazia Capital will be responsible for managing the projects from the acquisition through to the development and subsequent sale of the homes with Dayra Homes, its promoter brand.

It is not the first time that Dazia has reached a such an agreement to grow and boost its business, focusing on the residential market in urban nuclei, where last year it accumulated an investment of €185 million.

In 2017, it signed an agreement with the British fund Chenavari. Over the last four years, it has acquired buildings and land with a surface area of 86,000 m2 and 500 homes in Madrid and Costa del Sol.

Daniel Mazín (pictured above) is the CEO of Dazia Capital.

Original story: Expansión (by Elisa Del Pozo)

Translation: Carmel Drake

Dazia Teams Up With British Fund Chenavari To Promote Growth

10 October 2017 – Expansión

Vía Célere was one of the pioneers in seeking foreign finance to accelerate its growth, but the explosion of the real estate market in Spain means that its formula is now being copied right across the sector. The latest example, in the form of Dazia Capital, has demonstrated it once again. The real estate group specialising in the residential segment has teamed up with the British fund Chenavari with the aim of obtaining a financial boost for the construction of its developments.

In an operation advised by Montalbán, the two entities have agreed to participate together in the construction of a new housing development in Madrid with a market value of €30 million, according to sources at the companies.

The project, located just a stone’s throw from Cuatro Caminos, will contain around 90 homes, as well as parking spaces and green spaces with a swimming pool and will occupy around 8,000 m2. According to the terms of the agreement, Chenavari will hold a majority stake of around 85%, whilst Dazia Capital will retain the remaining 15% and will be responsible for managing the development, as well as for constructing and marketing it.

The model that Dazia has chosen to finance its growth is not new. In the past, the company resorted to a similar structure, although in that case, its partner was a family office. Now, it is leaping into a more significant alliance, with a fund that specialises in taking advantage of investment opportunities in the credit market.

“The agreement reached with the Chenavari group will allow Dazia to increase its real estate investments, accelerating the rate of growth and the expansion of the residential market”, says Daniel Mazín, CEO of the Spanish company. “This market demands a lot of capital”, he added.

“It makes sense that real estate groups are allowing funds to enter their projects as they grow because it is the quickest way of obtaining returns from the investments that they have made in land”, explains a director in the sector.

Dazia is currently constructing 500 homes in Madrid and the Costa del Sol, with a combined market value of €180 million.

In the last quarter, the group acquired four new assets in Madrid and expanded the focus of its activity to include Valencia and Alicante, ahead of the surge in new housing in Spain.

Original story: Expansión (by Inés Abril)

Translation: Carmel Drake