Fidere Looks to Sell Off Assets in Catalonia

19 November 2019 – Fidere, the subsidiary of Blackstone, is looking to sell off some of its holdings in the Spanish province of Catalonia. The socimi will begin by selling the Isla del Cielo building in Barcelona, located in the Parque Diagonal Mar.

On the other hand, Fidere has opted not to sell off its holdings in the Community of Madrid. The rental properties, including the Sanchinarro, San Sebastian Reyes, Majadahonda and Hispanidad buildings, are squarely aimed at premium buyers and currently have an occupancy rate of 50%. Fidere assumed the management of these assets at the beginning of the year.

The Isla del Cielo building is currently listed on several real estate sites. The residential complex consists of two apartment blocks with a constructed area of ​​approximately 38,000 m2.

Original Story: OK Diário – Lorena Torío

Adaptation/Translation: Richard D. K. Turner

Emesa Sells a 32,000 m2 Warehouse to Blackstone for €18M

17 June 2019 – Eje Prime

Emesa has completed the sale of a logistics warehouse spanning 32,000 m2 located in Valls (Tarragona) to the US fund Blackstone for €18 million, as part of its mission to divest its non-strategic assets.

The warehouse does not currently have a tenant and will have to be renovated before being put up for rent.  

Original story: Eje Prime

Translation/Summary: Carmel Drake

Colonial Finalises the Sale of its Logistics Centers Worth €480M

14 June 2019 – La Vanguardia

Colonial is finalising the sale of a portfolio of 15 logistics centres worth €480 million that it inherited from Axiare. The assets span a surface area of 574,462 m2 and are located on the outskirts of Madrid, Barcelona and Sevilla.

The Socimi led by Pere Viñolas hopes to complete their sale within a maximum of two months as it seeks to take advantage of the strong demand for these types of assets thanks to the boom in online commerce.

Colonial’s core portfolio comprises office buildings located in the centres of Madrid, Barcelona and Paris, with a market value of around €11.4 billion. The firm is also working on fourteen new projects located in its three key markets, which have an associated investment of €1.3 billion.

At its recent General Shareholders’ Meeting, Colonial approved the appointment of two new independent directors and ratified the distribution of a dividend amounting to €0.20 gross per share, up by 11% YoY.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake

Bankia Puts 3,000 Foreclosed Flats Worth €500M Up for Sale

4 June 2019 – El Confidencial

Bankia has put another problem asset portfolio up for sale as it continues to take the Spanish real estate market by storm in 2019. Project Jarama contains 3,000 flats worth €500 million and is one of the bank’s largest operations involving foreclosed assets to date.

The bank chaired by José Ignacio Goirigolzarri has engaged KPMG to coordinate Project Jarama, which is complicated by the fact that more than half of the assets have not yet been fully repossessed by the bank.

In those cases, rulings have been made in the courts to award the property to the bank in exchange for the defaulted debt, but the entity does not yet hold the deeds or the keys, and the final stage of the foreclosure process could take several months in each case.

This sale forms part of Bankia’s strategy to accelerate its strategic plan. At the beginning of 2018, it set itself the target of divesting non-performing assets worth €9 billion from its balance sheet. By March 2019, it had already sold €6.5 billion.

In recent weeks, it has sold a €300 million portfolio to Blackstone and a €150 million portfolio to Cerberus and Kruk.

Original story: El Confidencial (by Jorge Zuloaga)

Translation/Summary: Carmel Drake

Kronos Puts Land Worth c.€300M Up For Sale

16 May 2019 – Eje Prime

Kronos has engaged Deloitte to sell a batch of land worth between €200 million and €300 million ahead of the change in the economic cycle. In parallel, the property developer is also bidding for several other plots.

Kronos is keen to divest the land that does not fit with its business plan. It may sell the latest batch to a single buyer or split the portfolio into several lots.

Its divestment in Spain contrasts with its commitment to Portugal, where it has just acquired a plot of land in Lisbon for €100 million on which to build 240 homes. In total, the firm plans to spend €300 million buying up land over the next few years.

Since 2015, Kronos has invested €700 million in land with the capacity to build 12,000 homes.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Sabadell Completes the Sale of its Platform Solvia to Intrum

24 April 2019 – Cinco Días

Banco Sabadell and Intrum have definitively closed the operation whereby the entity chaired by Josep Oliu has sold 80% of its real estate platform Solvia to the Swedish group, more than four months after it was initially announced, having obtained the corresponding approvals.

The operation values 100% of the company at €300 million and so Sabadell will receive €240 million for the 80% stake, an amount that may increase by another €40 million depending on the evolution of the business.

The bank will record a gain of €138 million as a result of the sale and its capital ratio will improve by 15 basis points.

The entity is also waiting to complete the sale of its property developer Solvia Desarrollos Inmobiliarios (SDIn) during the next quarter. The funds Cerberus and Oaktree have made it through to the final round of that operation, according to sources.

Original story: Cinco Días (by A. G.)

Translation/Summary: Carmel Drake

Blackstone Puts a Portfolio of FIdere’s Homes Worth €150M-€200M Up For Sale

25 April 2019 – Expansión

The US fund Blackstone has launched the sale of a portfolio of homes belonging to its Socimi Fidere worth between €150 million and €200 million.

According to sources, several interested parties are already analysing the portfolio, whose perimeter may vary depending on the offers received. This sale forms part of a wider initiative by Blackstone to rotate some of the assets in its portfolio. The US fund has already put some of the offices owned by another Socimi Corona up for sale.

Since 2012, Blackstone has invested almost €24 billion in real estate in Spain, where it is the owner of several investment vehicles and management companies, including the Socimis Testa, Albirana and Torbal, as well as Hispania.

Original story: Expansión (by R. A.)

Translation/Summary: Carmel Drake

El Corte Inglés to Sell its Centres in Xanadú and Francesc Macià

22 April 2019 – Eje Prime

El Corte Inglés is continuing to divest its real estate. The department store group has put its shops in Xanadú (Madrid) and Francesc Macià (Barcelona) up for sale.

They will be joined by others in San Juan de Aznalfarache (Sevilla), Alcalá de Henares (Madrid), Ademuz (Valencia), Navarra, Independencia (Zaragoza), Málaga, Marineda City (A Coruña) and Siete Palmas (Gran Canaria).

In total, the group’s portfolio for sale comprises 14 properties, 16 plots of land and 65 assets of various types, including flats and parking spaces, spanning a combined surface area of 1.2 million m2.

Original story: Eje Prime

Translation/Summary: Carmel Drake

S&P Encourages Spain’s Banks to Divest More Property & NPLs

18 April 2019 – Ya Encontré

Spain’s banks got rid of €90 billion in foreclosed assets and doubtful loans last year, almost doubling the transaction volume recorded in 2017 (€52 billion) and setting a new annual record. But they still have a lot of homes left to sell and Standard&Poors is encouraging them to divest more of those properties, with a view to restoring their pre-crisis risk levels of 4% within two years.

According to the ratings agency, the banks still hold properties worth €80 billion, representing one of the highest stocks in Europe and accounting for 7% of the balance sheets of the domestic financial sector. In this context, S&P considers that the banks still need to get rid of another €30 billion in assets, at least, if they are to properly clean up their accounts.

The active buyside players in the market include many overseas investors and funds, such as Lone Star, TPG, Apollo, Blackstone, Bain Capital and Cerberus, which have played an important role in reducing the stock of major financial institutions, such as Santander, BBVA, CaixaBank and Banco Sabadell.

S&P is not alone in its stance. Both the European Central Bank (ECB) and the International Monetary Fund (IMF) are also urging Spain’s banks to divest the last of their property portfolios as quickly as possible to ensure financial stability ahead of the next recession.

Original story: Ya Encontré

Translation/Summary: Carmel Drake

Blackstone to Sell its Socimi Corona for c. €220M

16 April 2019 – El Economista

Having spent the last 5 or 6 years accumulating one of the largest real estate portfolios in Spain, Blackstone is now starting to rotate some of its properties. To this end, it is looking to divest the Socimi Corona, which owns five office buildings – 3 in Madrid and 2 in Barcelona.

The US fund had previously put the 5 offices on the market as a portfolio, but has now decided to put them up for sale on an individual basis. As such, it hopes to generate revenues of €220 million, which would represent significant capital gains, since it acquired the group of assets (with the exception of the Delta Nova complex) for around €135 million from CBRE Global Investors in 2014.

Blackstone has already agreed the sale of the first property, the MB One Building in La Moraleja spanning a GLA of 22,129 m2, which Grosvenor is going to acquire for around €80 million.

Original story: El Economista (by Alba Brualla)

Translation/Summary: Carmel Drake