Tag: Ebrosa

Ibosa Offers €33.5M to Acquire Most Sought-After Plot in Madrid

20 November 2018 – El Confidencial

The cooperative managed by Grupo Ibosa, Residencial Shaula Sociedad Cooperativa, has fought off competition from 16 other contenders in the auction for the most sought-after plot of land in Madrid. On the table: €33,510,000, an amount that almost doubles the minimum price of €17 million that the Treasury had set for it.

The cooperative has fought off competition in a tight bid from Desarrollos Los Astros, constituted at the beginning of November, and backed by Grupo Nozar, which placed €32 million on the table, and Arcano, which bid €31.2 million. Nevertheless, those two high offers were unable to compete with Grupo Ibosa, which has a lot of experience in this type of auction.

Expectations were high at Calle Guzmán el Bueno 139, the headquarters of the Special Delegation of the Economy and Finance in Madrid, where the auction was held. At 10am, in a room full with more than 100 people, 17 envelopes were opened containing 17 bids for the most sought-after plot of the year in Madrid. The land was owned by the National Currency and Stamp Factory (Fábrica Nacional de Moneda y Timbre), which entrusted its sale to the Heritage Service. The cooperative members will have to make the first disbursement within the next few days, equivalent to 25% of the amount offered, in other words, almost €8.4 million, and then pay the remaining 75% over the coming months, after deducting the deposit paid in order to be able to bid, which amounts to €850,000.

Vía Célere also submitted an offer (€23.7 million), exactly two years after submitting the only offer for another plot of land owned by the Treasury, in the same place, on Avenida Santo Ángel de la Guarda. The company chaired by Juan Antonio Gómez-Pintado is a familiar face in this type of action. In fact, just a few days after that auction, it was awarded the Adif and Repsol plots in Méndez Álvaro. On that occasion, its bid was also the only one.

In terms of the other names called out in the room, they included traditional property developers such as Ebrosa (€20.53 million), which submitted the most conservative bid; Grupo Premier, which put €25.16 million on the table through the company Cajandral; and Grupo Lar, which bid €30.13 million through Desarrollos Residenciales Madrid Norte. Pryconsa, another of the real estate firms that typically participates in these types of procedures, offered €23.1 million through Cogein, and Renta Corporación, with €22.15 million.

The surprise bidders included Inmo Frieria, a company backed by Manuel Jove, the former President of Fadesa, with a bid amounting to €24.7 million. And the listed company Aedas Homes, which offered €25 million through the company SPV Reoco 1, in its first major auction in Madrid. The long list of interested parties was completed by Global Nostromo (€28.5 million), Golego ITG (€22.12 million), Taz Real Estate (owned by Alza Real Estate, €24 million), Misodi Rent (owned by the Huguet family, with €23.2 million), Torre Rioja Madrid (€25.1 million) and Denoti Investment, a company owned by Irvine Alan Stewart Laidlaw, a British businessman and one of the richest people in the United Kingdom, whose bid amounted to €31 million.

A cooperative wins again

Like happened exactly four years ago, in November 2014, with the auctions of the plots on Raimundo Fernández Villaverde (owned by the Ministry of Defence) and the former metro depots in Cuatro Caminos (owned by Metro de Madrid), it is a cooperative – which saves on the property developer margin – that has managed to put the most competitive offer on the table, to fight off seasoned property developers such as Premier, Pryconsa, Ebrosa and Aedas Homes in a bid that the experts are describing as the auction of the year in Madrid. Not because of its size or its features, but because of its location, just 500m from the Retiro Park, this was one of the most sought-after plots in the capital, and its new owner may build up to 100 homes on its 4,500 m2 – 9,000 m2 of buildable space (…).

The cooperative managed by Grupo Ibosa currently comprises 60 cooperative members and its plans involve the construction of 94 homes. The 4 bedroom homes with two parking spaces and a storeroom will cost between €806,000 and €1,175,000, whilst the 3-bedroom homes will cost between €670,000 and €688,000 (…). The 2-bedroom homes will cost between €490,000 and €498,000, and the 1-bedroom homes will cost between €309,000 and €354,000. The complex will also have a swimming pool, a padel court, a gastroteque, a mini-crossfit studio, a sports pitch, a gym, changing rooms, a spa, a sauna and a jacuzzi.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Ebrosa Buys Ministry Of Defence’s Last Auctioned Plot In Madrid

9 February 2017 – Expansión

The Ministry of Defence is continuing with its real estate divestment plan. Its last major sale was completed yesterday with the sale of an urban use plot that has a surface area of 3,569 m2 and a buildable surface area of 9,865 m2. The plot is located in the former central park of the engineers in Villaverde, in the neighbourhood of Los Angeles, in the south east of Madrid.

Like in the case of the Administration’s other assets, the sale has been conducted through a public auction, which was publicised through the real estate portfolio addmeet. Specifically, the Ministry of Defence had planned to carry out two simultaneous auctions, for an initial asking price of €4.7 million (in the first round of bidding) and a second asking price of €4.28 million (in the second round). In the end, the second round was not necessary as the initial bids exceeded the initial asking price, and the plot was awarded to the real estate company Ebrosa, which bid €5.04 million.

This Zaragoza-based property developer will use the land, for which planning permission has already been granted, to build a block of flats similar to those projects that it is already developing in other areas of Madrid, such as in Las Tablas and Sanchinarro, in the north east of the city, as well as in Ensanche de Vallecas.

Ebrosa’s new development will be located next to “residential developments that are being sold at a good rate”, according to information included in the addmeet advert. Specifically, one hundred homes that Inmoglacial is promoting together with the investment fund Aquila Capital, in the same central park of the engineers in Vallaverde, after it was awarded nine plots of land from Sepes in July 2015, covering a buildable surface area of 120,000 m2. That project, which is being completed in nine phases, involves a total investment of almost €200 million to construct more than 1,200 homes, whose first phase is due to be completed in the spring of 2017.

According to the most recent annual accounts, corresponding to 2015, Ebrosa generated a profit of €31.38 million, compared with €4 million the year before, from a turnover of €16.68 million.

Divestment plan

The sale of the plot in the neighbourhood of Los Angeles was included in the real estate asset sales plan that the Ministry of Defence launched in 2013, with the aim of divesting some of its land, premises, rural estates and homes.

The most high profile sales in this plan include the sale of the former Precisión Workshop, located on Calle Raimundo Fernández Villaverde, next to Paseo de la Castellana and Nuevos Ministerios. In November 2014, the Ministry of Defence awarded those unused plots to the housing manager Domo for €111 million, which acquired them with the aim of constructing a 320-home development on the site, with an average price of €325,000.

Currently, the Ministry of Defence has two other plots of land up for sale, in Alcalá de Henares and in the Campamento area. The latter, whose sales price has not been revealed, is one of the most attractive sites for construction in the capital, given its location, between the Somosaguas area and the former land of Campamento, whose sale is also being considered by the Ministry.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

CaixaBank Will Be S&P’s New Neighbour On The Castellana

9 March 2015 – Expansión

Lease Agreement / The bank is going to rent 2,800 square metres of office space in Banesto’s former headquarters. It will share the premises with the credit ratings agency, S&P, amongst others.

After a record year for investment in offices (Socimis and large international funds spent more than €1,000 million on acquisitions in 2014), the buildings in Madrid are also beginning to observe an increase in their occupancy rates, especially those located on the city’s main thoroughfare.

That is the case of the office building located on Paseo de la Castellana, 7. The former headquarters of Banesto will soon house another well known tenant. CaixaBank had agreed to rent out 2,800 square metres in the building. The bank will pay around €70,000 per month for the space, according to real estate sources.

In the last quarter of 2014, rents in the prime office areas of Madrid amounted to around €25.50 per square metre per month, the highest figure in the last three years, according to JLL.

Tenants

CaixaBank will join companies such as the ratings agency Standard & Poor’s (S&P), the Swiss bank Julius Baer, the law firm White & Case and the firms Munich Real Estate and FTI Consulting, which already have offices in the property. Until the arrival of the entity, chaired by Isidro Fainé, the most recent addition (to the property) was the Japanese business group Mitsui, which leases 1,500 square metres over two floors.

Castellana, 7 is owned by the Aragonese group Samca, which also owns the (property) developer Ebrosa. The building offers 12,869 square metres of office space in total and for years it housed the headquarters of Banesto. In 1997, the owner of Samca, the businessman Ángel Luengo, paid the entity 8,000 million pesetas (around €48 million), after failing to reach a preliminary agreement with Telefónica.

In 2011, the building was refurbished by the team at Aguirre Newman Arquitectura. Following the deal with CaixaBank, the building will have less than 5,000 square metres unoccupied.

Transactions

The rental of 2,800 square metres of office space on the Paseo de la Castellana by CaixaBank comes just two weeks after the first major office lease agreement of 2015 was signed in Madrid.

The professional services firm KPMG has reached an agreement with Mutua Madrileña to move its corporate headquarters in Madrid to the Torre de Cristal skyscraper, in the Cuatro Torres business district. KPMG has leased 20,000 square metres in the tower.

In 2014, office space occupying a surface area of 365,000 square metres (of the total 15.1 million sqm) was leased in Madrid. The most significant transactions included the move by Havas to the building on Eloy Gonzalo, 10, which had been acquired by the real estate group GMP a month before. The multi-media group will occupy the office space, which covers around 12,000 square metres. In Barcelona, the law firm Cuatrecasas signed an agreement to lease 19,900 square metres at the end of the year.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake