Tag: Edificio Planeta

Investment Recovers to New Highs Two Years After Referendum on Catalonian Independence

21 October 2019 – The Barcelona Meeting Point (BMP), the largest real estate fair in Catalonia, opened its doors just two days after Spain’s highest court convicted many of the leaders involved in Catalonia’s referendum on independence on October 1, 2017. Even as major riots shut down the airport and filled the city with the smell of burning plastic, investors appeared unruffled. The region’s real estate market has come back strong after having taken a nosedive in the two quarters during and after the bid for independence.

The last edition of the BMP, two years ago, was held just fifteen days after the referendum, and the difference from today was stark. Attendees referred to the fair as something of a funeral rite as the referendum led to plummeting investment. Hundreds of companies at the time decided to move their headquarters away from Barcelona. That uncertainty caused two quarters of sharp reductions in real estate investment in Catalonia. The market, however, has come back roaring.

Investment in the office real estate sector fell by half in the two quarters after the referendum in 2017, shocking many investors at the time. But by the summer of 2018, Blackstone finalised one of the most important transactions in the office market. The giant US fund acquired the historic headquarters of Grupo Planeta from the Lara family for 210 million euros. During the same period, Solvia sold three hospitals in Barcelona, ​​Bilbao and San Sebastián to Carmen Godia for 200 million euros.

Total investments between January and September of this year reached €4.5 billion, near to the levels of the last two years and above the tally in 2008, which set the record high for the previous real estate cycle of €4.4 billion. It remains to be seen whether the rioting after the Supreme Court’s ruling will depress investments once again, but most investors appear to be sanguine.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

CBRE: Real Estate Investment in Cataluña Amounted to €2.25bn in 2018

4 March 2019 – Finanzas

Investment in the Catalan real estate sector registered a new record of €2.25 billion in 2018, up by 3.3% compared to 2017, boosted by the office sector, according to data from CBRE.

In fact, offices accounted for 42% (€947 million) of the region’s total investment volume in 2018, up by 25% YoY, as 388,000 m2 of office space was leased. It was followed by the hotel sector, where €422 million was invested, despite a YoY reduction of 39%.

The logistics, retail and residential sectors accounted for the rest of the investment figure, amounting to €289 million, €252 million and €113 million, respectively.

59% of Cataluña’s real estate investment came from overseas, in line with previous years, primarily from the USA (40%), UK (17%), the Middle East-Asia Pacific (16%) and France (14%).

Star operations included Blackstone’s purchase of Edificio Planeta for more than €200 million; Tritax Big Box’s acquisition of the VGP Park Mango for €150 million; and the purchase of the NH Collection Gran Hotel Calderón for €96.9 million.

Original story: Finanzas

Summary/Translation: Carmel Drake

Banco Sabadell Puts Edificio Planeta Up for Sale for €200m

11 June 2018 – Eje Prime

Banco Sabadell does not want Edificio Planeta on its balance sheet. The Spanish bank has placed the asset located in the centre of Barcelona up for sale for a minimum asking price of €200 million. The entity wants to divest the property before the summer.

At a time of immense interest in the office market from international funds, and given the area in which the property is located, a financial centre with very little available stock, Sabadell is not expected to have much trouble finding investors interested in its asset.

The building, located at 662-664 Avenida Diagonal, has an overground surface area of 26,500 m2 spread over nine floors. Moreover, the tenants have access to 350 parking spaces, according to El Confidencial.

Sabadell took over the ownership of the building in May after the Lara family, owner of the editorial group of the same name, handed it over to the financial institution through its family office, Inversiones Hemisferio, which liquidated a loan from the bank through this operation with which it purchased shares in the bank.

Constructed in 1979, at a cost of €100 million for Banco Industrial de Catalunya, the modernist building, designed by the architects Tous and Fargas, used to be owned by Planeta until 2001.

Prior to its transfer to Sabadell, on 31 May, the property lost the multinational publicity company McCann as its tenant; that firm moved to a renovated building in the most sought-after business centre of the Catalan capital, the 22@ district, as revealed by Eje Prime.

Original story: Eje Prime 

Translation: Carmel Drake

Banco Sabadell Finalises Purchase of the Planeta Building in Barcelona

24 May 2018 – Eje Prime

Firstly, some of the tenants vacated Edificio Planeta and now the property itself looks set to change hands. The iconic asset belonging to the Lara family, owner of the publishing group that gives it its name, located in the centre of Barcelona, is very close to ending up in the hands of Banco Sabadell.

The Spanish bank is finalising the purchase of the building, taking advantage of the debt restructuring process that the Hemisferio group is currently undertaking. Moreover, in this regard, Sabadell may have required the resignation of José Lara García as director, according to La Vanguardia.

Owned by Planeta since 2001, the property will lose the multinational publicity group McCann as a tenant on 31 May; that firm is moving to a newly renovated building in the most sought-after business centre of the Catalan capital, 22@, as reported by Eje Prime.

Constructed in 1979, Edificio Planeta, which cost the publishing group €100 million, is the fruit of work by the architects Tous and Fargas, who received the commission from Banco Industrial de Catalunya. Its surface area of 26,000 m2, spread over three octagonal towers, will form part of Sabadell’s portfolio. As such, the entity will acquire an asset situated very close to the towers of its competitor, La Caixa.

Original story: Eje Prime 

Translation: Carmel Drake

McCann Leaves Edificio Planeta & Leases 3,000m2 in Barcelona’s 22@ District

18 May 2018 – Eje Prime

The office sector has moved into top gear in Cataluña. The publicity giant McCann Erickson has left its headquarters in the Edificio Planeta in Barcelona and moved into a building measuring almost 3,000 m2 in the 22@ district, owned by Laboratorios Kin. Meanwhile, the pharmaceutical company is going to leave that property and move its headquarters to number 201 Avenida Diagonal, with offices spanning 700 m2, according to confirmation from sources close to the operation speaking to Eje Prime.

Laboratorios Kin, owner of the building, ordered the complete renovation of the asset and its change of use, from industrial to offices. Having carried out that process, the owner decided to make the asset profitable, with the arrival of McCann, and also to put the property up for sale, although the asking price is not yet known. According to real estate sources, the advertising agency has been advised by JLL, whilst the sales mandate has been entrusted to Savills Aguirre Newman.

The building is located at number 123 Calle Ciudad de Granada, at the intersection with Calle Tánger. Following a renovation project that has lasted for more than 6 months, the asset has come onto the market with 2,740 m2 of office space spread over four floors measuring 650 m2 each and a loft measuring 140 m2. McCann will pay €16.5/m2/month to occupy the property.

Original story: Eje Prime (by Custodio Pareja & Jabier Izquierdo)

Translation: Carmel Drake