UCI & Concovi Publish a Home Renovation Guide focused on Energy Efficiency Criteria

This is an informative project that describes the keys behind the energy-efficient renovation of properties. The guide is aimed at current and future homeowners as well as real estate professionals.

The guide explains everything from the types of homes based on their energy efficiency to the passive and active measures for the good maintenance of an indoor temperature and for an efficient and effective energy consumption. This translates into savings on household spending, which is especially necessary now that we are all spending more time at home.

The initiative has been launched by the Green division of UCI, the Union of Real Estate Loans, an entity specialising in residential financing, together with CONCOVI (the Confederation of Housing and Rehabilitation Cooperatives in Spain). It is supported by IDAE (the Institute for Energy Diversification and Saving) and the City Council of Barcelona, which have launched the Home Renovation Guide in favour of energy efficiency.

Invesco Invests €80M in Madrid Logistics Park to be Built by Pavasal

19 March 2018 – Expansión

The Valencian construction company Pavasal and the investment fund manager Invesco have reached an agreement to develop the largest available area of logistics space for rent in the city of Madrid, with an investment of €80 million.

The project will involve the construction, by Pavasal, of a logistics park spanning 90,000 m2, just 8km from the centre of the Spanish capital, which Invesco will subsequently purchase. The operation has been advised by the consultancy firm BNP Paribas Real Estate.

The Madrid M-40 Logistics Park (PAL-40), which is going to be located alongside the M-40, will be built in two phases. The first phase will involve the construction of a building measuring more than 45,000 m2. This property may be leased in modules upwards of 2,500 m2 to several tenants or be occupied by a single logistics operator.

Work on the first phase is scheduled to begin during the second half of 2018 and the keys are expected to be handed over during the third quarter of next year.

Meanwhile, the second phase of the project will include another 45,000 m2 of logistics space, which may be used for turn-key projects adapted to the needs of operators.

Last mile delivery

The park is going to be constructed on the basis of a ratio of more than 2,000 delivery operations per day and will optimise delivery times thanks to its location with respect to the large population nuclei and logistics activity centres. Moreover, it will receive an energy efficiency certificate, according to those responsible for the project.

Specifically, the platform will have a 336-metre long façade overlooking the motorway and will be accessible by vehicle from Avenida de Andalucía, which the logistics sector call the last mile.

In this way, the new logistics park is going to be located less than 8km from Puerta del Sol, close to the Atocha AVE station and 19km from the airport.

The logistics sector was one of the segments that performed the best last year, as shown by the large volume of land that was bought and sold thanks to the growing demand for logistics space by companies dedicated to e-commerce.

Thus, the level of uptake in the sector in the market of Madrid and its area of influence reached historical highs in 2017, with 886,405 m2 of space leased, according to data compiled by BNP Paribas Real Estate.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

GMP Invests €24M to Construct New Office Building in Madrid

19 February 2018 – Eje Prime

GMP is marking a turning point in the office sector. The group, owned by the Montoro family and the sovereign fund of Singapore, has invested €24 million in the construction of what-is-going-to-be one of the most prime offices in Madrid. One of the many features of this property, which is going to have a surface area of 14,300 m2, is the sports area that it will have on its roof, which will include two padel courts, an athletics space and an area for doing outdoor exercises.

This innovation in services reinforces the new energy with which office buildings are being planned – the segment is currently booming in the Spanish real estate sector. The land was already owned by GMP, which has started to market the property, which will open in June this year. The rental price for the asset, located in Madrid’s financial district, will amount to around €18/m2/month.

The building, called Oxxeo, will have sustainability certifications and is expected to generate great interest amongst large companies, which are the typical tenants of offices in the area. Designed by the architect Rafael de la Hoz, the property has five stories, with 2,945 m2 per floor, and a 2-storey underground parking lot with capacity for 450 vehicles, according to El Economista.

In addition, the GMP building is committed to renewable energy with the placement of photovoltaic panels to generate electricity; and it will be the first office building in Spain to have its own dynamic lighting system adapted to the circadian cycle (biological clock), which will allow the colour of the light to change independently during the course of the day.

Original story: Eje Prime 

Translation: Carmel Drake

Mercadona Invests €80M in its Corporate HQ

26 January 2018 – Expansión

The largest supermarket chain in Spain, Mercadona, is looking forward to having new headquarters by 2021. The company chaired by Juan Roig has started work on the construction of an office complex that will house its central headquarters in Albalat dels Sorells, just over 10 km from the centre of Valencia.

The construction work of this authentic corporate city will involve an investment of €80 million to build three new properties with a surface area of 25,000 m2, as well as a large underground parking lot.

That amount does not include the price of the land, given that the plots in question have belonged to Mercadona for more than a decade when it first planned the development of this area for its future needs. In fact, the new offices will be located next to its data processing centre and a training and services centre that the company inaugurated in 2014 as a first phase, with an investment of €45 million.

The future corporate city will concentrate the activity and services that the Valencian company currently houses in its historic headquarters, an ancient building next to one of its supermarkets in the heart of the town of Tabernes Blanques and on the Fuente del Jarro de Paterna industrial estate. At the new site, the company will have the capacity to house around 1,000 workers; the construction work is scheduled to finish in 2021.

According to Mercadona, the new intelligent buildings have been designed in line with environmental criteria relating to energy efficiency, sustainability and responsible use of water. The supermarket chain expects around 150 suppliers to participate in the construction work and that around 600 people will work on the development over the next few years.

Original story: Expansión (by A.C.A)

Translation: Carmel Drake

Unibail Will Invest at Least €800M in Spain Over 6 Years

26 January 2018 – Expansión

Unibail-Rodamco, the largest European real estate group, has committed investments for projects in its portfolio in Spain amounting to, at least, €800 million between now and 2024; it has already disbursed €120 million of that figure.

The Director of Development and Investments at Unibail-Rodamco in España, Javier Solís (pictured above, left), explained yesterday at a meeting organised by IESE, Tinsa and Savills Aguirre Newman, that the company has projects in its portfolio spanning a new gross leasable area (including extensions) of 187,000 m2 and a total committed investment of more than €800 million, reports Efe.

Of the projects underway, the director highlighted the shopping centre in Benidorm (Alicante), whose construction has already commenced and which is expected to open in 2020. In his opinion, the increase in visitor numbers and sales at shopping centres suggests “that returns have the potential to rise”.

The director explained that some of the investment planned for the coming years will be spent on improving its assets so that “they are more than just a place to shop”. In this sense, Solía advocates transforming them into centres for meeting up, having fun and being entertained, for enjoying new gastronomic experiences and with higher standards in terms of energy efficiency and sustainability.

In terms of future possible purchases, Solís said that the company’s intention is to incorporate new assets that are already operational, although, for the time being, it does not have any operations on the table.

In Spain, Unibail-Rodamco owns a dozen shopping centres and has two more under development. Its most high profile assets include Parquesur and La Vaguada (in Madrid) and Les Glòries and La Maquinista (in Barcelona), worth around €3.7 billion.

Westfield

Unibail-Rodamco, which has a presence in 11 European countries, reached an agreement at the end of 2017 to purchase its Australian rival Westfield for $24.7 billion (€19.8 billion).

The operation will result in the creation of a colossus with a gross asset value of €61.1 billion and a presence in 13 countries. Following the integration, Unibail-Rodamco will extend its competitive distance over its main European rivals, Klépierre and Hammerson. Indeed, one month ago, the latter announced an agreement to purchase Intu and grow in the shopping centre segment.

Original story: Expansión

Translation: Carmel Drake

Silken to Manage Boutique Hotel in Las Palmas

2 November 2017 – Alimarket

The hotel chain Hoteles Silken has embarked on a new project, which will see it take over the management of an urban boutique hotel. The property, which is currently under construction, is located in Las Palmas de Gran Canaria, specifically on Calle León y Castillo, 329-331. The building has a surface area of 3,300 m2 and overlooks the beach (Playa de Las Alcaravaneras). It will comprise six floors and offer 66 category 4E rooms. In this way, Silken has added its second unit in the Canary Islands, after it inaugurated ‘Silken Atlántida Santa Cruz’ (4E-144), in Santa Cruz de Tenerife, in 2001.

The hotel is owned by Sanjay Bhagvanji Bhagvanji and Amarsi Ajay Bhagvanji Pradhan, through the company Saaj Hotels Invest, which was constituted in December 2015 and endowed with share capital of €1 million. It is the first hotel project that these businessmen have embarked on together, although they may undertake more in the future. For the time being, the construction work on the new establishment is progressing well and is expected to finish between September and October 2018. The final name of the property could be ‘Silken Saaj Las Palmas’.

Silken will not only manage the new hotel in Las Palmas once it is fully operational, it will also assume responsibility for everything relating to its launch from now on. The building, which will have a diachronic façade made from glass panels with changing colours and reflections, will house a double-height lobby on the ground floor, where the reception, breakfast room and a multi-use space will be located. The 66 rooms will be distributed evenly (11 per floor) whilst the top floor will be reserved for a restaurant and a chill-out area linked to the gastronomic space. Moreover, the hotel will incorporate strict light and sound control insulation measures. The design of the facilities, moreover, will result in an energy efficient building, “a property that is the hallmark of Hoteles Silken”, according to a statement. Meanwhile, “the attention to detail of the interior design project will translate into environments that will distil elegance and domesticity, offering users a familiar experience, with the benefits of the latest advances in home automation and light design”.

Original story: Alimarket (by Paco Mota)

Translation: Carmel Drake

Altamira Sells New Office Building In 22@ District To Family Office

1 February 2017 – Real Estate Press

BNP Paribas Real Estate has advised a Catalan family office on the purchase of a new office building located on Avenida Diagonal, 131 in Barcelona.

The property, which has a surface area of 3,150 m2 and 36 parking spaces, has been acquired from the real estate arm of the Santander Group, Altamira Asset Management, market leader in the sale of properties and in the valuation and construction of real estate developments.

The new building has been built in accordance with the highest quality requirements and has received an “A” energy rating, making it the only building with these characteristics in the 22@ district, the area marketed as the continuation of Barcelona’s Prime area. The family office behind this purchase will now put this new office building up for rent; it will make an ideal corporate headquarters in the Catalan capital.

This operation is further proof that the office market is experiencing one of its busiest periods since the start of the crisis. The purchase of newly constructed office buildings for rent is establishing itself as one of the preferred options for investors. This activity is expected to evolve continuously during 2017.

In addition to this deal, BNP Paribas Real Estate advised numerous high profile transactions during 2016, including several in the Catalan office investment market, such as the sales of the Gran Vía, 583 and Pere IV, 289 office buildings.

Original story: Real Estate Press

Translation: Carmel Drake