Tag: Esteve

Renta Corporación’s Profits Rose by 14% to €11.7M in September

24 October 2018 – Eje Prime

Renta Corporación closed September with good results. The Spanish real estate group recorded a profit of €11.7 million to September, up by 13.6% compared to the same period in 2017, according to a statement filed by the company with Spain’s National Securities and Exchange Commission (CNMV).

Similarly, the company recorded total revenues of €49.1 million during the first nine months of the year, exceeding its turnover between January and September 2017 by 46%. Meanwhile, Renta Corporación’s EBITDA amounted to €12 million, up by €3 million compared to the previous year.

The sale of several properties in Barcelona and Madrid means that Renta Corporación closed September with an increase in its turnover. Currently, the group’s business portfolio amounts to €179 million. Moreover, the company manages assets for sale in partnership with several real estate funds, with an estimated investment amount of €35 million.

In terms of the purchases made by the group between January and September, highlights include the acquisition of fifteen residential-use properties comprising 1,095 turnkey homes, through its Socimi Vivenio. Those assets are located in Madrid, Barcelona, Valencia, Palma and Málaga and involved the disbursement of €533 million for the company.

Renta Corporación is currently in a process of growth. At the beginning of October, the company announced that it is going to build homes on the site of Esteve’s former headquarters in Barcelona, an asset that it has just purchased from Iberdrola Inmobiliaria.

Orignal story: Eje Prime

Translation: Carmel Drake

Iberdrola Inmobiliaria Buys Esteve’s Former HQ in Barcelona

27 June 2018 – Eje Prime

Iberdrola Inmobiliaria is acquiring space in the heart of Barcelona for new homes. The company has acquired the former headquarters of the pharmaceutical group Esteve, where it plans to promote residential properties and facilities.

The amount of the operation has not been revealed, according to Expansión. The building is located on Avenida Mare de Déu de Montserrat and has a surface area of 15,000 m2, part of which is dedicated to residential use and part to social use.

The pharmaceutical group has just moved all of its staff to a new headquarters in the Zona Franca area – that property is owned by Iberdrola Inmobiliaria and the group now occupies 12,000 m2 there.

Iberdrola Inmobiliaria is the parent company of the Iberdrola group’s real estate business. Currently, the company has a real estate portfolio in operation that has a gross leasable area of more than 200,000 m2.

Original story: Eje Prime 

Translation: Carmel Drake

Esteve Leases 12,000 m2 Of Office Space In Torre Marina From Iberdrola

6 September 2017 – Expansión

Record-breaking operation in the office market in Barcelona.

The pharmaceutical and chemical group Esteve has reached an agreement with the real estate division of Iberdola to transfer its corporate headquarters to Torre Marina, a property owned by the energy company.

Esteve has leased 12,000 m2 of space (out of a total surface area spanning more than 19,000 m2) spread over 10 of the 13 floors that make up the property. Following the agreement, the building will be renamed Torre Esteve, according to an announcement by Iberdrola.

The change of office will happen in 2018, and will bring together the c. 400 employees and collaborators that the pharmaceutical company currently has spread over several locations in the Catalan city.

In addition to the 12,000 m2 of office space, Torre Marina is home to a retail and services arcade, known as the MarinAtrium, and 1,000 parking spaces.

By volume, this is the largest corporate move in Barcelona in the last 10 years. During the first half of the year, 220 new office rental contracts were signed in the Catalan capital, of which only 11% were operations involving more than 2,000 m2, according to the consultancy firm Cushman & Wakefield. In terms of rents, the average price of office rentals in the prime area of Barcelona amounts to €22.50/m2/month, up by 7% compared to a year ago.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Emilio Cuatrecasas Buys Empordà Golf For €20M

10 July 2017 – Expansión

Emilio Cuatrecasas is continuing his commitment to the Costa Brava. A group of investors led by his holding company, Emesa Corporación, is finalising the purchase of Empordà Golf Resort from Habitat Inmobiliaria for around €20 million. The operation involves two 18-hole golf course in Gualta (Girona) and a hotel complex, which has 87 rooms and which is managed by Double Tree by Hilton.

The resort had awakened interest from other investors, but in the end, the lawyer has taken the lead in the bidding. The operation will now begin a due diligence phase. The group led by Emesa will go on to control 90% of the capital of the sports facility given that the remaining 10% will continue in the hands of numerous small shareholders, who are also members of the golf course.

The complex was constructed in 1996 by the Figueras family – the former owners of Habitat – and, since the beginning, its members have included well-known Catalan business people, such as Emilio Cuatrecasas himself, Pedro Fontana and members of the Puig, Esteve and Uriach families. Besides the hotel, the resort includes a residential area, with rental apartments and homes.

The purchase of Empordà Golf will not see the asset form part of the chain of rural hotels that Emilio Cuatrecasas is promoting in the Empordá region. In 2016, the lawyer announced his intention of launching a new brand specialising in small, high-end hotels and last summer, he completed his first acquisition: a small palace in Ullastret, which he will transform into a hotel after investing €7 million. Although this asset is located in the lawyer’s target region, the hotel at Empordà Golf does not fit with the profile of unique buildings that he is looking for in that case.

Emesa groups together the business and real estate stakes owned by Cuatrecasas and its assets are worth more than €480 million.

Habitat, which is chaired by Bruno Figueras, continues under the control of banks and international funds.

Original story: Expansión (by M. Anglés and J. Orihuel)

Translation: Carmel Drake