Bonavista Developments to Invest €40M in the Construction of a 11,500 m2 Office Building in Barcelona’s 22@ District

13 January 2020 – El Periódico

Bonavista Developments, through Mitsubishi Estate London and Europa Capital, has completed the purchase of a plot of land in the heart of the 22@ district of Barcelona, on Calle Cristóbal de Moura, for an undisclosed sum.

The two companies are planning to invest €40 million in the construction of a new office building on the site. The new offices are expected to span a surface area of 11,500 m2 and construction is scheduled to begin later this year.

Original story: El Periódico (by Max Jiménez Botías)

Translation/Summary: Carmel Drake

Europa Capital Invests €140M+ in c.10 Developments in Barcelona

9 May 2018 – Eje Prime

The British fund Europa Capital is continuing its firm commitment to Spain hand in hand with the property developer Bonavista. The group has already invested more than €140 million in the launch of around ten developments in Barcelona, according to Jacinto Roqueta, co-founder of Bonavista, speaking to Eje Prime. In addition, the fund, which still has investor appetite in the country, is continuing to search for opportunities in the Catalan capital, as well as along the Mediterranean arc.

Bonavista was founded by real estate professionals Alex Miquel Molleví, Marcus Donaldson and Jacinto Roqueta in June 2014. “We saw that there was no stable supply of luxury real estate developments in Barcelona and that it was very difficult to find capital to invest”, says Roqueta. The company managed to seduce Europa Capital into joining forces and carrying out its first purchases in the country.

“Since then, Europa Capital has invested more than €140 million in Barcelona buying land, properties to renovate and constructing developments in more than eight projects”, explains Roqueta.

One of the first investments undertaken by Bonavista and Europa Capital in Spain was the purchase of Casa Burés. Not without controversy, the fund acquired the modernist building in December 2014, for which it paid €18.8 million to the La Generalitat, which had purchased it from the Town Hall of Barcelona for €26 million.

“After a lot of hard work to ensure we respected the guidelines for historical buildings and carried out an artisan renovation, most of the building has now been sold, although a few homes are still available”, explains the director. Casa Burés is located on the corner of Calles Girona and Ausiàs March, in a building containing 29 homes, penthouses and lofts measuring between 100 m2 and 500 m2 each. The delivery of the homes, most of which have been acquired by international buyers, will take place at the end of this year.

Since 2010, Europa Capital, which is headquartered in London, has had two high profile shareholders, the Rockefeller and Mitsubishi groups. Since 1995, Europa Capital has invested €6 billion in different real estate projects in seventeen countries across Europe, mostly in Eastern Europe. In 2015, it set its sights on Barcelona, to take advantage of the city’s international profile and the drop in prices in the real estate market caused by the crisis.

After Casa Burés, Bonavista and Europa Capital continued buying new buildings to renovate them. Its purchases included the property located at number 33 Calle Caspe, where the company has already managed to sell and handover the entire development, which comprises 26 homes (…).

But Europa Capital does not only have its focus set on the Catalan capital, it is also working in Madrid. There, the company has teamed up with a firm specialising in renovations and property development Richelieu (founded by Marcus Donaldson, who is also a co-founder of Bonavista) and with which it has invested more than €75 million in the Madrilenian market.

One of Richelieu’s projects in Madrid is located on Calle General Martínez Campos, 19, just a stone’s throw from Paseo de la Castellana, where the company is planning to build luxury homes. The property was acquired last year by Europa Capital and the project will involve an investment of €25 million (…).

Last year, the company also acquired number 16 Calle Madrigal, in Madrid. That new build residential development is located in Colonia Puerta de Hierro and will comprise around twenty homes designed by Bueso-Inchausti & Rein Arquitectos. Europa Capital and Richelieu have invested €50 million in that project.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Bonavista to Invest €100M in Luxury Homes in Barcelona

5 December 2017 – La Vanguardia

The property developer Bonavista Developments will invest €100 million over the next three years in luxury housing in Barcelona. It will focus on both new-building developments and renovation projects, primarily in the upper area of the Catalan capital, as well as in El Eixample.

Specifically, the company has recently started work on the renovation of a building at number 34 Calle Girona in Barcelona. It has also launched two new build developments on the beachfront in Gavà Mar (Barcelona) and Calle Saüc in the Barcelona neighbourhood of Sarrià, according to a statement issued by the company on Tuesday.

Until now, the most iconic project carried out by Bonavista Developments has been the renovation of the modernist Casa Burés building, which involved an investment of €40 million and which is expected to be completed in 2018.

Bonavista Developments, associated with the British fund Europa Capital, focuses on both domestic and international clients and has identified the figure of a new buyer who spends periods of between two and three months in Barcelona.

The partners of Bonavista Developments, founded in 2014, are Jacinto Roqueta, Àlex Miquel and Marcus Donaldson, and the company manages the investments of Europa Capital, a British manager controlled by the Japanese group Mitsubishi Estate, which channels investments from institutions, such as insurance companies and pension funds, from Europe and the USA.

Original story: La Vanguardia 

Translation: Carmel Drake

Rockefeller Family To Sell Luxury Homes In Madrid For €8,200/m2

6 October 2017 – El Confidencial

They won’t obtain the building permit from the Town Hall of Madrid until the end of this month, but they will start taking the first reservations from next week. The latest development of luxury homes to come onto the market in the heart of the Spanish capital is located on Calle General Martínez Campos 19 and it has a very special owner: The Rockefeller Group International. The company was founded by the magnate John Rockefeller, who created a genuine fortune thanks to his business in the oil sector at the end of the 19th and beginning of the 20th century, and whose youngest grandson, the magnate, banker and philanthropist David Rockefeller, died just a few months ago at the age of 101.

The building was acquired by the real estate fund Europa Capital last summer, in partnership with Richelieu Developments, for €25 million. This fund, which is headquartered in London, is the vehicle through which The Rockefeller Group – which also controls the Japanese company Mitsubishi Estate – undertakes its investments in Continental Europe.

The property, constructed in 1931 and completed refurbished, has a surface area of 6,5000 m2 spread over seven floors and is located just 500m from Paseo de la Castellana, in Chamberí, and very close to the sought-after neighbourhood of Salamanca. The property will contain 27 luxury homes, with all kinds of amenities – a 24-hour concierge service, an indoor swimming pool, a rooftop swimming pool, a gym and spa area, a car park and storerooms – and will include five penthouse apartments, of which three will be duplexes.

The average price of the homes will stand at €8,200/m2, according to Alexander Vaughan, founder together with Stijn Teeuwen of Lucas Fox, a real estate agency specialising in the sale of luxury homes and which has made a strong commitment to the high-end market in Madrid.

The properties will be three and four bedroom homes as well as two and three bedroom penthouses with terraces. The homes will range in size from 200 m2 to 457 m2, and so the price of the units will vary from €1.6 million to €3.9 million. The three duplex penthouses will also have their own private terrace, off of the living room, and an additional terrace on the rooftop. The homes are expected to be ready by the end of 2019.

As is often the case with investments by foreign companies, Europa Capital, has sought out a local partner to construct the development. In this case, it has teamed up with the Madrilenian property developer Richelieu Developments, which specialises in luxury projects (…).

Luxury homes in Madrid are booming

The luxury residential market in both Madrid and Barcelona is in full swing. In the Spanish capital alone, there are more than twenty projects underway. Not in vain, according to the real estate agency Lucas Fox, an enormous appetite exists for these types of properties, which are still a lot more affordable than similar assets in other European cities, with a clear potential to appreciate and with returns that range between 4% and 5% in both cities. The “independentista effect” has not been felt yet in Barcelona, according to Rod Jamieson, Partner at Lucas Fox Madrid, who also marketed José Abascal 48 (a project that the fund Shaftesbury built) and Fernando VI 19 (a project that has been completed by Gran Roque Capital, owned by the Venezuelan Capriles family).

The agency is seeing huge bullish potential in the luxury market in Madrid, where the firm has increased (its turnover) by 30% in one year and see a 170% rise in its transaction value. Moreover, Lucas Fox has detected increasingly more international investors in the market. In fact, Latin American buyers now account for almost one third (31%) of all of the company’s sales, compared with 11% in 2016, whilst just under half (46%) are domestic buyers. Moreover, 62% of sales are being closed for investment reasons (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Europa Capital Buys Gran Vía de Alicante For €52M

2 October 2017 – Expansión

Spanish shopping centres continue to be objects of desire for international investors and, specifically, for private equity funds. One of the latest to back this segment is the British fund Europa Capital, which has just closed an agreement with the real estate subsidiary of Deutsche Bank, Rreef, to acquire Gran Vía de Alicante, one of the largest shopping centres in the area.

Market sources have explained to Expansión that the operation has been closed for €52 million. The real estate consultancy JLL has advised the vendor in the process, whilst LyC and Savills have advised Europa Capital.

According to the same sources, the sales process, which opened in March, sparked interest amongst numerous investors, including Eurofund Capital Partners and Patron Capital, as well as Carmila, the subsidiary of Carrefour.

This shopping centre first opened its doors in 1998 and was renovated in 2012. The asset has a gross leasable area of 37,314 m2, spread over three floors, and includes a hypermarket occupied by Carrefour, which does not form part of the perimeter of this operation. The asset also includes a car park with 1,600 parking spaces.

Specifically, more than 70% of the asset’s surface area is leased to fashion brands such as Primark, Lefties, Pull&Bear, H&M, Bershka, Massimo Dutti and Deichmann. Moreover, the shopping centre’s other tenants include restaurant brands such as Foster’s Hollywood and Lizarrán.

Visitors

Last year, the shopping centre received 5.3 million visitors, up by 2.7% compared to the previous year. Gran Vía Alicante has increased the number of visitors almost continuously since Primark opened a store in the centre five years ago. That also resulted in a rise in sales, which exceeded €32 million last year, representing a YoY increase of 5.3%.

The asset, located at number two Calle José García Sellés, competes with Plaza Mar 2 – the largest shopping centre in the municipality – with a gross leasable area of 43,684 m2.

Other shopping centres located close to Gran Vía Alicante include Parque Vistahermosa, measuring 34,000 m2; San Vicente Outlet Park, measuring 36,500 m2; and Puerta de Alicante, measuring 34,500 m2.

Other operations

The purchase of Gran Vía Alicante by Europa Capital follows other operations closed recently in the region.

In this way, last year, TPG purchased the L’Aljub de Elche centre for €100 million for TH Real Estate. Meanwhile, Lar España acquired the Portal de la Marina shopping centre in Ondara (Alicante) for €14.5 million, and the Socimi in which Pimco holds a stake bought the Vistahermosa retail complex, which is located very close to the centre in Alicante, for €42.5 million.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Europe GRI 2017: 11-12 September, Paris

12 July 2017 – Press Release

Aura REE & GRI Club have come together for Europe GRI. Senior real estate investors, developers, lenders, asset owners, major corporates and planners connect, share ideas and strengthen relationships. The collegial discussions enable you to interact and engage – much like an after-dinner conversation in your own living room. Identify like-minded peers, build relationships, and continue the conversation afterwards.

Members and non-members are welcome. If you would find it useful to join your peers at this exclusively senior-level club meeting, you can register here.

Register | Programme

Confirmed Participants include:

Brian Betel, Managing Partner, ASG Iberia Advisors
Steven Broch,  CIO, Aerium Group
Hunt Doering, Managing Director, Baupost Group International
Michael Zerda, Managing Director, Blackstone
Dale Lattanzio, Managing Partner, DRC Capital

Pedro Abella Langa, General Manager, H.I.G. Capital
Gregory Clerc, Managing Director, Bank of America Merrill Lynch
Duncan MacPherson, Managing Director & Head of Debt, Starwood Capital Europe Advisers
Cristina Pérez Liz, Managing Director, Kennedy Wilson
Norbert Müller, Managing Director, Deutsche Pfandbriefbank

Manuel Holgado, Partner, VKronos Investment Group
Tom Rowley, Managing Director, Angelo, Gordon Europe
Trish Barrigan, Senior Partner, Benson Elliot Capital Management
Michael Abel, Managing Director, TPG
Tavis Cannel,  Managing Director, Goldman Sachs International

Manuel Enrich, Investor Relations Director, Sareb
Miguel Pereda, CEO, Grupo Lar
Nic Fox, Partner & Head of Middle Europe, Europa Capital
Fraser Denton, Managing Director, UK & European Investments
David Matheson, SVP, MD Director Investments-Europe, Oxford Properties Group

Jeffrey Dishner, Senior Managing Director,  Starwood Capital Europe Advisers
Chris Evans, Founding Partner, Hamilton Hotel Partners
Ekaterina Avdonina, Managing Director, Delin Capital Asset Management
Christian Nickels-Teske, Head of Treasury Europe, Prologis Ian Worboys, CEO, P3 Logistic Parks 

Peter Cole, Chief Investment Officer, Hammerson
Carrie Hiebeler, Senior Investment Officer, Ventas, Inc.
Gordon Black, Senior Managing Director, Co-Head Europe, Heitman
Gregory Lanter,  Vice President Global Development, Club Méditerranée

Sessions Include:

Residential in Spain – Is product scarcity solved by the acquisition of developers?
NPLs – The last chance saloon?
Retail in Spain – Primary vs. Secondary cities
Co-Investment – As deals mature, will partners get their hands burnt?
European Gateway Cities – Where’s the smart money heading?
The Global Shift Towards Mediterranean Hospitality – New regions or new money?
Modern Retail – Convenience, leisure, technology or community?
Residential Alternatives – Are great operating partners essential or overrated?
What is Real Estate These days? – Financial asset or a service?

For event participation, contact:

Loredana Carollo | Club Director Spain
+44 (0) 20 7121 5089 | loredana.carollo@griclub.org | www.griclub.org

Original story: Press Release

Edited by: Carmel Drake

Deutsche Bank Negotiates Sale Of Gran Vía Alicante

30 April 2017 – Expansión

The real estate market for shopping centres is unrelenting. In the latest deal, Deutsche Bank has hung the “for sale” sign up over Gran Vía Alicante. The German entity’s real estate division, RREEF, which has engaged the real estate consultancy firm JLL to sell this shopping centre, has already received several offers for the asset.

Whilst the operation has not been closed yet, one of the players lining itself up as a candidate to take over the shopping centre is the British fund Europa Capital.

Moreover, one of the other investors interested in the asset is a consortium formed by Eurofund Capital Partners and Patron Capital and Carmila, the real estate subsidiary owned by Carrefour, according to market sources, which value the asset at just over €50 million.

The centre has a retail surface area of 37,300 m2, however, that figure includes a hypermarket owned by Carrefour, measuring 17,050 m2, which falls outside of the perimeter of this transaction.

Specifically, the retail space for sale, which has a gross leasable area of more than 20,200 m2, contains around 80 stores distributed over three floors, as well as an underground car park with 1,600 spaces.

Tenants

The shopping centre, inaugurated in November 1998 and renovated in 2012, received almost 5.3 million visitors last year and has an occupancy rate of 95% of its gross leasable area.

The shopping centre’s main tenants include brands such as Primark, H&M, Lefties, Massimo Dutti, Pull & Bear, Juguettos, Calzedonia, Natura and Fosters Hollywood, amongst others.

Gran Vía de Alicante, located on Calle José García Sellés, competes with Plaza Mar 2, the largest shopping centre in the town, spanning 43,600 m2.

In addition, other nearby shopping centres include Parque Vistahermosa, measuring 34,000 m2, San Vicente Outlet Park, measuring 36,500 m2 and Puerta de Alicante, measuring 34,500 m2.

Investment

Shopping centres are one of the real estate assets that have sparked the most interest amongst investors in recent years.

In 2016 alone, more than €3,700 million was invested in this segment, which constituted the second largest market in the real estate sector after the office segment.

The main operations closed last year included the sale of Diagonal Mar (Barcelona), which was acquired by Deutsche Bank from Northwood in August for €495 million, and the sale of Gran Vía de Vigo, which the Socimi Lar España acquired from Oaktree for €145 million.

So far in 2017, another mega-operation has been closed with the British fund Intu’s acquiring the Xanadú shopping centre (Arroyomolinos, Madrid) for €530 million from Ivanhoé Cambridge.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Bonavista & Europa Capital Invest €20M In Luxury Homes In Gavà

20 July 2015 – Expansión

The property developer Bonavista Developments and the British investment fund Europa Capital will invest around €20 million in the construction of 12 luxury homes on the beach front in Gavà (Baix Llobregat).

The two companies have acquired a plot measuring 11,500 m2 on the beach front, where they will build individual and semi-detached homes aimed at buyers with high purchasing power.

Homes in the development will come onto the market in December and will be designed by the architectural firm GCA, which is responsible for buildings such as the Hotel AC Diagonal Mar and the Gran Marina del World Trade Centre, both in the Catalan capital.

The houses will each have a surface area of between 300 m2 and 500 m2, with a private swimming pool and underground parking, as well as a communal garden area measuring 3,500 m2.

According to the Catalan property developer, Gavà Mar has become one of the most desirable areas for high-end international clients looking for a home next to the sea and a fast connection to the city of Barcelona.

With this development, Bonavista Developments expands its commitment to luxury real estate investment in Barcelona, following its acquisition of Casa Burés, a modernist building located in the Eixample district of Barcelona that the Generalitat sold a few months ago, and the development of a building on Calle Caspe, 33B.

Original story: Expansión

Translation: Carmel Drake

Catalonia Sells Casa Burés For €18.8 Mn to Europa Capital Partner

24/11/2014 – Expansion

Local government of Catalonia (also known as Generalitat) has sold a modernist building called Casa Burés, standing in Barcelona, for €18.8 million to fund Europa Capital Partner allied up with Trinder Promociones. The buyers are planning to convert the little palace into a block of apartments.

The property, listed since 1979, was acquired by the City Hall of Barcelona in 2007 for €26 million in an attempt to protect it from being converted into a hotel and save for the city. In 2009, the building located in the intersection of the Girona and the Ausiàs March streets fell into hands of Generalitat with the estimated value of €26 million.

A need of liquidity pushed the Catalan authorities to put the edifice up for sale in 2013 but ever since no investor offered the asking amount. First and second tenders were unattended in spite of a 20% cut in the price.

 

Original article: Expansión (by Marisa Anglés)

Translation: AURA REE

Deutsche Bank, Banca March & Two Funds Launch the Biggest Socimi

The offices of BBVA in Spain will be listed on the stock market. The fund Tree Inversiones Inmobiliarias, hold by clients of Deutsche Bank, Banca March and by opportunistic funds Area (bound up with Apollo) and Europa Capital finalize launching one of the biggest Socimi (Spanish counterpart of a REIT company) on the exchange market in Spain. The investment vehicle manages between 900 and 1.000 branches of the bank chaired by Francisco González on terms of sale & leaseback contract and will dispose of top capital oequal to 800 million Euros, an amount that could be beaten down only by Gowex on MAB (the Spanish Alternative Stock Market).

Tree Inversiones was set up in 2009 by the two banks and the two funds in order to acquire the BBVA´s offices in a transaction known as the “Proyecto Arbol” (Tree Project). They made a down payment of 1.500 million Euros for 948 subsidaries and a year later they added to the poll 150 more premises and two other buildings for 350 millions. Since that time Tree Inversiones occasionally sold a part of the offices.

The idea to launch the interest part to the stock market now originates from the company´s need to refresh the shareholding by finding new investors. Tree Inversiones wishes to have a liquidity line to be able to separate from the two funds: Area and Europa Capital. (…)

The fiscal profits that both the company and its investors can draw are other reasons for bringing the Socimi to the MAB. (…)

The Strategy

The company foresees getting rid of the property of BBVA step by step, as it used to do by now, and make its investment portfolio over by buying new assets throughout the country. BBVA pledged tenancy of the more than 1.000 premises for time period of between 20 and 30 years.

 Tree Inversiones Inmobiliarias´s outflow on the market is already quite advanced and the Socimi could have a chance for the opening ringing of the bell by the end of January. The company has created a website containing information for the future shareholders. The operation´s advisory firm is EY and the liquidity provider will be Renta 4.

The release to the stock market will be conducted via listing of a small shareholding in the enterprise. To do so, the company enlarged its capital by 2.000 million Euros at the end of 2013 destined for the free float of less than 1%. It is predicted that the proportion will change once Area and Europa Capital have gone away.

The launch to the market is being led by the managers of Tree Inversiones Inmobiliarias: the Magic Real Estate company. (…) This way the same managers that have been involved in the Proyecto Arbol support its debiut on the stock market. In Spain, Magic Real Estate also advises Blackstone, Deutsche Bank and Pimco, among other international investors.

Source: Expansión