La Generalitat Approves a Law to Limit Rental Prices in Cataluña

21 May 2019 – Eje Prime

The executive led by Quim Torra has approved a royal decree to limit residential rental prices in Cataluña so that they will not exceed 10% of the reference index in neighbourhoods and cities with an “accredited lack of affordable housing”.

That percentage increases to 20% in the case of new or completely refurbished homes for the five years following the building work. Meanwhile, for flats with exceptional views, swimming pools or gardens, the percentage may rise to 25%.

The decree considers areas with a “tense housing market” to be those municipalities where the provision of affordable rental housing is at risk. In particular, it makes reference to towns where rental prices have grown sustainably by more than average and where the increase in the demographic density is not being matched by the growth in the housing stock, amongst other factors.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Catella to Invest €200M in Offices and Parking Lots

22 April 2019 – Expansión

The Swedish manager, Catella Asset Management, wants to continue expanding its footprint in Spain, where it has invested €250 million over the last three years.

To this end, the investment firm, which has focused on the housing, student hall and retail sectors until now, is planning to invest €200 million in the purchase of office buildings and parking lots in Spain and Portugal over the next 2 years.

In addition to the major cities of Madrid, Barcelona and Lisbon, the company is also analysing operations in secondary cities such as Valencia, Málaga, Bilbao, Zaragoza and Porto.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Ores has Invested €362.5M in 35 Assets Across the Iberian Peninsula

16 April 2019 – Eje Prime

Ores, the Socimi owned by Bankinter and Sonae Sierra, has invested €362.5 million in 35 assets across the Iberian Peninsula since its creation, according to a report filed by the company with the Alternative Investment Market (MAB) at the end of Q1 2019.

During the first quarter of this year, the company purchased a retail store in Burgos with a gross leasable area of 724 m2 for €5.2 million.

The company’s portfolio comprises hypermarkets (28.1%), mini-hypermarkets (17.8%) and retail parks (15%), amongst others. Its assets are located mainly in Madrid and Barcelona, as well as in prime areas of provincial capitals.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Inveriplus Investments Acquires 4 Gyms to Operate Under its New ‘XXII Fit Club’ Brand

16 April 2019 – Palco23.com

The real estate consultancy firm Inveriplus Investments has purchased four sports centres in Madrid for an undisclosed sum. Specifically, it has acquired one gym in Chamberí (Calle Alberto Aguilera, 1) and one in Las Rosas shopping centre from Urban Fitness, as well as two others in Tres Cantos and Pozuelo from another vendor.

All four establishments will operate under the XXII Fit Club brand from September and the company plans to offer additional services to its clients, besides the standard fitness offering, including beauty, nutrition, personal training and physiotherapy.

Inveriplus intends to expand its portfolio to include twenty centres by the end of 2020, before growing beyond the Spanish capital to Barcelona, Valencia, Bilbao, Sevilla, Málaga and Zaragoza.

Original story: Palco23.com (by P. López)

Translation/Summary: Carmel Drake

Quabit Issues 4-Year Bonds Amounting to €20M

29 March 2019 – Valencia Plaza

The property developer Quabit Inmobiliaria has issued bonds amounting to €20 million through its wholly owned subsidiary Quabit Finance. The bonds have a maturity of 4 years and a coupon of 8.25%, which will be paid annually.

The success of the placement represents a great boost to the company’s strategy and confirms investors’ confidence in its management capacity. The funds raised will be used to undertake new investments, finance new projects and whereby continue with the firm’s growth and expansion plan.

Original story: Valencia Plaza

Translation/Summary: Carmel Drake

Mercadona Buys Land for its Online Logistics Hub in Alicante

27 March 2019 – Expansión

The supermarket chain Mercadona has acquired some plots of land in Alicante, where it is planning to open its second logistics platform in the Community of Valencia for its ever-expanding online shopping project.

The plots span a surface area of 18,550 m2 and are expected to be operational by 2020. The site will join another hub that is already operational in Valencia, as well as others under development in Madrid, Barcelona and Sevilla.

The plot in Alicante is located on Carretera de Ocaña and will serve the city of Alicante and municipalities around the province.

Original story: Expansión 

Translation/Summary: Carmel Drake

Mercadona is Awarded a 30,220 m2 Plot in Sevilla for €10.8M

20 March 2019 – Diario de Sevilla

The Town Hall of Sevilla has awarded a plot of land spanning 30,220 m2, with a buildability of 38,580 m2, in the Higuerón Sur area of the city, to Mercadona for €10.8 million.

The supermarket company is planning to build a warehouse on the site to serve its online shopping service in Sevilla and the surrounding area. Construction work is expected to begin in 2020.

Mercadona already has a similar kind of centre, which it calls a “hive” in the city of Valencia. Moreover, it plans to open two new hives in 2019, in Barcelona and Madrid.

Original story: Diario de Sevilla (by Alberto Grimaldi)

Translation: Carmel Drake

OneCoWork Invests €5.5M to Open 3,700m2 Coworking in Barcelona

18 March 2019 – Eje Prime

OneCoWork is going to invest €5.5 million to open its third shared office space in Barcelona in 2020. The company, founded in 2016 and led by Benjamin Nachoom, will open its new centre on the corner of Via Laietana and Avenida de la Catedral, in a building owned by the insurance company Zurich.

The office will span 3,750 m2 and will be opened on a gradual basis, with 1,800 m2 due to be inaugurated in April 2019, 600 m2 during H2 2019 and the remainder in 2020.

The group plans to have 40 coworking offices across Europe by 2022, including one in Madrid and another in Valencia, Bilbao or Málaga.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Grupo Lar & Centerbridge Join Forces to Build Logistics Assets

10 March 2019 – Expansión

The Spanish real estate firm Grupo Lar has joined forces with the US private equity company Centerbridge to promote a portfolio of latest generation logistics warehouses.

The assets in the portfolio will primarily be located in Madrid and Barcelona, but opportunities will also be sought in Valencia, Málaga, Sevilla and the Pais Vasco.

The joint venture between the two firms will compete with another partnership launched in 2017 to invest in the logistics sector between the fund manager CBRE Global Investors and Montepino.

Original story: Expansión

Translation: Carmel Drake

Habitat’s Land Portfolio Now Spans 1 million m2 with Capacity to Build 10,000 Homes

9 March 2019 – Expansión

The property developer Habitat now owns more than 1 million m2 of land after investing €121 million last year to expand its portfolio. As such, the firm led by José Carlos Saz (pictured below) has the capacity to build around 10,000 homes. Specifically, the firm backed by Bain Capital acquired 27 plots last year on which to build around 2,500 homes. 5% of those plots were non-buildable (in the process of being approved for construction).

The company expects to reach cruising speed with the delivery of 2,000 homes per year from 2021 onwards. Last year, it handed over 270 homes across 4 developments in Barcelona, Málaga and Madrid, to generate turnover of €89 million, EBITDA of €1.83 million and a net profit of €250,000. The company plans to invest €500 million in land purchases until 2021, financed by Bain.

Moreover, like its competitors Neinor, Aedas and Metrovacesa, Habitat is also considering entering the rental home sector and may even begin to build developments for Socimis.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake