Tag: expansion

Vukile to Inject €600M into its Socimi Castellana Properties

5 March 2019 – Eje Prime

Vukile is going to inject €600 million into its Spanish Socimi, Castellana Properties, to enlarge its portfolio. The aim of the South African fund is to debut the Socimi, which specialises in shopping centres, on the main stock market during 2019.

The company currently owns 19 commercial assets in Spain worth €898 million and has a leverage ratio of 48%, but before making the leap onto the main stock market, the company wants to increase its asset portfolio to €1,500 million and reduce its leverage ratio to below 45%.

The plan is to carry out a €600 million capital increase, to finance the additional asset purchases, which will be subscribed by its main shareholder, Vukile.

Original story: Eje Prime

Translation: Carmel Drake

Merlin to Add 13,000 m2 of Coworking Space in Madrid & Barcelona by 2020

28 February 2019 – Idealista

Merlin Properties is expanding in the coworking sector, where it operates under the Loom brand. The Socimi led by Ismael Clemente currently has three shared offices in Madrid, spanning 3,500 m2 in total, and it is planning to open its next space, spanning 1,200 m2 on Calle Eucalipto, 25, also in the Spanish capital, in June.

The listed company also intends to open 1,600 m2 of coworking space in Torre Glóries, the office block that it owns in Barcelona, where its tenants will work alongside several high-profile operators, such as Facebook, Dynatrace and Oracle.

In September, Merlin is going to open 2,000 m2 of coworking space in the Salamanca neighbourhood of Madrid and before the end of the year, it will add 1,500 m2 of shared office space in WTC Alameda in Barcelona.

In 2020, the Socimi is also planning to open 1,100 m2 of shared work space in Torre Chamartín in Madrid and another 2,000 m2 in the 22@ district of Barcelona.

Merlin owns 31% of Loom House, which is managed by the siblings, Paula and José Almansa.

Original story: Idealista (by Custodio Pareja)

Summary translation by: Carmel Drake

Libertas 7 to Enter the Market for Student Halls

1 March 2019 – Levante EMV

Libertas 7 closed 2018 with net equity of €91.9 million, an increase in its turnover from its real estate and tourist activity of 44% and a yield on its portfolio of listed investments of -0.8%, following a year of sharp falls on the markets. The group expanded its tourist activity with the incorporation of the management of the Sea You Hotel Port hotel in Valencia and it carried out its first direct private capital investment with the acquisition of a stake in Via Nature.

The portfolio of investments in listed companies had a market value of €46 million at the end of the year. The group’s future strategy is focused on the development of new plots, own and acquired. It is also committed to increasing the tourism area with halls of residence for students.

Original story: Levante EMV (by E. Press)

Translation: Carmel Drake

Merlin to Invest €500M to Double its Logistics Portfolio

15 February 2019 – Eje Prime

Merlin Properties is also joining the logistics boom. The real estate company is preparing a new development plan for warehouses and storerooms to double its existing logistics portfolio in Spain and Portugal over the next four years. The objective of the company is to incorporate an additional 1 million m2 into its portfolio in this sector with an investment of €500 million, according to reports from Cinco Días.

The real estate company, which forms part of the Ibex 35, already owns logistics platforms spanning 1.1 million m2, spaces that are leased to various operators in the sector. Currently, Merlin is developing the so-called plan Best II, scheduled for 2021, with the construction of 500,000 m2 of logistics space in Madrid, Guadalajara and Toledo, and it is already working on Best III, which sources at the company explain will add another 500,000 m2 by 2023, in that case also on land in Portugal.

With the construction of these warehouses, Merlin’s objective is to diversify its portfolio and improve its yield, given that these types of assets offer a higher return. Currently, the Socimi owns assets worth €11.8 billion, of which €780 million correspond to logistics properties, accounting for just 6.7% of the portfolio.

Original story: Eje Prime 

Translation: Carmel Drake

Eventbrite to Open its First European Development Centre in Madrid

15 February 2019 – Europa Press

The global technological event management and ticket purchasing platform, Eventbrite, is going to create its first European development centre in the Spanish capital, whereby strengthening its presence in the country after acquiring Ticketea in 2018, according to reports from the entity.

Eventbrite has 14 offices across 11 countries, with a global team of 1,000 workers, of which 80 are based at its offices in Madrid and Alicante.

With the opening of the new development centre, which will open its doors in May 2019, the company expects to triple its team, primarily with engineers and product developers.

The new centre will be located in a four-storey building spanning more than 2,300 m2 on Paseo de la Habana in Madrid. It will house a workspace, cafeteria, library, relaxation areas, a lactation room, outdoor recreational spaces and an area open to the local community where the company plans to organise events and meetings (…).

Original story: Europa Press

Translation: Carmel Drake

Segro Buys a 28,500 m2 Warehouse in Granollers

29 January 2019 – Eje Prime

Segro is continuing to grow its logistics portfolio in the Spanish market. The British Socimi has acquired a distribution centre measuring 28,500 m2 in Granollers (Barcelona), leased to the logistics operator ID Logistics, with which Segro has a long-term agreement.

The asset was constructed in 2019 and is located thirty kilometres from Barcelona, with easy access to the A7 and C17 motorways. The group has highlighted “the location and access of the asset for distribution across the south of Europe”.

The company, founded in 1920, entered Spain in 2015 with the development of a logistics centre in Martorelles (Barcelona). Since then, Segro has purchased a 16,000 m2 logistics park in Coslada (Madrid), another 49,000 m2 site in Castellar del Vallès (Barcelona), a second plot in Martorelles, where it is constructing an asset spanning 20,000 m2, and a plot in San Fernando de Henares.

Segro has also added other plots in Getafe (Madrid), Sant Esteve Sesrovires (Barcelona), Mollet del Vallès (Barcelona) to its portfolio, as well as a second building in Coslada (Madrid), and Villaverde (Madrid). In total, the firm has a portfolio spanning 400,000 m2 of constructed space in Spain and another 70,000 m2 under construction.

Original story: Eje Prime 

Translation: Carmel Drake

Habitat Debuts in A Coruña with a €19M Investment in a 96-Home Development

16 January 2019 – Eje Prime

Habitat has arrived in Galicia. The property developer is making its debut in the region with a development comprising 96 homes in A Coruña and an investment of €19 million, according to reports made by the company to EjePrime.

The company has acquired a plot of land with a buildable surface area of 10,500 m2, on which it is going to build a seventeen-storey tower. The marketing of the homes, located on Calle Aurelio Aguirre Galarraga, in the San Vicente de Elviña neighbourhood, will start during the first quarter of this year.

“With the start of this new project in A Coruña, Habitat has launched itself in Galicia, an area with a high degree of urban development and which has enormous potential for growth over the coming years”, as highlighted by José Carlos Saz, the CEO of the company.

This latest acquisition forms part of Habitat’s business strategy, which will involve an investment of €500 million by 2021. The company’s plans involve constructing new developments with the objective of delivering more than 2,000 homes per year from 2021.

Original story: Eje Prime 

Translation: Carmel Drake

House Prices Will Rise by 5%+ in 2019 & Sales Will Grow by 13%

8 January 2019 – Expansión

The normalisation of the market in Madrid and Barcelona will make way for high growth in provincial capitals such as Valencia, Málaga, Palma and Sevilla. Rents will rise by more than 10% in the large capitals and sales could exceed 600,000 units in total.

Housing is going to enter a new phase of the cycle in 2019. After a year of expansion in 2018, with growth brushing the records seen before the crisis, this is going to be the year of consolidation, but also of awakening in the medium-sized capitals.

A panel of experts consulted by Expansión foresees an average price rise of more than 5%, and an increase in the sales volume of between 10% and 13%, which means that house sales may exceed the threshold of 600,000 units. That would make 2019 the seventh consecutive year of improvement in the residential sector after prices decreased by more than 30% during the years of the crisis.

Madrid and Barcelona, which inaugurated the recovery in 2016 and which have been leading the housing charge until now, are going to begin a process of normalisation. The experts agree that moderation will be felt in those two markets in particular. In the case of Barcelona, the political uncertainty, control measures from the Town Hall and price levels reached could lead to corrections in some districts where prices have already peaked.

This year, it will be the new capitals that will lead the growth of the market. The last quarter of 2018 already closed with three revelations: Valencia, Málaga and Tarragona led the increase in sales prices, with rises of more than 15%, according to data from Tinsa. In 2019, the experts are placing their focus on those and other cities, such as Sevilla Alicante, Palma, Bilbao, Murcia and Zaragoza. In the large capitals, price increases will exceed 10%.

The rise in sales prices versus the stagnation of wages will continue to cause demand to increase in the rental market, which will rise by around 7%, and by more than two-digits in the large cities, where price tensions are even greater. The volatility of the financial markets will continue to make rental a very attractive investment option. Nevertheless, the experts warn that the uncertainty regarding the measures approved by the Government in terms of the rental segment could put future investments at risk.

Whether the sector tends towards a plateau or rather moderate growth will depend on factors such as the evolution of the economy, policy changes by the ECB and the measures that the Government decides to introduce.

Original story: Expansión (by Inma Benedito)

Translation: Carmel Drake

Metrópolis Buys Hexagon Glòries Building in Barcelona for €50M

27 December 2018 – Idealista

Metrópolis is backing the 22@ district with new purchases. The fund led by Pere Bosch and in which the following Catalan businessmen, amongst others, hold stakes: Miguel de Navas, Oriol Tomas Carulla, Javier Ferrero, Yolanda Bassat, Rafael Tous Godia and Javier Carrasco, has invested €50 million in an office building under construction, promoted by the real estate company Brilten and located in the district of Barcelona.

The asset, known as Hexagon Glòries, due to the shape of its façade, has a surface area of 10,000 m2. Last summer, Brilten announced that it was planning to spend €35 million on the construction of the property, an amount that included the acquisition of the land, according to reports from Expansión.

The building has been designed by the architect firm Batlle i Roig and will be finished by the middle of 2019. In addition, Brilten already owns other assets in 22@ such as, for example, the Twentytú hostel.

This is the first purchase that Metrópolis has made in the Catalan capital’s technology district. The investor vehicle acquired its last property in 2017 when it purchased the Can Ametller business park for €35 million. Nevertheless, all indications are that the fund’s next investments could be in Madrid and even in other European cities such as London or Paris.

Original story: Idealista 

Translation: Carmel Drake

Temprano Capital Partners Acquires Plot in Sevilla for Student Halls

5 December 2018 – Press Release

During November 2018, Temprano Capital Partners, in a joint venture with CPA®:18 – Global and Helena Rivero, acquired a prime, city centre site in Sevilla to undertake the development of a premium student residence, to form part of the TSL programme in Iberia.

TSL is currently developing 5 projects in Spain and 3 in Portugal, together with the residence in Marques de Pombal, Lisbon, which was inaugurated in January this year. The TSL programme now amounts to 3,500 beds in Iberia.

The City of Sevilla is renowned, internationally, for its unique university atmosphere, with over 80,000 full-time students, approximately 4% of whom are from outside of Spain, a percentage that is increasing annually, given the popularity of interchange programmes, such as Erasmus and European funding initiatives.

Sevilla houses multiple further education facilities, with faculties spread throughout the city centre, including the University of Sevilla, University Pablo Olavide, the International University of Andalucía UNIA Cartuja, University Loyola Andalucía and CEU San Pablo Andalucía Bormujos, in addition to multiple language academies and institutes, such as the Spanish American Institute. Sevilla has a prestigious international status, offering a wide range of courses, and qualifications in all fields of study.

Sevilla also offers students a unique, historic environment with rich culture and multiple leisure and sports options. The site acquired is located on Calle Genaro Parlade to the south of the city centre in the “El Porvenir” neighbourhood. This area of the city is exceptionally well located for students with respect to the city centre and main university campuses – by foot, by bicycle or by public transport. The site was previously used by the Antares Sports and Social Club, which recently relocated to modern facilities in central Seville. The proposed project will result in a significant urban regeneration for both the local neighborhood and the City of Sevilla.

The project, which is currently in the design phase, will provide 505 premium studios in a building measuring 15,200 sqm. The studios will be delivered with high-quality designs and finishes, with fully fitted in-room kitchens; individual, ensuite bathrooms; high speed WI-FI connections and televisions. Furthermore, the Project will offer multiple services and on-site amenities such as a fully equipped gymnasium, swimming pool, lounge, party rooms, cinema, laundry, library and study rooms. Extensive exterior areas for the students along with 24/7 concierge service are also envisaged and all included in the rent (…).

Temprano Capital Partners (Temprano) is a private European real estate investor and developer created in 2013. It is led by Neil Jones and James Preston and its current tactical focus is the Iberian market (Spain & Portugal) (…).

Original story: Press Release

Edited by: Carmel Drake