Blackstone’s Socimi Torbel Debuts on the MAB at €11.45/Share

5 July 2018 – Voz Pópuli

Torbel Investments, the new Socimi owned by the US fund Blackstone, is going to make its debut on the Alternative Investment Market (MAB) this Thursday at a price of €11.45 per share, giving the company a market value of €92.2 million.

Torbel, the second Socimi that is going to be managed by Anticipa Real Estate, owns a portfolio of 2,495 assets – 2,165 of the properties are flats and family homes, and the remainder are commercial premises, parking spaces and storerooms -, which have a combined market value of €218 million.

These assets are distributed throughout Spain, with the Community of Valencia accounting for the largest share – it is home to 36.5% of the total between the provinces of Valencia and Alicante -, followed by Cataluña, with 17.8% of the total, and Madrid with 15.9%. The remaining 30% are located in Andalucía and Castilla-La Mancha.

All of these assets, whose overall occupancy rate amounts to around 58% (tenants are being sought for the remaining 42%), proceed from the Empire portfolio that Blackstone purchased from Banco Sabadell between 2016 and 2017; they are managed by the US fund’s subsidiary Anticipa.

Anticipa Real Estate was constituted in 2014 after passing into the hands of Blackstone and has been an evolving entity ever since. It has gone from being a servicer that managed assets for third parties to being a management platform of real estate assets and mortgage loans, all with the aim of becoming the leading residential rental manager in Spain.

Torbel is the fourth residential Socimi that Blackstone has debuted on the stock market in Spain following Fidere Patrimonio, Corona Patrimonial and Albirana Properties.

Original story: Voz Pópuli 

Translation: Carmel Drake

ACR Acquires Land in Sevilla for €5M to Build 157 Homes

29 May 2018 – Eje Prime

ACR is launching operations in Andalucía. The real estate group has invested €5 million in the purchase of a plot land in Sevilla, its first project in the autonomous region. Spread over three developments, the company is going to build 157 private family and cluster homes.

ACR’s property developer division has acquired a plot measuring 22,000 m2 in the municipality of Mairena del Aljarafe, very close to the Sevillan capital. In that town, the real estate group is going to build family homes with four bedrooms, two garages each and a private garden, as well as a communal swimming pool. Meanwhile, the apartments will be distributed over two six-storey blocks and will have between two and four bedrooms, according to explanations provided by the company.

The first development will comprise 48 homes; the second 69 homes; and the third will be the smallest with 40 homes up for sale. The project in Sevilla will serve as the launch pad for ACR in Andalucía, and the firm is already considering new purchases as part of its national expansion objective. Levante is another “established market”, which is of interest to the group. Currently, ACR has 2,000 homes in its development portfolio.

Original story: Eje Prime

Translation: Carmel Drake

Aelca to Build 2,100 Homes in Sevilla

20 February 2018 – Expansión

The property developer in which Värde Partners holds a stake has acquired several plots of land in the town of Entrenúcleos, where it plans to invest €250 million.

The residential property developer Aelca, in which the US fund Värde Partners holds a 75% stake, has completed a major land purchase in Sevilla, which is going to allow it to enter the Andalucían capital with a huge real estate project.

The company, led by Javier Gómez and José Juan Martín (pictured above), has announced the purchase of several plots in the Sevillan municipality of Dos Hermanos, where it is going to build more than 2,100 homes, according to ABC Sevilla.

In total, Aelca has acquired a portfolio of land with a buildable surface area of 227,788 m2, which it is going to develop in several phases. The first phase will be launched in May, with the development of 163 multi-family dwellings on one site and 78 family homes on another.

The investment in Entrenúcleos will amount to €250 million, said the company today.

“Andalucía is a key market for the company and, as part of our strategic plan, we hope to strengthen our presence in the region, where we have just opened a local office. We know that there is latent demand there at the moment in terms of housing and we are convinced that this is going grow further still, because the capital’s entire area of influence is already sparking a great deal of interest due to the numerous benefits that it offers and its competitive prices”, says Javier Gómez, CEO of Aelca.

The company, founded in 2012 by its current CEOs, Javier Gómez and José Juan Martín, closed 2017 with 1,118 homes sold. This year, the firm plans to launch 3,777 homes, spread across around 50 developments.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Notaries: House Sales Rose by 10.1% in November but House Prices Fell by 0.9%

9 January 2018 – Eje Prime

The positive steps that the housing sector in Spain took in 2017 are continuing. That is according to data from the General Council of Notaries relating to November 2017, when 46,722 transactions were signed, up by 10.1% compared to the same period in 2016.

Nevertheless, the residential sector was hit by a slight decrease in value, with a decrease of 0.9% in house prices, taking the average price per square metre of properties acquired in Spain during November to €1,288/m2. According to the College of Notaries, this decrease in house prices was driven by a reduction in the price of family homes, which suffered a decrease of 1.3%, and flats, whose prices fell by 0.1%.

In terms of the different types of homes, private flats saw a YoY volume increase of 8.9%, with a notable expansion in the number of new build homes (9.5% more) and also in the number of second-hand homes (8.9% more). Despite that, the property segment that grew by the most was family homes, with an increase of 13.7% with respect to November 2016.

Meanwhile, the number of mortgages also grew during the penultimate month of 2017. Loans to buy homes increased by 0.6%, with 28,834 mortgage applications and an average mortgage loan of €169,163.

Original story: Eje Prime

Translation: Carmel Drake

Two Sought-After Plots in Pamplona Awarded to ACR & Allegra Holding

26 December 2017 – Observatorio Inmobiliario

ACR Grupo and Allegra Holding are continuing to strengthen their alliance after they were awarded two sought-after plots of land known as “Salesianos” in Pamplona.

The plots, which span a surface area of more than 15,000 m2, are going to be home to the tallest two towers in the area. More than €40 million is expected to be invested in the development of between 120 and 140 two-, three- and four-bedroom homes.

The plots, located in Salesianos, one of the best locations in the city, just a stone’s throw from the Plaza de Toros and close to the Carlos III shopping area, were owned until now by the Salesianos religious order. Their public auction has sparked a great deal of interest as it represents one of the most high-profile and important projects in Pamplona in recent years.

This ambitious urban planning project will allow access to housing in an area of scarce supply and which until now did not have any new build developments. Moreover, it will incorporate services such as a civic centre, a large open square and retail premises.

Residencial Nature, consolidating a successful alliance

This development is the product of the alliance between ACR Grupo and Allegra Holding, two prestigious and solvent companies in the Spanish real estate sector, through Residencial Nature, a concept that is continuing to grow following the experience it has accumulated through the more than 750 homes managed primarily in the Community of Madrid.

“This is the first project that we have undertaken together with Allegra Holding outside of Madrid, which reflects the solidity of the concept that both companies are backing with the development of unique projects in different cities”, said the Director of Property Development at ACR Grupo, David Botín.

The success of the Residencial Nature developments allows the alliance to evaluate new investments in Madrid, as well as in other locations such as Barcelona, Málaga and Levante, with the aim of expanding its activity to other regions.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Insur & Anida Launch New Development In Sevilla

27 September 2017 – Eje Prime

Insur and Anida, the real estate subsidiary of BBVA, are continuing to make progress with their joint business. Desarrollos Metropolitanos del Sur (DMS), the company constituted by the two companies, has started to market and construct the second phase of Selecta Arquímedes, located in the Entrenúcleos project, in Sevilla. The property developers will invest €31 million in these two initial projects, which mark the revitalisation of the area in the context of the real estate recovery.

In October, construction of this new development of 61 family homes is expected to begin. The developments, which form part of the residential project Sevilla Selecta Entrenúcleos, will start their journey with an open doors event, to be held this Thursday, Friday and Saturday, when interested parties can visit the show home.

DMS states that it has carried out the development of these new family homes given the success of the sale of the first development, Selecta Rodas, where it is building 54 family homes, which are expected to be completed by the end of 2018.

Selecta Entrenúcleos spans a buildable area of 292,726 m2, which will include, during the course of the various phases, 2,434 homes and retail space, comprising the most important real estate project in the Sevilla metropolitan area.

Original story: Eje Prime

Translation: Carmel Drake

Vía Célere Buys Land In Madrid, Sevilla & Valladolid For €36.1M

21 September 2017 – Expansión

Vía Célere, the real estate company acquired by the fund Värde Partners in February, has completed a new land purchase. Specifically, the property developer led by Juan Antonio Gómez-Pintado has bought three new plots of land, located in Getafe (Madrid), Sevilla and Valladolid, for a combined total of €36.1 million.

The greatest investment has been made in the Andalucían capital, where Vía Célere has acquired 150,000 m2 of buildable land, which will allow it to construct 1,700 family homes. It has spent €26.5 million on those plots.

In the case of Madrid, Vía Célere has paid €7.6 million for 21,000 m2 in Getafe, with the aim of building 158 family homes, whilst in Valladolid, the company has bought 4,400 m2 of land, for €2 million, where it will construct up to 39 homes.

With these latest purchases, Vía Célere has now spent €130 million buying up land in 2017, which has allowed it to expand its portfolio by almost 400,000 m2. Currently, the real estate company backed by Värde owns around 1.35 million m2 of residential land, making it one of the largest owners of this kind of asset in Spain.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

RE/MAX: The RE Recovery Is Spreading Across Europe

12 June 2017 – El Mundo

The real estate market is growing, not only in Spain, but also in Europe, according to the Housing Report compiled by RE/MAX Europa. This improvement is being reflected in high levels of demand and rising prices, a trend that looks set to continue over the coming months in the property sector of the Old Continent. The good borrowing conditions and the incentives, especially for those buying their first home, are two of the main factors that are driving this growth.

Specifically, in Spain, house prices are stable, with potential for growth. “The increase in wages in Spain, the access to financing, as well as the political stability are posited as the most important factors for driving this upward trend in prices”, explain RE/MAX Europa.

Specifically, since 2015, the sales prices of family homes, as well as of flats and apartments, have increased by 4.5% on average in urban areas, where the average price per square metre has risen from €1,651/m2 to €1,727/m2. House prices in urban areas are expected to increase by 1.8% in 2017 and by 1% in the case of properties located in small towns.

And the picture is even more buoyant in the rental market. Prices per square metre have risen by 9.8% in the large cities and by 7.7% in small towns. In this way, the average monthly rental cost in a Spanish city amounts to around €800/month, whilst in the smaller towns, that figure stands at around €600/month.

The recovery of the real estate sector at the European level is based, above all, on low interest rates and, therefore, loans that are accessible to the public. This situation is “currently being seen in almost every country in Europe”, said the study. “That is resulting in higher demand, which is driving up prices in almost every segment and area”, it adds.

In Slovakia and Estonia, for example, thanks to these favourable conditions, there has been a significant increase in the construction of new homes, said RE/MAX Europa. In Malta, there has also been growth in the rental market, due to the rising number of overseas employees living on the island. Markets such as Portugal, Greece and Scotland “have been recovering really well over the last few years and are now showing clear signs of stable growth, with the prospect of more transactions in the future”.

Cities are improving

The experts at RE/MAX confirm that between 2015 and 2016, sales prices rose for apartments and family homes. In particular, prices per square metre rose significantly in the case of urban apartments, specifically, by 13% in certain cities in Lithuania, Germany and Luxembourg. The sales prices of houses in small towns also rose and are expected to increase by 4% in 2017 in Austria and Estonia. Nevertheless, prices are predicted to remain stable in France, Greece and Switzerland.

Rental prices also increased in 2016. Specifically, by 10% for urban apartments in The Netherlands, Romania and Spain, and by 16% in Malta. The experts at RE/MAX predict that rental prices will increase or remain stable in the majority of Europe during 2017.

One of the most important criteria in determining differences in prices is location. According to Michael Polzler, CEO of RE/MAX Europa, “the sales prices of apartments vary by 64%, depending on whether a property is located in an urban area or in a small town. For family homes, that difference amounts to 44%”.

Original story: El Mundo

Translation: Carmel Drake

Quabit Acquires 6 Plots Of Land In Málaga & Guadalajara

8 May 2017 – Valencia Plaza

Quabit Inmobiliaria has completed the purchase of six new plots of buildable land, four in Málaga and two in the Corredor del Henares (Alovera, Guadalajara), spanning more than 30,000 m2, on which it plans to build 365 homes. The real estate company is expected to generate turnover amounting to €68 million from these new developments.

In this way, the property developer chaired by Félix Abánades is continuing to fulfil its strategic business plan. These new acquisitions come after Quabit purchased two other plots, also in the Corredor area, just a month ago, for the construction of another 300 homes.

Quabit’s growth plan includes investments in land with the objective of completing more than 4,000 homes between now and 2021. This year alone, the company plans to build around 1,500 homes, and to date, it has started work on 42% (629 homes) of the total residential properties forecast for 2017.

Quabit plans to make more investments to develop between 800 and 1,000 homes over the coming months, primarily in Madrid, Corredor del Henares and the Costa del Sol.

El Cañaveral, Málaga

Quabit has purchased four plots of land in the El Cañaveral area, south of Puerto de la Torre, in Málaga capital, where there has been a clear reactivation of the new build market, due primarily to a shortage of stock. In total, almost 26,000 m2 of buildable land for the construction of 209 high-rise homes and 42 family homes, with a forecast turnover of €47 million. The company plans to put these properties on the market in July.

Corredor del Henares

In parallel, Quabit has bought two other buildable plots of land in the Las Suertes Ciudad Jardín, the best urbanisation in the Corredor del Henares. On the first plot, the company will build 72 high-rise homes; and on the second plot, it will construct 24 family homes. In total, it has bought more than 14,000 m2 of buildable land for the construction of these two new developments, which will go on the market in less than a month, with a forecast turnover of €20.6 million. The Las Suertes complex will have 200,000 m2 of green space, 10 km of cycle paths, 53,000 m2 of pedestrian walkways, large avenues and high-quality residential developments.

Original story: Valencia Plaza

Translation: Carmel Drake

Núñez i Navarro Invests €45M To Build 166 New Homes

3 May 2017 – Expansión

Núñez I Navarro (NiN) has started its largest real estate development since before the crisis. The development in question is known as the Nou Can Gambús urbanisation, close to Sabadell (Barcelona), and its first phase has a surface area of 23,336 m2. The company is planning to construct 66 family homes and four residential blocks containing 100 flats in total.

During this first phase, the company will spend €45 million, excluding the price of the plots of land. The company, which is owned by the family of FC Barcelona’s former president, Josep Lluís Núñez, acquired the estate years ago in a deal completed in equal part with Anova. During the recession, the property developer took ownership of 100% of the site.

Several months ago, NiN completed the construction of the first row of homes, comprising eight houses, and it has already agreed their sale or rental. Now, NiN has started to build the second row of houses, comprising 16 units in total. The deadline for their completion is the second quarter 2018. The property developer expects to begin construction of the first two residential blocks around that date.

Low level of debt

NiN is one of the largest Catalan property developers and also one of the entities that is best avoiding the economic crisis thanks to its very restrictive indebtedness policy, with debt amounting to zero in the case of some of its developments. The property developer has strengthened its refurbishment business, although it has not stopped building at any time.

The main business of the family company is the real estate sector, comprising homes, commercial premises, warehouses and offices. Its area of influence is Barcelona, although its presence extends across the whole of Cataluña. It also has some parking and hotel businesses.

The market for new homes in the autonomous region is recovering, although more slowly than the sector had expected. The Association of Property Developers of Cataluña (APCE) states that last year construction of 8,313 homes was started. That figure represents a 34% increase compared to 2015 but is 18% lower than the 10,000 new homes that were planned.

Original story: Expansión (Gabriel Trindade)

Translation: Carmel Drake