CaixaBank & Allianz Grant a €135M Loan to Finance Caleido

20 November 2018 – Expansión

CaixaBank and Allianz have granted a €135 million loan to finance the construction and operational launch of Caleido, a project led by Inmobiliario Espacio, the property developer of the Villar Mir Group, and MegaWorld Corporation, the business conglomerate owned by the Philippine multi-millionaire Andrew Tan.

Caleido, which will constitute the so-called Fifth Tower in Madrid, is going to comprise a vertical 35-storey building, which will contain the facilities of Instituto de Empresa, and a second horizontal building at the base comprising four above ground floors and standing 17 metres tall in which Quirón Salud is going to manage an advanced medical centre. Moreover, Caleido is going to include an extensive commercial and services area, as well as lots of green space for Madrid and its citizens.

The loan, which has a 10-year term, will finance the construction period until the hand over of the property, in the final quarter of 2020, as well as seven years of operation.

The property developers have explained that the aforementioned agreement will cover the financing needs of Caleido, with a total estimated investment of approximately €300 million.

“This operation strengthens the confidence that financial institutions have in the project and the great expectations that are being generated around its construction. In this way, the technical solvency of the project is clear, as is its future management and operation”, said the property developers.

Caleido – designed by the architecture studios Fenwick & Iribarren and Serrano Suñer Arquitectos – will be located in the epicentre of the new financial district of Madrid and will serve to eliminate a scar from the north of the Spanish capital, connecting Paseo de la Castellana and Anida de Monforte de Lemos, as well as revitalising the current business complex.

The project is being built on some plots owned by the Town Hall of Madrid, granted to Espacio Caleido through a concession arrangement for the construction and operation of the project for the next 75 years. In exchange, Espacio Caleido will pay an annual fee of €4 million. The launch of Project Caleido will generate around 2,400 jobs during the construction period and another 3,992 jobs once it is operational.

Original story: Expansión (by R.A.)

Translation: Carmel Drake

Oaktree Sells 49 Luxury Homes on Madrid’s Gran Vía

9 March 2018 – Eje Prime

Oaktree is successfully completing its luxury development on Madrid’s Gran Vía. The US fund has managed to sell the 49 homes that comprise the project, whose keys will be handed over at the end of 2018.

The good health of the residential sector in Spain, accompanied by the country’s period of economic boom, has allowed the fund to take full advantage of this promotion. Not in vain, the commercialisation of the building, located at number 68 Gran Vía, has reached prices of up to €10,000 per square metre, according to El Economista.

The consultancy firm Magnum&Partners has operated as the delegated promoter for this residential project, which first went on the market in September 2016, with prices as low as €6,000 per square metre, for properties without a parking space.

Due to demand, that figure has increased by 10%. The new homes in the renovated property will have surface areas of between 79 m2 and 247 m2. Moreover, the building will have a panoramic roof terrace with a swimming pool, as well as a gym.

The most expensive home in the building has been sold for an approximate price of €3 million. The tenants of the development, designed by the architecture studio Fenwick Iribarren, will be mostly Spanish, given that 87% of the buyers are nationals, and half of them are resident in Madrid.

Original story: Eje Prime 

Translation: Carmel Drake