Núñez i Navarro Invests €4.2M In Office Refurb

1 December 2017 – Eje Prime

Núñez i Navarro is strengthening its commitment to the office sector. On Thursday, the real estate developer presented a new office project in L’Hospitalet de Llobregat (Barcelona). The building in question is the Marina Factory, whose remodelling is going to involve an investment of €4.2 million.

The work on the property will be completed in March next year, after 19 months. The asset, located at number 450 Rambla Marina, has six floors measuring 1,200 m2 and 1,430 m2 and two retail premises. In total, it has capacity to house 1,000 people throughout its 10,000 m2.

The Marina Factory is located in an up-and-coming area of L’Hospitalet de Llobregat. The boost from Plaza Europa, which is two kilometres away from the office, has converted the area into a first-rate office district, with companies such as the perfume group Puig, the consultancy firm KPMG and the group Gallina Blanca choosing to locate there.

Núñez i Navarro is one of the largest Catalan property developers and one of the companies in the sector that has best overcome the crisis, with a policy of low indebtedness.

Original story: Eje Prime

Translation: Carmel Drake

Socimis And Funds Invest €2,520m In Offices In 2014

15 January 2015 – Expansión

The acquisition of office buildings soared by 212% in 2014, thanks to deals signed by international investors, such as Blackstone, and new real estate companies, including Hispania and Merlin Properties.

The launch of Socimis and the arrival of large international funds in Spain has resulted in record investment figures in the Spanish real estate sector. And a new type of asset is proving particularly popular: offices.

According to a report by Deloitte Real Estate, 40% of the non-residential purchases (i.e. offices, shopping centres and stores, hotels and logistics platforms) made in Spain last year were office buildings. Thus, of the €6,500 million invested in 2014 in total, €2,520 million was spent purchasing office property, including Vodafone’s headquarters in Madrid, Gallina Blanca and HP’s headquarters in Barcelona, and the old offices of BBK in Bilbao.

In total, almost 50 transactions were closed, and more than half (57%, according to Deloitte Real Estate) were made by investors with an institutional profile, such as Socimis.

All four of the real estate companies listed on the stock exchange – Merlin Properties, Lar España, Hispania and Axia Real Estate – acquired office buildings during the last year. Merlin Properties, the largest Socimi currently listed in Spain, invested €130 million in the purchase of five office buildings in Madrid, which it leases to groups such as Philips, Vestas and Neoris. Yesterday, the company announced the purchase of Gallina Blanca’s headquarters, together with two logistics warehouses, for €88 million.

Meanwhile, Axia Real Estate paid €180 million for a portfolio of properties owned by Credit Suisse in Spain, which included 3 office blocks located in the Campo de las Naciones area of Madrid.

“Investment in the office market has grown significantly thanks to the Socimis and overseas investors, who consider that rents have reached their lowest levels and now is the perfect time to take positions”, explains Javier García Mateo, Director of Deloitte Real Estate. In this sense, rental costs in Spain’s two largest office markets (Madrid and Barcelona) have already recorded slight increases in the most sought after areas, i.e. in the business districts.

According to Deloitte, the highest rents in Madrid have been agreed for offices on Paseo de la Castellana, 31 (31 euros per square metre per month) and in Barcelona, on Avenida Diagonal, 640 (21 euros per square metre per month).

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Colonial Purchases Gallina Blanca’s Premises in Barcelona For €10.4 Mn

9/01/2015 – Expansion

Colonial has bought an office building, currently housing food company Gallina Blanca, for an amount of €10.4 million from Sareb, Spain’s bad bank.

Following the acquistion, the company controlled by Grupo Villar Mir has invested €370 million in properties since May last year, when its recapitalization concluded.

The deal includes a 4.869 square meter office area and 68 parking spaces. The building is situated in Plaza de Europa Square, Barcelona, inside an expanding business district. It is fully leased to Gallina Blanca.

Colonial views the transaction as an opportunity to add “a new, solvent and long-term tenant” to its client portfolio and “to enter a business area in consolidation phase”.


Original story: Expansión

Translation: AURA REE

Gallina Blanca to Move to New Headquarters at Plaza Europa Square in Barcelona

10/10/2014 – Expansion

Gallina Blanca Star (GBST) packs its things up. In the Christmas time, the firm controlled by Avecrem will move to its new premises of 5.000 square meters situated at the Plaza Europa de L’Hospitalet square, Barcelona.

Gallina Blanca is said to have signed a rental contract with Sareb, the bad bank of Spain, on a 5-storey building located between the Hotel Renaissance and the skyscraper of perfumery group Puig.

The property is entirely glazed and hosted no tenant before. It was developed by real estate firm Procam in which Catalunya Banc had a share. The asset fell into hands of Sareb during the entity’s restructuring process.

The building will house the general headquarters of Gallina Blanca Star, presided by Artur Carulla and led by Ignasi Ricou, as well as a gastronomic center and a gym for employees.

At the moment, the firm occupies the 15th, 16th and 17th floors and a part of the ground floor of the Torre Realia skyscraper designed by Japanese architect Toyo Ito. In 2009, Gallina Blanca entered the building as the first tenant, soon joined by KPMG.


Original article: Expansión (by S. Saborit & M. Anglés)

Translation: AURA REE