Tag: garages

Urban View to Debut on the MAB with a Valuation of €38M

23 January 2019 – Eje Prime

Urban View is finalising its debut on the MAB. The rental home Socimi is going to start trading on the Alternative Investment Market (MAB) on Friday for a price of €7.20 per share, which represents a valuation of €38 million.

The group, created in March 2017, is owned by the Urban Group holding company, which specialises in the acquisition and management of residential real estate assets. The firm will make its debut on the MAB with a portfolio of 454 assets, including homes, garages, commercial premises and a warehouse, through a dozen family Socimis.

The assets owned by Urban View Development are distributed across five autonomous regions: Cataluña and Madrid, which account for 96% of the portfolio; the Balearic Islands, Andalucía and the Community of Valencia. Currently, 31.7% of the company’s homes are leased.

Original story: Eje Prime 

Translation: Carmel Drake

Blackstone Launches its 6th Socimi in Spain with 1,600+ Rental Homes

27 December 2018 – El Diario

Blackstone is increasing its position as the largest landlord in Spain. On Thursday, the vulture fund received approval to list its sixth Socimi, Euripo, on the stock market, which will make its debut with an initial value of €110 million. On its balance sheet, another 1,600 homes that will join the more than 20,000 properties that the fund already owns.

Euripo will make its debut on the Alternative Investment Market (MAB), the secondary market in Spain, where it will join other Socimis owned by the US fund, including Fidere, Albirana, Corona and Torbel. Blackstone also recently took control of 80% of Testa, the largest rental home company in Spain, ownership of which it shares with Banco Santander.

In this way, almost one in ten Socimis in Spain have Blackstone as a majority shareholder. As is usual in the operation of this fund, Euripo is owned by a company belonging to Blackstone that is based in Luxembourg.

In this case, Blackstone is listing a portfolio comprising more than 2,000 real estate assets including homes, garages and commercial premises proceeding from the divestment of two financial entities, BBVA and the now extinct Banco Popular. Of the total portfolio, it has direct ownership of 1,900 assets, whilst another 400 are in the hands of a related company, which will likely end up on Euripo’s balance sheet, according to comments included in the IPO document.

There are currently more than 60 Socimis listed in Spain on the MAB, the main stock market and the Ibex 35. Blackstone has been the most active investment fund, especially in the rental home segment, where it controls almost a quarter of the companies currently listed.

The set of assets that Blackstone is debuting on the stock market with this new Socimi is worth around €215 million, of which half are located in Madrid and Barcelona. The remainder are distributed across 35 Spanish provinces, according to the aforementioned IPO document.

Currently, less than 30% of the properties of this company are occupied. For this reason, the company expects to increase its revenues by improving the occupancy ratios and by increasing the rents charged for each occupied home by between 4% and 5%. Moreover, it says that 7% of its assets are illegally occupied.

Original story: El Diario (by Diego Larrouy)

Translation: Carmel Drake

Approval Granted for Socimi Arrienda Rental’s Debut on the MAB

21 December 2018 – La Vanguardia

The Coordination and Incorporations Committee of the Alternative Investment Market (MAB) has issued a favourable report ahead of the stock market debut of Arrienda Rental Properties Socimi, with a reference value of €2.74 per share, after the company was valued at €56.4 million.

The MAB has reported that the stock trading code for Arrienda Rental will be YARP and that it will be governed by the fixing system, with prices being fixed twice in each session, at 12 noon and 16h.

Arrienda Rental is a real estate company that has adopted the Socimi framework and which is dedicated to the acquisition and development of urban properties for their rental.

The Socimi owns 239 assets, all of which are located in the Community of Madrid: 2 hotels (Clement Barajas and Täch), 3 plots of land, 4 offices, 18 retail premises, 40 homes and 172 garages.

Before its stock market debut, the Socimi had 51 shareholders, including Francisco García Rubio, who owns 21% of the capital.

Arrienda Rental has 4 managing directors who are also owners, namely: José García Sánchez, Luis Miguel Gutiérrez Abella, Víctor García Rodríguez and Juan Francisco García Muñoz.

Arrienda’s valuation has been performed by the appraisal company Gesvalt.

Original story: La Vanguardia

Translation: Carmel Drake

Tauro Real Estate Buys Torre Ámbar in Madrid

3 July 2018 – Eje Prime

The new Tauro Real Estate is rearing its head in the Spanish residential market. The fund, which is now under the mandate of Globe Invest, the Israeli company that acquired the firm in April by paying €180 million to its former shareholders, has recently purchased Torre Ámbar in the centre of Madrid.

In the middle of May, Globe Invest, owned by the multi-millionaire Teddy Sagi, acquired the rights to purchase the residential block from the Inveriplus group. The tower comprises 64 prime homes very close to Paseo de la Castellana, according to confirmation from sources involved in the operation. The amount of the transaction has not been revealed. The vendor in this operation, Inveriplus, is a group dedicated to investment in real estate assets for their subsequent management and value generation. The company, which is headquartered in Madrid, is led by Óscar Bellette.

The asset has been acquired after the clean-up that Inveriplus conducted of the tower. It, in turn, had purchased the homes during the crisis from several merchants of the Proinlasa real estate group. For the last few years, the manager has succeeded in leasing the block in its entirety.

Torre Ámbar is one of the skyscrapers that comprises the residential area of Isla Chamartín, located to the north of Madrid. The building, whose first homes were handed over in 2009, was designed for sale, but the change in economic cycle forced a change in the objectives and it was put up for rent in 2014.

The sale was signed “at market price”, according to sources close to the operation speaking to Eje Prime. “The returns that the property could generate are of much greater interest than the purchase opportunity”, say the same sources.

Torre Ámbar comprises luxury one and two bedroom homes, as well as several studios. The urbanisation is private and has security gates, a swimming pool, garages and storerooms, a padel court and private green spaces, according to Proinlasa’s corporate website.

The owner of the property has real estate assets for sale and rent in Madrid, Valladolid, Palma and Córdoba. In its property development plan, the group says that, in addition to residential land, it is also backing the tertiary and industrial market.

The owner of Camden Market’s commitment to Spain

Teddy Sagi is an Israeli multimillionaire and owner of the renowned Camden Market in London. The businessman, through Tauro Real Estate, has acquired 600 homes spread between Madrid and Barcelona.

Tauro has fattened up its portfolio in less than four years with the purchase of assets, primarily from banks, involving the investment of up to €160 million. In Madrid, it owns 350 homes and in Barcelona, it has another 250 properties. In the Catalan capital, it owns tourist apartments, which comprise 30% of the assets that Tauro owns in the city (…).

Original story: Eje Prime (by J. Izquierdo & P. Riaño)

Translation: Carmel Drake

Habitat Inmobiliaria to Build 79 Homes in Collado Villalba (Madrid)

5 June 2018 – El Mundo

Habitat Inmobiliaria has acquired a plot of buildable land in Collado Villalba (Madrid) measuring more than 6,600 m2 on which it is going to build a new real estate development comprising 79 homes and 119 parking spaces distributed over a single 4-storey block. According to a statement from the company, which specialises in the development and construction of residential projects, the two- and three-bedroom homes, will have a useful surface area of between 74 m2 and 94 m2 each, and will all have a terrace. The urbanisation will also have extensive green spaces and a swimming pool.

The future urbanisation is located in Collado Villalba, on Calle Cañada Real, on the corner of Santa Teresa de Jesús and bordered to the south by the Guadarrama River. The area is fully equipped with facilities, schools, nurseries, a doctors’ surgery and supermarkets, and has excellent access to the A6 motorway with connections to Madrid in less than 20 minutes.

The marketing of this new real estate development will begin over the coming months and the scheduled date for the start of the construction work is the third quarter of 2019. In terms of delivery, the homes are expected to be ready by the second quarter of 2021.

Habitat Inmobiliaria indicates that “the acquisition of this plot forms part of the land acquisition plan that the company has launched and which will be added to the more than 1,000 homes that it already has under development”.

Original story: El Mundo (by S.V.)

Translation: Carmel Drake

Optimum III Buys 48 Homes & 5 Shops on Outskirts of Barcelona

22 December 2017 – Eje Prime

Optimum III’s final push in 2017 is proving dizzying. In its latest deal, the Catalan Socimi has acquired a package of assets containing 48 homes, 5 shops and 39 parking spaces in Rubí, a town on the outskirts of Barcelona, according to a statement issued on Friday by the company, which is listed on the Alternative Investment Market (MAB).

This purchase follows a series of acquisitions in recent weeks in the same Catalan city, where it bought a residential property in Hospitalet de Llobregat, as well as in Madrid, where it purchased an office building in the city centre.

The Socmi’s new asset has a surface area of 6,548 m2 and, as well as containing almost fifty homes, includes 51 storerooms. The company, controlled by BMB Investment Management and Bluemountain, has reported that 80% of the homes are already occupied, mainly under lease contracts, but just one of the five shops is currently leased (…).

Original story: Eje Prime

Translation: Carmel Drake

EspañaDuero Finalises Sale of its Madrid HQ

19 December 2017 – El Economista

Over the next few weeks, EspañaDuero will close the sale of its headquarters in Madrid, located on Calle Titán 8, according to confirmation from various sources in the sector, who say that the entity is holding advanced, exclusive negotiations with an investor.

The entity, which is soon going to be completely integrated into Unicaja Banco, declined to comment about the operation. However, this sale is reminiscent of the divestment strategy that the entity has been carrying out in recent years.

The office block that is about to be sold is located in the Méndez Álvaro area of the Spanish capital, overlooking the M-30 ring road. It also houses the offices of Enagás and Nozar, the former owner of the property. In this way, Caja Duero acquired the building for €55.8 million in 2008, a price that is €9 million higher than its current valuation.

At the end of 2011, following the merger of the entity with Caja España, which resulted in the creation of the current EspañaDuero, the combined company moved its offices to Caja Duero’s headquarters in Madrid, on Calle Marqués de Villamagna, 6.

In 2015, the company began a period of office restructuring, which led it to sell one of its real estate jewels: the former headquarters of Caja España in Madrid, on Calle Velázquez 23, in the heart of the Salamanca neighbourhood.

A year later, in the middle of 2016, EspañaDuero decided to move its headquarters again and vacate the offices on Marqués de Villamagna, very close to Madrid’s Paseo de la Castellana. The entity put them up for sale for €90 million and moved to Titán 8. Now, history is repeating itself, as the entity continues to sell off property, in a discrete sales process being advised by the consultancy firm Irea, according to the same sources.

The 13-storey building, including one underground floor and three basement levels for parking, has a total surface area, including the outside space, of 18,152 m2, of which 10,711 m2 are offices and 6,643 m2 are garages, with 212 parking spaces.

Currently, the property has almost 3,000 m2 of office space available for rent, which is being marketed by Knight Frank and Aguirre Newman.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Témpore Properties Starts Out with a Portfolio of 1,383 Homes

28 November 2017 – Sareb

Témpore Properties, the Socimi constituted by Sareb, the ‘Company responsible for the Management of Assets Proceeding from the Restructuring of the Banking System’, has started its journey with a package of 1,554 assets, of which 1,383 are homes and the rest are associated assets (storerooms and garages). The total value of the transferred assets amounts to €175 million.

The portfolio transferred by Sareb is concentrated in the metropolitan areas of Spain’s large capitals (80%); the remainder is located in geographical areas that have high demand in the rental market, such as the provinces of Valencia, Sevilla, Zaragoza, Málaga and Almería. The homes have an average size of 93 m2 and have two or three bedrooms.

The management of this portfolio has been assigned to Azora, which is going to be directly responsible for the work required to administer and market the assets. In parallel, Sareb is continuing to work with its advisors Renta 4 and Clifford Chance on Témpore’s stock market debut on the Alternative Investment Market (MAB), which will take place at some point in the next few weeks, once all of the necessary procedures have been completed.

Diaz Saldaña, Head of the Socimi

The culmination of the asset transfer process coincides with the configuration of the management team of Témpore Properties, headed by the Director of Rentals at Sareb, Nicolás Díaz Saldaña.

Diaz Saldaña has extensive experience as a senior manager in the real estate and financial sectors, with a special focus on the international market. Between 1991 and 1997, he developed analysis services for the Institute of Economic Studies. Subsequently, Saldaña held different positions at BBVA between 1997 and 2008, where he rose to lead the bank’s subsidiaries in Benelux and Germany. Before joining Sareb, Saldaña led the international division at Metrovacesa during the toughest period of the real estate crisis.

Original story: Sareb

Translation: Carmel Drake

Junta De Andalucía Puts 777 More Industrial & Residential Plots Up For Sale

7 November 2017 – La Vanguardia

The Ministry of Development and Housing, through its Agency for Housing and Rehabilitation in Andalucía (AVRA), has launched a new supply of residential and industrial land for sale, spanning 900,500 m2 and distributed over 777 plots across all of the provinces in the autonomous region.

According to a statement from the department led by Felipe López, this latest supply comes after the current legislature has already sold plots with capacity for 1,473 homes, mostly social housing properties, and a total of 287,282 m2 of land for residential and industrial use.

In its last land offer of the year, the Ministry of Development and Housing highlights that it is seeking to sell land that already received planning permission from AVRA – and therefore, which is ready to build on – during the years before the crisis, like on the previous occasions since it resumed this activity at the beginning of the current legislature. With this, the Junta wants to boost the construction of homes, especially social housing properties, and to encourage investment in the business fabric using the industrial land on offer (…).

According to the Ministry, the recovery of the management of AVRA’s land has allowed it to sell plots since 2015 whose combined sales price amounts to €50.2 million. The Agency has used the funds raised to boost new initiatives aimed at facilitating access to housing for those families with the fewest resources (…).

The bidding opens on 27 November

The new supply of land that the Junta is putting up for sale comprises land spanning 900,500 m2, distributed across 777 plots, with a combined total price of €117.6 million. 430 of the plots are for industrial and tertiary use, spanning 529,123 m2, whose combined price amounts to €40.6 million.

The residential land supply comprises 114 plots, spanning 97,134 m2, for 1,482 social housing properties, with a total price of €23.5 million; and another 220 plots, measuring 270,127 m2 for 1,559 private homes, with a price of €53.4 million. The Director General of Real Estate also owns another 134 plots for private residential use, with the capacity for 53 homes, whose management has been entrusted to the AVRA. These plots have an asking price of €3.8 million. The residential development plots are distributed across all eight of Andalucía’s provinces.

In addition, the sale includes 269 garages (€3.2 million), 112 premises (€15.2 million) and 10 storerooms (total price of €45,532) (…). Specifically, the date scheduled for the opening of bids is 27 November.

Original story: La Vanguardia

Translation: Carmel Drake

Abandoned Block Of 44 Flats In Silleda Left Uninhabitable

13 June 2017 – La Voz de Galicia

Silleda experienced the real estate boom with vigour. And so, what came next had equally dramatic consequences. Some of the effects are still being suffered by those who invested in and acquired flats in inhabitable skeletons and others are still being felt by society as a whole, because many of the real estate assets became economically harmful and, following bankruptcies and repossessions, ended up in the hands of Sareb (…), whose share capital is split between private and public ownership (55%: 45%).

In Silleda and Lalín, Sareb has around twenty flats for sale. But the toxic asset bank owns a lot more properties around the country that affect all of Spain’s citizens. (…) Silleda also has some significant examples of economic decline, although one stands out in particular: a block of 44 flats, located just a few hundred metres from O Castro on Avenida de la Estación.

The crisis left that building high and dry, even though its construction was almost finished by the time the bubble burst. As a reminder of the past, a sign still hangs on the ground floor, “Obras Técnicas de Galicia SL, Obratec, a company created in Silleda in 2003, constructs, develops and sells homes”.

The property has four floors, a ground floor and basement, with its corresponding 44 parking spaces. Outside, the block is clearly uninhabited, but it gives few indications of what really lies inside and fewer still of the real estate loss resulting from five years of abandonment (…).

The building has a stunning interior courtyard, like a typical Spanish tenement building, a residential structure that promotes community life. It has circular corridors on each of the four floors linking the doors of all of the flats, which have two or three bedrooms, two bathrooms, a lounge, a kitchen…But now this is squatter territory, and even the squatters only visit to dismantle things, add graffiti or make temporary use of the facilities. There are also pigeons and other beings that typically colonise anything left to rot by man.

The building was almost finished, some of the flats had been sold and with individual investments at the time, now it is collapsing amongst its own paint and plaster (…) with the help of the actions of predators who took all of the electrical equipment and other items of value.

From the outside, it has a certain presence, but inside, it is a cesspit with a side entrance in the garage that has been forced open and notches from attempts to enter the rickety front door (…). Its recovery still seems possible. But, as the days go by, its state means that it may soon only be worth demolishing (…).

Original story: La Voz de Galicia (by P. V.)

Translation: Carmel Drake