Tiuna Invests €50M in the Luxury Residential Segment in Madrid

22 May 2018 – Eje Prime

Tiuna is adding new projects to its prime portfolio. The Spanish property developer, which specialises in luxury residential projects, has just finished the first of two phases of a residential development in Madrid. It is going to invest around €50 million in the project in total, according to sources speaking to Eje Prime.

The real estate company has placed twenty homes on the market located in one of the most exclusive areas of the Spanish capital, Parque Conde de Orgaz. At number 27 Avenida de los Madroños, the architecture studio Bueso-Inchausti & Rein has designed four floors of a building constructed on a plot of land measuring 7,341 m2.

The property developer has created three types of homes inside its latest project: ground floor homes with private gardens and individual swimming pools; homes on the intermediary floors with terraces; and triplex penthouses with gardens and swimming pools connected spatially by huge panes of glass. The private area of each home starts from 250 m2 upwards and they all have four ensuite bedrooms and terraces.

Similarly, the common areas of the urbanisation also comprise the typical garden areas, individual storerooms, between two and four parking spaces per unit, a gym and sauna with changing room.

The involvement of Bueso-Inchausti & Rein in this project is no coincidence. Not in vain, the three founding partners of the studio, Jorge Bueso-Inchausti, Alejandro Bueso-Inchausti and Pablo Rein, have been shareholders of the property developer since 1989, together with Germán Toro, founder of the real estate group in 1964, and his daughter Elisa. During its fifty-year life, the real estate company has built around forty developments.

The second phase of the project begins 

With 95% of the homes in this first phase sold, according to sources at Tiuna, the property developer is now starting work on the second phase of the project: a twin building located at number 29 on the same avenue, and expects to finish the work in 2020 (…).

Moreover, the property developer, encouraged by the strong performance of the residential sector in Spain, is currently holding negotiations to close the acquisition of two plots of land in prime locations in the Spanish capital (…).

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

Socimi Elaia Buys Former Staff Residence from BBVA for Hotel Conversion

12 February 2018 – Idealista

Real estate investment companies are continuing to star in real estate operations in Spain. On this occasion, the protagonist has been one of the latest companies to have debuted on the stock market: Elaia Investment Spain.

That vehicle, controlled by the Ruggieri family, one of the most wealthy in France, started trading its shares in October with a market value of €120 million. It specialises in assets linked to tourism and holds residential buildings, tourist apartments and hotels in its portfolio.

And it is in that sector that the Socimi plans to continue investing. On 7 February, it reached an agreement with BBVA to purchase the entity’s former employee residence in the town of Alfaz del Pi, in the province of Alicante.

The operation has been signed for €8.7 million and allows the Socimi to add more assets to its portfolio. The property has 140 rooms and spans a constructed surface area of more than 12,000 m2, located on a plot measuring 30,000 m2.

In this way, the complex has a large garden area, swimming pool, solarium, parking, tennis and frontón court, as well as a Social Club measuring almost 350 m2. With these facilities and its good location already in the bag (the residence is located just 200 metres away from the Playa del Albir, one of the most touristy municipalities in the Costa Blanca), the aim of the Socimi is to convert the property into a hotel complex.

According to confirmation provided by the French-controlled company to the Alternative Investment Market (MAB), the Socimi is in the process of marketing the property for its lease and the refurbishment work is in the process of being prepared.

According to explanations given by Manuel Climent, Director of transactions at JLL Hotels & Hospitality Group, who has acted as the advisor to the selling bank, “this operation confirms the interest from international investors in Spain and more specifically in holiday destinations. In 2017, more than 62% of the total transacted volume in holiday locations involved operations whose buyers were international. We expect this trend to continue during 2018, taking into account the strong operating results in the market and the growth forecasts”.

Original story: Idealista

Translation: Carmel Drake

Taylor Wimpey To Invest €20M In Mallorca

24 March 2017 – Inmodiario

The island of Mallorca has proved attractive to the British property developer Taylor Wimpey ever since it launched its business in Spain. Currently, the property developer Taylor Wimpey España has almost half a dozen operations underway on the Balearic Island. The climatic conditions there and the island’s ever improving infrastructure, mean that it is still a location of choice for the British property developer.

On this occasion, Taylor Wimpey España has announced the development of two new urbanisations in Cala Vinyes and Nova Santa Ponsa, in the west of the island of Mallorca, which will benefit from the significant investment that will accompany the creation of jobs and improvements in the environment. In this way, the budgeted investment for the Serenity urbanisation amounts to €16 million, whilst the amount earmarked for Cala Vinyes Hills stands at €4.4 million.

Specifically, in Cala Vinyes Hills, Taylor Wimpey plans to construct 15 exclusive and spacious homes in an urbanisation comprising five completely independent buildings. The asking price for these homes will start at €375,000.

The second development is Serenity, an urbanisation that will see the construction of 65 homes, which will be completed in two phases and which will adhere to the highest quality standards and services that are so integral to Wimpey Homes España’s business. These homes will be put on the market for prices starting at €545,000.

According to the Director of Sales and Marketing for Taylor Wimpey España, Marc Pritchard, these are not the only investments that the property developer plans to make in Mallorca. (…). He said “the current economic environment is encouraging both Spaniards and overseas residents alike to invest in property before prices start to rise again”, as reflected in the data offered by the most recent report from Tinsa, which states that the average price (of a home) per square metre has increased by 1.8% p.a.

Cala Vinyes Hills is located in the area of the same name in the south-east of Mallorca, in Calviá, and just a few minutes away from the exclusive marinas of Portals and Port Adriano. Palma airport is 25 minutes away. The 15 homes at Cala Vinyes Hills will be constructed in five independent buildings with private terraces, a communal swimming pool, gardens and private parking. The homes are expected to be ready by July 2018.

In the case of Serenity, Taylor Wimpey España expects the homes to be finished by October 2018. (…).

The first phase of Serenity will commence immediately. During this first stage, three of the seven buildings will be constructed, comprising 28 homes in total. The second phase will involve the construction of another 37 homes in four separate buildings. The residential development will boast gardens, swimming pools and parking areas.

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

Lar España Invests €53M In Shopping Centre In Sagunto

29 September 2016 – Mis Locales

Lar España Real Estate has presented its plans for “VidaNova Parc”, a new project in which it plans to invest €53 million and which will open its doors in 2018.

VidaNova Parc has been presented with a surface area of 120,000 sqm, of which 44,000 sqm corresponds to the gross leasable area and the rest to open spaces, roads, gardens and parking spaces. It is being created to bridge a gap in the current market and will become a unique shopping centre and family leisure complex in its immediate environment. Around 250,000 inhabitants live in its catchment area (…).

Lar España’s investment in the project is expected to amount to €53 million, in addition to another €40 million that the operators moving into the shopping centre will have to invest. The complex will open its doors in 2018.

The site has a leasable surface area of 44,000 sqm.

With the launch of the construction work at VidaNova Parc, the first operators in the main consumer sectors have already been confirmed, including Leroy Merlín, Decathlon, C&A, Worten, Norauto, Burger King and Fifty Factory (Cortefiel Group). They will be joined by more than thirty brands….in this new shopping centre and leisure park. In addition, the centre will have 2,300 parking spaces.

José Manuel Llovet, Head of the Retail Area at Lar España Real Estate, has highlighted the strong presence of the company in the country through its ten shopping and leisure centres and the two projects that it has under construction. “Our mission, which is a major business priority, is to consolidate our activity in Spain; we want to grow with it, generate wealth, promote employment, and whereby boost the sector and innovate in the field of shopping and leisure”.

Original story: Mis Locales

Translation: Carmel Drake

Vertix To Build An Aparthotel & 60 Homes In Stiges

9 June 2016 – Expansión

Vertix is about to start to build what will become the largest real estate development in Stiges (Garraf). The Catalan property developer has dusted off a project that has spent years in the waiting and whose first phase will involve the development of 23 hectares.

The property developer chaired by Félix Massot, which last year recorded turnover of €50 million, bought the land twenty years ago and is the owner of 60% of the site that it plans to develop. The rest belongs to small owners of a land owners’ consortium.

The project includes 400 VPO flats, an aparthotel and 80 plots for family homes, of which sixty belong to Vertix. It also includes several facilities. Originally, the plan involved the construction of apartment blocks, with communal gardens. “But Stiges is a town where buyers demand homes with their own gardens, so that caused us to rethink the project and propose separate plots”, explained the Group’s CEO and the founder’s daughter, Elena Massot.

The plots will be sold as they come (unconstructed) or with homes already built on them, depending on the clients’ preference. The homes will have a surface area of 300 sqm, will be surrounded by a garden with a swimming pool, and will be sold for €900,000.

The first phase of the project also includes the construction of an aparthotel, which will have 90 apartments in total and a small shopping centre, measuring 4,000 m2. In this case, Vertix will retain ownership of the building, as a family asset, and will lease it to an external company specialising in short-stay apartment rental. It is not Vertix’s first property of this type, given that the company’s portfolio already contains other assets, such as AC Hotel Sants, in Barcelona, and AC Hotel Gavà Mar (Baix Llobregat).

The land has already been developed, at a cost of €6 million, and is ready to be built on. Vertix has owned this land for two decades, but the urban development plan was not approved until 2007, at the same time the real estate bubble burst, which meant that no construction work was started until now. (…).

In Stiges, demand for housing is high, which means that the Catalan town has the most expensive second-hand house prices in Cataluña, with an average price of €3,779/sqm, ahead of Barcelona and Sant Cugat. It is also the third most expensive town in Spain, exceeded only by Zarautz and San Sebastián, according to a report from Fotocasa.

Vertix currently has property developments underway in Cerdanyola (Vallès Occidental) and in El Prat and Viladecans (Baix Llobregat), where it has identified genuine demand for new build homes. Its other projects are located in Barcelona, on streets such as Lepanto and Marina. (…).

Original story: Expansión (by Marisa Ángles)

Translation: Carmel Drake