Tag: Generali Real Estate

Intu Finalises Sale of Puerto Venecia to Joint Venture for €475 Million

4 January 2020 – The British firm Intu Properties, together with Canada’s CPPIB pension fund, has finalised the sale of the Puerto Venecia shopping center in Zaragoza to a joint venture formed by Generali Real Estate and Union Investment for 475 million euros. The firm’s agreed to the sale, which they had originally announced in the summer, at the very end of 2019, makin it one of the largest such operations of the year.

Puerto Venecia is Spain’s largest shopping centre. The 206,890-m2 mall receives 19 million visitors per year. The centre has a total of 193 stores and a 120,000-m2 leisure centre. The El Corte Inglés, IKEA store and a Leroy Merlin were not included in the deal.

Union Investment will acquire a 50% stake on behalf of fund Unilmmo: Deutschland, while Generali Real Estate will acquire the other 50% for the Generali Shopping Center Fund SCS.

En español

La firma británica Intu Properties, junto con el fondo de pensiones CPPIB de Canadá, ha finalizado la venta del centro comercial Puerto Venecia en Zaragoza a un ‘joint venture’ formada por Generali Real Estate y Union Investment por casi 475 millones de euros. La firma acordó la venta, que originalmente había anunciado en el verano, a fines de 2019, convirtiéndola en una de las operaciones más grandes del año.

Puerto Venecia es el centro comercial más grande de España y el centro comercial de 206.890 m2 recibe 19 millones de visitantes por año. El shopping tiene un total de 193 tiendas y un centro de ocio de 120,000 m2. El Corte Inglés, la tienda IKEA y un Leroy Merlin no se incluyeron en el acuerdo.

Union Investment adquirirá una participación del 50% en nombre del fondo Unilmmo: Deutschland, mientras que Generali Real Estate adquirirá el otro 50% para el Fondo del Centro Comercial Generali SCS.

Original Story: El Confidencial

Translation/Summary: Richard D. Turner

Family Office Puts Tesla’s Store on c/Serrano Up For Sale for €7M

18 April 2018 – Eje Prime

The retail sector is hotting up in Madrid. A Spanish family office has put up for sale the store at number 3 Calle Serrano, which is occupied by Tesla, the company specialising in electric cars and led by Elon Musk. Although sources close to the operation have explained to Eje Prime that the process to receive offers has already begun, the estimated price of the asset is around €7 million.

This store has been occupied by Tesla since last September after it signed a lease contract that will continue in force following the sale. The asset has a retail surface area of 247 m2 spread over two floors. There, Tesla has a showroom, a warehouse and the group’s offices in Spain. According to real estate market sources, the consultancy firm CBRE is exclusively leading the sales process.

In recent months, the retail sector has been reactivated in the Spanish capital, with both the placing of premises on the market and the renovation of assets for their subsequent rental. The latest to be added to the portfolio of establishments for sale was the branch that Bankia owns at number 1 Calle Alcalá.

Although the bank already initiated an auction, which was attended by funds such as Arcano and real estate groups such as Renta, who were offering approximately €18 million for the premises, Bankia has decided to wipe the slate clean and launch a new auction process, through which it hopes to raise at least €20 million.

The asset, which, given its façade appeals more to restaurant operators than fashion retailers, is spread over two floors: the first floor spans 458 m2, whilst the basement measures 405 m2.

And from premises for sale to premises sold. In March, the fund manager IBA Capital, together with CBRE Global Investment, finally completed the sale of number 9 Calle Preciados, in Madrid, to the real estate investment vehicle of the insurance company Generali, Generali Real Estate. The Italian group paid €100 million for the asset, which is going to house Pull&Bear’s future flagship store on this high street, one of the most expensive in Spain for opening a store (…).

Investor appetite in 2018 

After closing 2017 with a total investment of €3.5 billion, the sector started 2018 with retail assets up for sale worth €2.5 billion. Moreover, during the course of this year, the volume of retail space on the national map is forecast to increase by 500,000 m2.

At the moment, shopping centres worth €2 billion are up for sale, along with high street products worth another €500 million. This situation guarantees a high degree of product availability for the segment, which is ideal at a time when Spain is very much in the firing line of international investors.

The influence of the retail market on the tertiary sector in 2017 is evidenced by the statistic that 38% of all transactions completed in this market involved retail assets, allowing retail assets to exceed office buildings for the first time ever.

With a volume increase of 36% over the last year, several large shopping centre openings are scheduled for 2018 including Open Sky in Madrid, which will see the arrival of Compagnie de Phalsbourg in Spain, after investing €160 million in the complex.

Similarly, in the Community of Madrid, the shutters will be lifted on X-Madrid, owned by Merlin, and in Málaga, McArthurGlen and Sonae Sierra will inaugurate a new designer outlet centre in the capital of the Costa del Sol. The stock of retail surface area in Spain amounts to 16.5 million m2, up by 1.4% YoY.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

IBA Capital & CBRE GI Sell Preciados 9 to Generali

15 March 2018 – Eje Prime

A new prime retail operation has been closed in the capital. The fund manager IBA Capital, together with CBRE Global Investment, has closed the sale of number 9 Calle Preciados in Madrid to the real estate vehicle of the insurance company Generali, Generali Real Estate. The Italian group has paid €100 million for the asset, which is going to be home to the future Pull&Bear store on that street, one of the most expensive in Spain for opening a store.

The property, which has a surface area of more than 3,000 m2, was the first building that El Corte Inglés sold in the Spanish capital and fired the starting gun for the policy of real estate divestments by the distribution group.

The asset, located in the so-called Golden Triangle of Madrid, was built in the 1940s. The building overlooks the confluence of the areas of Sol, Preciados and Gran Vía, and has a commercial surface area of more than 2,100 m2, distributed over six floors.

The operation, which has been brokered by the real estate consultancy Colliers, has been in the pipeline for six months, but the parties have not signed the agreement until now. In this way, IBA Capital is continuing to transform its asset portfolio in Spain.

Founded in 2013, IBA Capital is headed by Thierry Julienne and Jesús Valderrama, founders of the investment vehicle. The group has the capacity to manage all kinds of real estate assets and, currently, manages assets with a value of approximately €1 billion.

IBA Capital’s activity is divided into three lines of business. The company is continuing to acquire new assets following a phase of “prior selection of opportunities and a process of internal analysis”, according to sources at the company. IBA Capital also manages and sells assets, as well as controls the Socimi Zambal.

Its current portfolio comprises more than a dozen assets situated in prime locations of Madrid and Barcelona for the most part. They include number 18 Gran Vía and the ABC Serrano shopping centre, which have been acquired for their subsequent renovation and enhancement.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Generali Acquires c/Preciados, 9 For c. €100M

14 March 2017 – Real Estate Press

CBRE GI and IBA Capital have sold the building located on Calle Preciados, number 9, in Madrid for around €100 million. The property, which is currently being renovated, is leased to the Inditex brand Pull & Bear. The real estate consultancy firms JLL and Colliers have advised the sale operation.

Inditex will open a flagship Pull & Bear store in the property, which it leased on the advice of the real estate consultancy Inmored, itself part of The International Retail Network. The store will have a surface area of 2,400 m2, on one of the busiest high streets in Madrid, and is located just a stone’s throw away from La Puerta del Sol.

The former owners, IBA Capital and CBRE GI, entrusted the sales mandate to JLL and Colliers.

The property was acquired from El Corte Inglés by IBA Capital, which subsequently allowed CBRE GI to enter the deal in an operation that included the ABC Serrano shopping centre.

Generali Real Estate, the new owner, is one of the largest global mangers, with a presence across the main markets in Europe. Generali has made its first foray into the retail segment in Spain in a prime location and with one of the world’s leading retailers as its tenant.

Original story: Real Estate Press

Translation: Carmel Drake