Torre Sevilla Shopping Centre Will Opens Its Doors on 26 Sept

10 September 2018 – Eje Prime

Torre Sevilla has set a date for its opening to the public. The shopping centre, which completes the architectural complex of the same name, will open its doors on Wednesday 26 September.

The opening of the complex will complete the Torre Sevilla architectural complex, a project in which CaixaBank has invested more than €320 million. Besides the shopping centre, Torre Sevilla is also home to an office block, the Eurostars Torre Sevilla hotel, CaixaForum Sevilla and the Parque de Magallanes.

Designed by the Argentinian architect César Pelli, the commercial complex comprises two large buildings, one with three floors and the other with four, which span constructed gross leasable areas (GLA) of 26,700 m2 and 43,000 m2, respectively. Moreover, the complex is located at the intersection that joins the Triana neighbourhood with the Isla de la Cartuja and the centre of Sevilla, the so-called “golden triangle” of the city.

The complex expects to attract 8 million visitors a year and will be home to operators such as Primark (its first store in Sevilla), Ikea, Fnac and H&M, amongst others. The initial space in the shopping centre has capacity for a total of 80 stores accessible along external walkways.

On the other hand, Torre Sevilla will also have a gastronomic space measuring 6,000 m2 and a fitness area whose facilities will occupy a surface area of 2,500 m2.

Original story: Eje Prime

Translation: Carmel Drake

Lar España Sells 2 Out-of-Town Stores in Pamplona to AEW for €11.5M

3 August 2018 – Eje Prime

Lar España is continuing its selling spree. The Spanish Socimi has divested two out-of-town stores in the Parque Galaria Retail Park in Pamplona for €11.5 million. The buyer is the company Fructiregions Europe, owned by the fund AEW, which has acquired a gross leasable area (GLA) of 4,108 m2, according to a statement filed by Lar with Spain’s National Securities and Exchange Commission (CNMV).

With this operation, the Socimi is strengthening its divestment and asset rotation plan, which it currently has underway and which has allowed it to raise up to €276.5 million to “focus its efforts on strategic commercial assets”, according to explanations from the company.

For the assets sold in Pamplona, Lar España has managed to obtain profits of 37% with respect to the €8.4 million that it paid for them in July 2015. In total, the two out-of-town stores occupy a gross leasable area (GLA) of 4,108 m2.

As well as divesting its non-strategic assets, Lar España has launched a three-year plan that includes the purchase of strategic commercial assets, such as the deal it carried out recently with the Rivas Futura Retail Park (Madrid), which it acquired for €62 million, and the Abadía Shopping Arcade (Toledo), which it purchased for €14 million.

In total, the Socimi has funding to invest €247 million in commercial developments. Examples include Palmas Altas in Sevilla, which will open its doors in 2019, and for whose construction the company has raised almost €100 million in bank financing; and Vidanova Parc, in Sagunto (Valencia), which recently debuted its first phase. Moreover, Lar España is going to spend €49 million on the renovation of retail assets that it holds in its portfolio.

After divesting its logistics portfolio a few weeks ago, for which the fund Blackstone paid €120 million, Lar España now has 18 real estate assets in its portfolio worth €1,401.5 million, of which €1,136.5 million correspond to shopping centres, equivalent to 81% of the total. 6% of the portfolio comprises office buildings, worth €85 million, and the remaining 13% belongs to the residential market, where the company has €180 million in developments under construction.

Original story: Eje Prime

Translation: Carmel Drake

CBRE: Shopping Centre Construction Soars with 30 New Sites Planned By 2020

5 July 2018 – Voz Pópuli

The market for the construction of shopping centres is soaring again. In Spain, there are currently 18 projects under construction with a combined gross leasable area (GLA) of 650,000 m2 and another 12 assets in the pipeline, spanning another 648,000 m2. That brings the total surface area to 1.3 million m2 across 30 projects between now and 2020, according to data from CBRE.

Although it is still too soon to talk about pre-crisis figures (when 800,000 m2 of retail space was constructed per year), the reality is that the sector is growing at rates that have not been seen since 2009.

Last year, five new shopping centres were inaugurated with a combined gross leasable area of 211,000 m2 and a surface area of more than 30,000 m2 each. Highlights included shopping centres in Madrid (Plaza Río 2), Gran Canaria (Alisios) and Melilla (Parque Melilla), the first ever shopping centre in the autonomous city.

In Spain, although there is a high density in general terms, there are still cities with a shortage of retail space. For example, Lleida lacks any offer and so there, Carrefour Property is promoting a new 55,000 m2 complex, which has secured demand from many retailers that do not currently supply that market. Nevertheless, the majority of the developments currently underway are located in Madrid, Sevilla and Barcelona.

Renovations

Another trend is for the renovation of existing complexes. During the crisis, the people responsible for retail premises were more concerned with surviving than with renovating their spaces. Now, refurbishments are being carried out in several shopping centres, led by huge firms such as Carrefour Property, Carmila and Merlin.

With the arrival of the internet, shopping centres have had to adapt and they are now looking to offer differentiating experiences to become meeting places and social spaces for communities.

The restaurant sector is the horse pulling the cart, given that the sales of traditional fashion is stagnating. Previously, the sector sought out fast-food operators but now restaurants are becoming attractions in their own right.

Original story: Voz Pópuli (by David Cabrera)

Translation: Carmel Drake

C&W: New Retail Park Openings in 2018 Set to Exceed Those Registered in 2017 by Five-Fold

7 June 2018 – Eje Prime

Out-of-town retail parks are seducing the sector. Planned openings of retail parks in Spain this year span a surface area of 180,000 m2, which represents an almost five-fold increase compared to the 38,000 m2 registered in 2017, according to data analysed by the real estate consultancy firm Cushman&Wakefield. Specifically, the investment volume over the last 12 months in this segment amounted to €650 million, with a prime yield of 5%.

During this period, the Vidanova Parc project, in Sagunto (Community of Madrid) is the largest planned opening for the year with a gross leasable area of 45,000 m2, followed by the Torrevillage retail park (Zaragoza), with 35,000 m2 and Jaén Plaza (Jaén), with 29,000 m2. In addition, a further seven retail parks, with a combined GLA of more than 10,000 m2 are in the pipeline.

The consultancy firm has identified an increase in the demand for secondary retail parks in light of the shortage of available prime locations, greater activity in the home and decoration sectors and the consolidation of omnichannel sales

In this way, the firm highlights traditional operators such as Leroy Merlin, Ikea, Media Markt and Maison du Monde, which have expanded their presence towards the centre of cities in spaces measuring between 1,500 m2 and 4,000 m2, in search of more urban demand, with new ways of consumption and a lower dependence on cars.

On the other hand, rents remain stable in both prime and secondary retail parks. Thus, in Madrid, they amount to €21.50/m2/month and in Barcelona, they cost €18/m2/month for prime parks.

Original story: Eje Prime 

Translation: Carmel Drake

Duro Felguera Sells 2 Madrid Office Buildings to Signal Capital

14 March 2018 – Property Funds World

Signal Capital Partners has completed the acquisition of two office buildings in Madrid from Duro Felguera. Optimus Global Investors acted as sole advisor instructed by the vendor.

The largest building is the corporate headquarters of Duro Felguera in Madrid, which is located at Via de los Poblados 7, in the consolidated Campo de las Naciones Business Park. The freestanding office building comprises an area of almost 14,000 sqm GLA, set over five floors, as well as two basements with 228 car parking spaces. Duro Felguera has entered into a new lease over part of this building.

The Campo de las Naciones office market is considered to be one of Madrid’s most established and attractive office markets outside the CBD, strategically located midway between the Barajas airport and the CBD and near Madrid’s exhibition centre. The building benefits from both high visibility from the main ring road (M-40) and large open plan floor layouts. It is also next to the Cristalia Business Park, comprising almost 100,000 sqm of office accommodation, a modern hotel and amenities such as a nursery and several restaurants.

The second property is a vacant office building located at Calle Jacinto Benavente 4 in Las Rozas, Madrid. That property comprises an area of 2,600 sqm GLA, set over three floors and with 133 car parking places. The property, next to Tripark, is located in the Las Rozas Business Park, a consolidated office area in the northwest of Madrid in which well-known multinationals such as HP, Bankia, Oracle, Día, Santander, Adidas, ING and Triodos, amongst others, are located. It has a high occupancy rate, is easily accessible by car from the main highways of Madrid (A-6, M-40 and M-50) and enjoys amenities such as restaurants, gyms, shopping centres (Las Rozas Village and Heron City) and leisure activities.

Kris Van Lancker, Managing Director at Optimus Global Investors, says: “This has been one of the most complex transactions in which Optimus has successfully advised. The difficulty lay in finding the fine balance between the financial and office space needs of Duro Felguera in the scope of its global refinancing program and the investment requirements of Signal Capital Partners. It allows Duro Felguera to divest its non-strategic assets and at the same time helps Signal meet its risk-adjusted return targets.”

Original story: Property Funds World

Edited by: Carmel Drake

Hispania Puts its €603M Office Portfolio Back on the Market

27 February 2018 – Eje Prime

Hispania has resumed its plan and placed the “for sale” sign up again over its office buildings, worth €603 million. The Socimi, managed by Azora and in which George Soros holds a stake, owns 25 office buildings and one plot of land. The divestment operation was initiated in February 2017 but was suspended in October due to the socio-political situation in Cataluña at that time. Previously, in June, Hispania sold one office building in Madrid for €37.5 million.

The properties for sale span a gross leasable area (GLA) of 153,621 m2 and have an occupancy rate of 87%. The assets are mostly located in Madrid, and the rest are in Barcelona. Companies such as LaLiga, Aegon, Uría and Ilunion have their offices in Hispania’s buildings.

The company will subject the sales process of this portfolio for approval by the General Shareholders’ meeting, which has been convened for 4 April, according to a statement issued by the company to Spain’s National Securities and Exchange Commission (CNMV).

With this operation, which, when it closes, will result in the distribution of almost €2 in extraordinary dividends per share to each shareholder, the Socimi is going to strengthen its strategy of focusing its investments in the hotel segment, where it is the king of the Spanish real estate sector with 46 assets.

Similarly, Hispania is also starting to sell its portfolio of rental homes to individuals, a market that is currently in high demand in Spain.

Original story: Eje Prime

Translation: Carmel Drake

Neinver Acquires 40,000m2 Plot In Getafe To Build Logistics Warehouse

31 October 2017 – Observatorio Inmobiliario

Neinver has acquired 40,000 m2 of industrial land on the Carpetania Industrial Estate in Getafe (Madrid), where it plans to build an industrial warehouse with a GLA (Gross Leasable Area) of 24,000 m2. This project, which involves an investment of approximately €16 million, reflects the company’s commitment to logistics development; since its creation, the firm has now built more than 2 million m2 of logistics assets.

Currently, Neinver is one of the main property developers, managers and investors in the southern part of the Community of Madrid, with more than 70,000 m2 of GLA under management in the Getafe area.

According to Juan Carlos Ortega, Director of Industrial and Logistics at Neinver, “with this operation, Neinver is strengthening its position as a developer of logistics projects in the Spanish market. Besides managing a portfolio spanning half a million m2, the development of a new warehouse in a location as strategic as Carpetania, reflects the company’s commitment to this sector, so rooted in the origins of Neinver”.

This operation comes after Neinver acquired two other logistics assets in Barcelona and Pamplona, with a combined constructed surface area of 15,000 m2, in February of this year, through Colver, its joint venture with Colony Northstar.

In total, Neinver currently manages a portfolio of 500,000 m2 in terms of logistics and industrial surface area, corresponding to a gross asset value (GAV) of €300 million.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

The Montejo Family Puts 2 Prime Stores In Madrid Up For Sale For €20M

30 October 2017 – Eje Prime

The commercial real estate segment is continuing to revolutionise Madrid. The latest operation is being prepared by the family office owned by the Montejo family of jewellers, which has put two of its prime stores in Madrid up for sale. The company has put a package of two establishments on Calle Goya on the market for €20 million, according to sources at the group speaking to Eje Prime.

The operation, advised by the company specialising in real estate management and consultancy TBCA, comprises, on the one hand, the store at number 25 Calle Goya, which has an asking price of €11.5 million. The establishment, which is currently occupied by Joyería Montejo, has a retail surface area of 158 m2 and a façade of 9m.

On the other hand, the Montejo family has also put a second store in Madrid up for sale, also located on the prime thoroughfare. Located at number 43 Calle Goya, that establishment is currently leased to the Italian firm Kiko, specialising in cosmetics. The asking price for that retail asset is €7.6 million and it has a retail surface area of 164 m2, spread over two floors.

The Montejo family, which has awarded the exclusive mandate for the sale of this package of assets to TBCA, also has other investments in Madrid, in the industrial and residential segments, although for the time being, no other parts of its portfolio are up for sale, according to sources at the real estate company.

In recent months, family offices have become the most active players in Spain’s real estate sector. With the search for the creation of trans-generational value, these types of vehicles are diversifying with the acquisition of their assets, in terms of geography, products and clients, in search of robustness with sustainable investments.

In this way, retail assets have become the currency of exchange for this kind of company, which either divest these types of products or negotiate better rents to get more out of them. Such is the case of the Madrilenian Lurrueña family, which has just leased the premises at number 54 Calle Serrano to the Prada group, which is opening a Miu Miu store. The establishment has a surface area of 250m2 spread over two floors and was occupied until now by the historical Lurrueña shoe shop, also owned by the family. (…).

But, the activity is not limited to Madrid alone. The family offices are also active in Barcelona. Although the city has lots of high profile players, such as the Tous family, Caboel, owned by the founder of Caprabo, and the Andic family, owner of the Mango fashion retail group, the latest real estate group to star in an operation of this kind in the Catalan capital, has been the Carcassona family, which has leased its store in Portal de l’Àngel to Inditex.

As Eje Prime revealed, the historical haberdashery Mercería Santa Ana, owned by the Catalan Carcassona and Capdevila family, will close its doors, located at number 26 Portal de l’Àngel, after signing an agreement with the Galician giant to open a large format store for its underwear and sportswear brand Oysho (…).

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Internos Leases 3,000m2 Of Office Space In Its La Marina Property (Madrid)

30 October 2017 – Cushman & Wakefield

INTERNOS Global Investors (INTERNOS) has leased more than 3,000 m2 of office space to a leading digital and media solutions company in the La Marina Business Park in San Sebastián de los Reyes, Madrid.

The building, which is owned by INTERNOS Spezialfondsgesellschaft Mbh branch in Spain (part of the ICE Balanced fund) is located in a business park that comprises 11 office buildings and which is characterised by the high quality of its facilities. The asset is home to other high-profile tenants such as Telepizza, Kaelis and P&G.

La Marina Business Park has several services in the area and excellent communications, both in terms of public and private transport. The area is also home to the headquarters of Atresmedia.

Cushman & Wakefield, the global leader in real estate services has advised the operation, which takes the occupancy rate of the building to 85%.

Santiago Neira, Senior Asset Manager at INTERNOS, said: “This is a great achievement for INTERNOS. We have managed to sign two important rental agreements for our property in San Sebastián de los Reyes, covering a GLA of almost 9,000 m2. This provides further evidence of the good quality of our assets and our vocation as proactive managers.

Jaime Ibáñez from the Business Space department at Cushman & Wakefield added: “This is an excellent and modern building that has certainly appreciated in value following the recent improvements carried out by Internos”.

Original story: Cushman & Wakefield

Translation: Carmel Drake

Terrassa Plaça Retail Park Will Open On 3 November

27 October 2017 – Press Release

Terrassa has a new retail park, in the form of Terrassa Plaça. With a gross leasable area (GLA) of 30,535 m2, the new complex will be officially inaugurated next Friday 3 November. The event will be attended by authorities from the Generalitat de Cataluña, the Town Hall of Terrassa and representatives of the centre’s operators and Citygrove, the property developer.

The new centre is backed by an investment amounting to €30 million, the creation of more than 500 jobs and will house an extensive and varied retail offer: from the distribution of consumer goods and construction materials to fashion and restaurants. Citygrove’s aim with Terrassa Plaça is to cover the growing demand from the local population for these types of services. An entire commercial offer centralised in a single space.

Famous brands

This new project will open its doors with the following brands in situ: Bricomart, Mercadona, Globomoda, Altafit Gym Club, Gifi, Kiwoko, Barimueble, Sprinter, La Tagliatella, Pause&Play, Maxcolchón, Drim and Petrocat. All of them are looking to take an important step in their expansion here and to establish themselves as iconic labels in the minds of consumers. That is especially true in the case of the Italian company Globomoda, which has chosen to open its first store in Cataluña in Terrassa Plaça.

The complex is located on a plot measuring 56,000 m2 delimited by Avenida del Vallès, Calle Navarra, Avenida de las Naciones and Calle Cantabria. Its construction has allowed for improvements to the transport network in the area, with the creation of a pedestrian crossing on Calle Cantabria (…). In addition, the retail park will have an electric vehicle charging station, plus 1,000 parking spaces for cars and 70 for bikes, as well as a new bus route. Within the next few days, a new bike path will be opened between the city centre and the retail park.

Terrassa Plaça is the city’s new commercial offer and represents one of the most ambitious projects from Citygrove, the Anglo-Saxon property developer who has shaped this project. A key player in the real estate sector in Europe, with offices in the UK and Germany, Citygrove backed Terrassa from day one with the aim of turning it into a commercial benchmark project for the city, which was demanding this type of facility.

Original story: Press Release

Translation: Carmel Drake