The Russian Group ‘Golf Estate’ Purchases the San Roque Golf Club

5 April 2019 – Europa Sur

The Russian company Golf Estate has acquired the golf course and clubhouse at The San Roque Club, located in the urbanisation of Sotogrande, in the province of Cadiz.

The company plans to make significant investments in the course, including reforming one of the two courses (the Old Course) and converting the iconic Tony Jacklin clubhouse into a boutique hotel.

Golf Estate is a golf development and marketing company and is the largest intermediary of golf operations and management in Russia.

The news of the purchase has been welcomed by the mayor of San Roque, Juan Carlos Ruiz Boix (pictured above) as it means that the jobs of the golf course’s 52 employees will be guaranteed.

Original story: Europa Sur (by Alberto Rodríguez)

Translation/Summary: Carmel Drake

Lar España to Invest €14M in the Renovation of Anèc Blau

29 January 2019 – Eje Prime

Lar España is pushing ahead with its plan to reign in the Spanish retail sector. The Socimi, which launched a €500 million investment project last year, to run until 2021, is continuing with its roadmap with three new projects in 2019. The company is planning to build one new complex this year, renovate one of the jewels in its crown, Anèc Blau, and open its new centre in Sevilla, Lagoh, at the end of the year.

Specifically, the company is going to dedicate €13.8 million to the renovation of Anèc Blau, a shopping centre located in Castelldefels (Barcelona) and which is one of the company’s best assets. The objective is to start to renovate it this year without closing the centre’s doors.

On the other hand, Lar España is preparing a new development for this year, although its location has not yet been revealed, according to Hernán San Pedro, the Socimi’s Director of Investor Relations, speaking to Eje Prime.

The third workstream of Lar’s plan for this year is the announced opening of its new complex in Sevilla, Lagoh (previously called Palmas Altas), which is going to have a surface area of 25,000 m2 and which has already reached an occupancy rate of 70%. “Experiences are going to form the centre of the complex, with a golf course, a climbing wall, a lake and a garden on the roof”, says the executive.

Lar España is planning to disburse almost €500 million between now and 2021, of which €265 million will be dedicated to building new complexes and improving existing centres and another €250 million will be for new acquisitions (…).

Original story: Eje Prime (by I.P.G.)

Translation: Carmel Drake

Arum Group Invests Another €80M to Expand La Manga Club

20 November 2018 – Eje Prime

Arum Group is getting its wallet out to expand its resort in Murcia. The Spanish property developer, chaired by the magnate Jordi Robinat, is planning to invest more than €80 million in the upcoming expansion of La Manga Club, its residential complex located in the municipality of Cartagena, according to explanations provided by sources at the group speaking to Eje Prime.

The company is already processing a new partial plan to expand the resort by more than 48,000 m2, with the aim of developing new homes. Moreover, if the operation goes ahead, the group forecasts that the building work will begin between the end of next year and the beginning of 2020. The scheduled execution period is between three and four years.

Currently, La Manga Club has a surface area of 1.3 million m2, contains 2,300 homes, two 5- and 4-star hotels, three golf courses (one of which has 18 holes), thirty clay tennis courts, eight soccer fields and a cricket pitch.

With the majority of the residential assets now sold, Arum Group is developing the last one hundred homes, which will be primarily dedicated to international buyers. “English investors are the most common, although increasingly, we are closing more operations with Norwegian clients, as well as Belgians and people from other countries in the north of Europe”, explain sources at the company.

La Manga Club is the only project that the Arum Group has underway in the Region of Murcia. In fact, the property developer owned by Robinat purchased the complex from the Anglo-American cruise company, The Peninsular&Oriental Steam Navigation (P&O), in 2004 for €146 million.

Since then, the Spanish company, headquartered in Barcelona, has undertaken several expansions of the resort, which is one of the largest in southern Europe. The company owns three other residential projects currently underway in Spain, two in Cataluña and one in Tenerife.

The transformation of the Arum Group

The origins of the Arum Group date back to the 1990s, when Jordi Robinat, one of the people responsible for the launch and subsequent sale of the iconic Palace and Ritz hotels in Madrid, decided to set up on his own. He did so initially by creating the firm Med Resort before then formalising the expansion of the company in the Spanish real estate sector, under the brand Medgroup.

With that company, which at the time included George Soros and the former Goldman Sachs banker, Richard Perry, amongst its largest shareholders, Robinat introduced the tourist resort complex to the Spanish coast by integrating homes, hotels, golf courses, spa centres and commercial premises into the same complex.

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake

Plans are Reactivated for Málaga’s 2,847-Home Urbanisation

8 Noviembre 2018 – Diario Sur

The 170 owners of the Rojas-Santa Tecla sector are working on the preparation of a project comprising 2,847 homes and a golf course.

After years weighed down by judicial lawsuits, which resulted in sentences that forced the review of the steps taken until then to approve it, the project to build the largest urbanisation in Málaga over the coming years is being reactivated. The board comprising its 170 owners, including individuals, as well as Unicaja, the real estate firm Altamira, the Ministry for the Environment and the Ministry of Defence, has published plans for the reparcelation of the sector known as Rojas-Santa Tecla, a complex of plots located to the north of the Benítez camp and to the west of the Carretera de Churriana, which measures 1,488,269 m2.

The plans include the construction of 2,847 homes on the site, which will be lined with new roads, which will run across the land surrounded by the population nuclei of Monsálvez, El Olivar and El Cortijo de Maza. The homes will be grouped around a golf course, which will have a surface area of 450,000 m2, spread over six sectors and will offer at least 18 holes.

According to the urban plan approved by the municipal plenary in March last year, this action will also have two plots for commercial use – one on the border with Torremolinos, on the other side of the motorway, and another to the north of the plots comprising the Benítez camp – which span 30,115 m2; a golf club on land measuring 3,000 m2; sports facilities on a surface area spanning 22,784 m2; social areas (24,207 m2); and school facilities (45,690 m2). Similarly, 330,353 m2 will be reserved for green space and 244,172 m2 for roads. The sector is crossed by a stream and by a cattle track that is free from buildings, although 29 homes currently exist on it, whose future will have to be analysed as a result of the development of this urbanisation, which will maintain the houses located around El Camino del Pilar.

€60 million

Proof of the size of this project is that the urbanisation work alone is expected to cost around €60 million, including the external charges that its developers will have to bear, the construction of the roads and the creation of the golf course. Nevertheless, several procedures will need to be completed before the construction work can begin, given that now is when the approval of the sectoristion plan is going to be launched, advised by the law firm Ius Urbis on the legal side and by the architectural studio HCP on the technical side. Approval from the Urban Planning Management department also remains pending, although it is currently being drafted.

Nevertheless, the large number of owners in the sector makes the execution of the project very challenging, and so its effective development will depend on what a property developer with sufficient economic capacity to undertake a project of this magnitude does with most of the urban planning rights.

Original story: Diario Sur (by Jesús Hinojosa)

Translation: Carmel Drake

Santander Grants €128M Loan to La Finca for Madrid’s Largest Ever Luxury Development

12 February 2018 – Expansión

A loan from Santander / The group owned by the Cereceda family has obtained financing for the first phase of its project, which will include the construction of 144 homes, a golf course, sports facilities and a leisure centre.

The group owned by the García Cereceda family – owners of the La Finca business and residential complex – has obtained a cash injection of almost €130 million to develop its LGC3 residential project, which will involve the construction of around 500 luxury homes in the municipality of Pozuelo de Alarcón (Madrid) for a total investment of €340 million.

Specifically, the company has signed a loan with Santander amounting to €127.5 million for the development of the first phase of the project, which will include the construction of 144 homes in three-storey blocks, a golf course, a lake, sports facilities and a shopping and leisure centre, according to financial sources speaking to Expansión.

The first phase of the project, which has been called LGC3 – an acronym that corresponds to the initials of Luis García Cereceda, the patriarch and founder of Procisa (now La Finca) who passed away in 2010 – is already underway and will involve a total investment of between €154 million and €159 million.

Prices

The homes in this first phase will have a surface area of between 200 m2 and 400 m2, approximately, and will have terraces that may extend to 600 m2, as well as private swimming pools for some of the homes. The sales prices of the units will range between €1 million and €2 million.

The LGC project will be carried out on a plot that has a total surface area of 850,000 m2 in Pozuelo de Alarcón, to the north of the capital, next to Parque Empresarial, the exclusive urbanisation were well-known footballers and Spanish businessmen live. Of the total surface area, around 100,000 m2 will be allocated to the plot where the 500 homes will be built. The first phase of the development alone, with 144 units, will occupy around 36,000 m2.

The rest of the surface area – around 750,000 m2 – will be allocated to the Country Club, accessible only to owners of the homes, which will have an 18-hotel golf course, next to a lake with a water surface area of 35,000 m2, an artificial beach, sports facilities and schools, lakes, gardens, a running track and a shopping and leisure centre with a surface area of 10,000 m2.

In addition to the security measures that the urbanisation will have, with a double perimeter fence surrounding the plot and an intrusion detection system and gatehouse, the development will also incorporate the latest requirements in terms of sustainability and energy efficiency (…),.

Property business

La Finca, chaired by Susana García Cereceda, has already started to construct the first phase of homes and has allocated around €25 million from the group’s own cash funds to the urbanisation work. The company carried out a corporate restructuring in 2016 and signed a financing agreement with a syndicated loan led by Société Générale, CaixaBank and Santander amounting to €395 million destined to pay off its existing debt and tackle new projects.

Moreover, last year, the company welcomed the fund Värde into its office property business – La Finca Global Assets – which includes its La Finca, Cardenal Marcelo Spínola and Martínez Villergas business parks.

The company has already initiated the process for La Finca Global Assets (in which Värde owns a 40% stake) to debut as a Socimi on the Alternative Investment Market (MAB) during the course of 2018.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Real Club Valderrama’s Members Buy The Golf Course For €28M

31 October 2017 – Expansión

La Zagaleta group, headquartered in London and created by the Spaniard Enrique Pérez Flores, has reached an agreement with the members of the Real Club Valderrama to sell them the Valderrama company, owner of the famous Valderrama Golf Course, located in Sotogrande (Cádiz). The members of Real Club Valderrama will buy the golf course for €28 million, the same amount the current owners paid for the asset when they bought it. Valderrama’s members had initiated an arbitration process, but that will be suspended as a result of this agreement.

In January 2016, La Zagaleta group, owner of the urbanisation of the same name, located in Benahavía (Málaga), bought the Valderrama group for €40 million. A year and a half later, it got rid of the sports facilities, the clubhouse, several residential plots and the Valderrama Golf brands, following months of negotiations, where the club members initiated an arbitration process claiming their preferential acquisition right over the course had been forfeited.

Arbitrage

“In March, Real Club Valderrama initiated an arbitration process against La Zagaleta, on the basis that we consider that we were cheated out of our preferential acquisition right by the operation that was closed in 2015. During the course of this process, we initiated a negotiation and the resultant agreement is that the members will pay the same amount that  La Zagaleta paid to the fund MGI”, explains Javier Reviriego, Director General of Real Club Valderrama talking to Expansión. In this way, for the majority stake (94%), the club’s members (around 450 people from 40 different nationalities) will pay €28 million. “The purchase of the shares in Valderrama SA has been made for €23 million, plus debt of €5 million”, he said.

The club will finance half the operation with contributions of €30,000 per member, whilst the rest will be covered by a mortgage loan and own funds from the sports entity, founded in 1985. “We will continue investing and doing everything possible to ensure that Valderrama has the best golf facilities in the world. I also think that being the owners of the golf course strengthens our position in the sector as a private club, a unique model in Europe”, he said.

Over the last 30 years, the club’s members have operated the facilities through a rental agreement: “Being the owners of the course was a historical revindication for the members. The framework contract and lease agreement that regulated the relationship of the club with the ownership of the facilities did not grant full independence to the club’s board of directors to make decisions or establish the club’s strategic direction. There are also financial motives; the club used to pay a high rent and it is more profitable for us to invest in the asset”.

Meanwhile, following the sale, La Zagaleta will focus on the development of the Valderrama 2 urbanisation. It will be constructed on a plot spanning 220 hectares of residential use located just a stone’s throw from the luxury urbanisation in Sotogrande. There, La Zagaleta plans to build a luxury urbanisation with around 200 homes, priced between €3 million and €5 million, as well as a new golf course and hotel.

The operation in Valderrama follows the sale of other golf courses linked to urban developments, such as the purchase of Sotogrande by Orion, says Pablo Callejo, Director of Alternative Assets at the consultancy firm CBRE.

Original story: Expansión (by Rocío Ruiz/Lucía Junco)

Translation: Carmel Drake

Torreblanca Golf Attracts Swedish, Belgian & Chinese Investors

18 October 2017 – El Periódico Mediterráneo

Swedish, Belgian and Chinese investment funds have all expressed an interest in developing the Doña Blanca Golf de Torreblanca project, whose foundations were initially approved again by the Town Hall (of Torreblanca) last Tuesday, during an extraordinary plenary session. The expectation is that the project will be awarded at the beginning of 2018 and may become a reality in 2022.

In fact, the government’s team says that even before launching the tender for the program, it already has half a dozen companies and investors on the table, who have registered their interest in the urban planning project. Three of them are backed by foreign capital.

In the opinion of the councillor responsible for Town Planning, Rosana Villanueva, that fact reflects the interest that the golf project has sparked. The plan is to maintain intact the characteristics of the initial program, created in 2005, and for the project to be put out for tender for around €58 million, which will represent a saving of €3.5 million with respect to the initial plan, which exceeded €61 million in total.

The PAI (‘Programa de Actuación Integral’ or Comprehensive Action Program) is considering extending the site by 1,910,254 m2, with 600,000 m2 allocated to the 18-hotel golf course and an urbanised area spanning 1,233,255 m2, with 4,410 homes, as well as hotels, tennis courts, a football pitch, shopping centres, 125,000 m2 of green space, a promenade and a coastal park measuring 80,000 m2. And the companies have expressed their interest in the complete development.

In fact, the PAI is one of the Town Hall’s priorities. That has been highlighted by the socialist mayor, Josefa Tena, since the beginning of her term and, now past the half-way point, she is continuing to back the golf course as a generator of employment and driver of tourism in the municipality. Its launch would represent one of the highest aspirations of the local government, “along the creation of employment”.

“Moreover, it would foster tourism and develop a coastal space with green, sustainable and controlled urbanism. Given its location and proximity to the airport “the seasonality of local tourism could be evened out; moreover, it will be the only beachfront golf course (in the country), which makes it a very attractive prospect indeed”, said the mayor.

The document to be presented to the plenary session will include an appendix with the foundations for the tender work for the construction firms, in order to speed up the process and ensure that the megaproject is given the green light as soon as possible.

Original story: El Periódico Mediterráneo (by Merche Martinavarro)

Translation: Carmel Drake

Taylor Wimpey & La Cala Resort Invest €11M In New Project In Mijas

27 September 2017 – Inmodiario

The collaboration between the Spanish subsidiary of the British property developer Taylor Wimpey Plc and the Irish hotel chain FBD Hotels and Resorts is pushing ahead. On Thursday 21 September, Taylor Wimpey España and La Cala Resort convened media and real estate agencies to unveil the new show home, which represents the launch of the sale of the 2nd and 3rd phases of the Horizon Golf development in La Cala de Mijas. This new initiative between the two large companies will involve an investment of approximately €11 million.

It is worth remembering that the strategic alliance signed between the two companies will result in the construction of more than 600 homes over the next ten years, with forecast investment of more than €125,000,000.

Currently, Taylor Wimpey España is selling 2- and 3-bedroom homes in the 48-unit Horizon Golf Apartments development. Asking prices start at €280,000 and the first phase of properties, which have all been sold already, is expected to be ready by March. The second phase, comprising 18 apartments, is currently being sold.

Similarly, also in Horizon Golf Adosados in the La Cala Resort in Mijas, Taylor Wimpey is selling 55 terraced homes. The first phase has been completely sold and those homes will be handed over to their owners before the end of the year.

The second phase is currently up for sale and has been since March, with asking prices starting at €410,000. Those homes are expected to be finished by June 2018. The third phase was the one presented last week.

Through this alliance with Taylor Wimpey, La Cala Resort is not only consolidating its position as a unique golf and leisure destination in Spain, with three 18-hole golf courses, an exclusive 4-star hotel with 107 rooms, a spa measuring 1,300 m2, tennis, paddle and squash courts and a football pitch; it is also positioning itself as a leader of international residential tourism, with one of the best and most varied offers of residential homes in low-density complexes, with panoramic views over the golf courses, sea and mountain, and all this just 5 km from the city centre and Mijas Costa’s beaches, and just 30 minutes from Málaga airport (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

Taylor Wimpey & La Cala To Build Largest Golf Complex In Southern Europe

31 July 2017 – Inmodiario

The Spanish subsidiary of the British property developer Taylor Wimpey Plc and the Irish hotel chain FBD Hotels and Resorts have signed a strategic alliance for the development of more than 600 homes over the next ten years, with a planned investment of more than €125,000,000.

The collaboration between Taylor Wimpey España and the hotel chain FBD Hotel and Resorts, which manages La Cala Resort, took its first steps back in 2014. As a result of that joint venture, Taylor Wimpey completed the first batch of residential properties (60 contemporary apartments called Miraval) in 2016. Now, it is promoting the project Horizon Golf comprising 48 apartments and 55 terraced houses, some of which will be completed this year and the rest of which will be handed over to their owners in 2018.

Through this alliance, La Cala Resort is consolidating its position as a unique destination for golf and relaxation in Spain, with three 18-hole golf courses, an exclusive 107-room 4-star hotel and a 1,300 m2 spa, tennis, padel and squash courts, and a football field. It also leads the ranking in terms of international residential tourism, with one of the best and most varied supplies of residential housing in low-density complexes, with panoramic views over golf courses, sea and mountains and all just 30 minutes from Málaga airport.

The complex brings together the best facilities demanded by the European public, not only for lovers of golf, but also for those who want to live in an environment that respects the environment, with perfectly kept roads and gardens and a 24/7 security service, just 5km from the town centre and beaches of Mijas Costa (…).

Project Horizon Golf offers two housing formats from potential buyers to choose from. On the one hand, it has terraced houses measuring more than 300m2, with three bedrooms and two bathrooms, plus 90 m2 of terraces and solarium spread over four floors. Owners have the option of installing a private lift for easy access from the underground private car park to the panoramic solarium.

On the other hand, the complex has large apartments and penthouses with two and three bedrooms, and simple lounges leading onto spacious terraces measuring more than 30 m2. The penthouses are duplex spaces with solariums measuring more than 65 m2 (…).

The terraced houses currently have asking prices starting at €399,000 and the apartments are going for €280,000 (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

Emilio Cuatrecasas Buys Empordà Golf For €20M

10 July 2017 – Expansión

Emilio Cuatrecasas is continuing his commitment to the Costa Brava. A group of investors led by his holding company, Emesa Corporación, is finalising the purchase of Empordà Golf Resort from Habitat Inmobiliaria for around €20 million. The operation involves two 18-hole golf course in Gualta (Girona) and a hotel complex, which has 87 rooms and which is managed by Double Tree by Hilton.

The resort had awakened interest from other investors, but in the end, the lawyer has taken the lead in the bidding. The operation will now begin a due diligence phase. The group led by Emesa will go on to control 90% of the capital of the sports facility given that the remaining 10% will continue in the hands of numerous small shareholders, who are also members of the golf course.

The complex was constructed in 1996 by the Figueras family – the former owners of Habitat – and, since the beginning, its members have included well-known Catalan business people, such as Emilio Cuatrecasas himself, Pedro Fontana and members of the Puig, Esteve and Uriach families. Besides the hotel, the resort includes a residential area, with rental apartments and homes.

The purchase of Empordà Golf will not see the asset form part of the chain of rural hotels that Emilio Cuatrecasas is promoting in the Empordá region. In 2016, the lawyer announced his intention of launching a new brand specialising in small, high-end hotels and last summer, he completed his first acquisition: a small palace in Ullastret, which he will transform into a hotel after investing €7 million. Although this asset is located in the lawyer’s target region, the hotel at Empordà Golf does not fit with the profile of unique buildings that he is looking for in that case.

Emesa groups together the business and real estate stakes owned by Cuatrecasas and its assets are worth more than €480 million.

Habitat, which is chaired by Bruno Figueras, continues under the control of banks and international funds.

Original story: Expansión (by M. Anglés and J. Orihuel)

Translation: Carmel Drake