Tag: gross leasable area

Tomás Olivo Acquires the Dos Mares Shopping Centre for €28.5MM

5 July 2019 – Richard D. K. Turner

Tomás Olivo, the owner of  the socimi General de Galerías Comerciales, acquired 100% of the Dos Mares Shopping Centre in San Javier for 28.5 million euros. The Portuguese Group Sonae Sierra, which put the asset up for sale, had originally asked for €42 million but subsequently reduced that figure, due to a lack of investor interest, to €35 million.

Sonae Sierra and the Eroski group built the shopping centre in 2003, in a €36.5-million investment. One year later, Sonae took sole control of the asset.

Dos Mares has a gross leasable area of ​​almost 25,000 square meters, along with 1,250 parking spaces.

Original Story: Murcia Economía – Fernando Abad

 

Ibosa Bids for the DGT’s Former HQ in Madrid to Build Luxury Flats

22 May 2019 – Idealista

The cooperative manager Ibosa is one of the parties interested in acquiring the former headquarters of the Traffic Department (DGT) in Madrid, located at number 125 Calle Arturo Soria, where 43 luxury flats are going to be built.

The Socimi Jaba I Inversiones Inmobiliarias put the building up for sale recently after acquiring it in 2014 for €19.2 million. The property is currently vacant having been previously leased to the DGT and Vodafone.

The office building has a gross leasable area of 5,526 m2 and comprises a ground floor plus 4 upper floors. It has 148 underground parking spaces and is located in one of the most sought-after neighbourhoods of Madrid. The asking price reportedly amounts to less than €25 million and the sale is expected to close next month.

If it is successful, Ibosa plans to build 43 high-end homes with 2-, 3- or 4-bedrooms. Each property will have a garage and storeroom and the sales prices will start at €554,000, with an average price per m2 of €5,900. The urbanisation, known as Residencial Capella, will have common areas such as a swimming pool and gym.

Original story: Idealista (by P. Martínez-Almeida)

Translation/Summary: Carmel Drake

GreenOak Puts Las Mercedes Business Park on the Market 3 Years After Buying it

16 April 2019 – El Confidencial

GreenOak has engaged the real estate consultancy firm CBRE to coordinate the sale of Las Mercedes Business Park, one of the main office complexes in Madrid.

The aim of the fund, led in Spain by Javier Zarrabeitia, is to receive offers for the asset between May and June, with a view to closing the sale before the summer. The US fund has set an asking price of more than €200 million, which would represent a capital gain of 40% in just 3 years after it purchased the property for €140 million in 2016 from Standard Life.

Since acquiring the asset, GreenOak has worked on repositioning it, increasing its occupancy rate from 65% to 90% and negotiating rent increases.

The complex comprises nine office buildings, spanning a surface area of 80,000 m2 and is located in the northeast of Madrid, alongside the A-2 motorway. It is home to the offices of companies such as Altran, Applus, the Spanish Medicines Agency, Enaire and Carrefour.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Árima to Increase its Capital by €50M to Repay Debt & Purchase Assets

2 April 2019 – Expansión

The Socimi Árima, led by Luis Alfonso López de Herrera-Oria (pictured below), is going to carry out a capital increase of up to €50 million (expandable upon demand), which will be used to early repay a €30 million loan signed with CaixaBank, as well as to purchase new assets.

The company hopes to incorporate new investors through this operation, which will see its share capital increase by 50%, whereby providing more liquidity for its equity.

The capital increase will comprise the issue and launch into circulation of 5 million new ordinary shares with a nominal value of €10 each, which will be issued without an issue premium. It will be carried out through an accelerated placement aimed at qualifying and institutional investors.

The company’s asset portfolio amounts to €121 million, spans a gross leasable area of 29,000 m2 and includes more than 460 parking spaces in the office sector in Madrid.

Original story: Expansión 

Translation/Summary: Carmel Drake

Zambal Extends the Ministry of Foreign Affairs’ Rental in the Torres Ágora until 2023

26 February 2019 – Eje Prime

Zambal has renewed its contract with the Ministry of Foreign Affairs and has consolidated one of its main assets. The Socimi, managed by IBA Capital Partners, has signed a new rental contract with the public body for the Ágora Towers, the facilities that house most of the personnel assigned to the Ministry of Foreign Affairs, European Union and Cooperation.

The new rental contract will last for four years, of which the first two are mandatory, according to reports made by the real estate company to the Alternative Investment Market (MAB).

The Ministry of Foreign Affairs has been the tenant of the Ágora Towers, located at number 26 Calle Serrano Galvache in Madrid, since 22 October 2012 (…). Zambal has been the owner of the complex, which comprises two 15-storey twin buildings with three basement floors, since December 2013. The towers have a gross leasable area of 30,469 m2 and 469 parking spaces (…).

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

17 New Shopping Centres will Open in Spain over the Next 3 Years

22 February 2019 – Expansión

Shopping centres and retail parks are still fashionable despite the boom in online commerce. In this context, Spain is going to increase its retail surface area by 650,000 m2 over the next three years with the opening of 17 new centres by 2021. In addition, eight of the existing centres are going to be expanded to 267,250m2, according to data from the Spanish Association of Shopping Centres and Retail Parks (AECC).

These openings follow those completed in 2018 when 8 centres were opened spanning 233,700 m2 in total (…).

Spain currently has a gross leasable surface area of 16 million m2, spread over 563 shopping centres and retail parks, which generate 720,000 jobs, 46% of which are direct.

This growth in space is being accompanied by rising interest from investors in these types of assets.

Last year, transactions amounting to €2.2 billion were closed, just below the record of €2.7 billion recorded in 2017 (…).

In operational terms, sales at shopping centres and retail parks rose by 2.7% last year to €45.5 billion, whilst visitor numbers increased by 3.1% to 1.97 million. Sources at AECC forecast continued sales growth, albeit at a slower rate than in previous years due to a deceleration in domestic consumption (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Azora Acquires HQ of the Former Cortefiel Group for €28.3M

24 January 2019 – Eje Prime

Another operation has been closed in the office market in Madrid. The Socimi GMP, controlled by the Montoro family and the sovereign fund of Singapore, has sold the building located at number 51 Calle Llano Castellano to Azora. The price of the operation amounted to €28.3 million.

The property now controlled by Azora, the real estate manager founded by Concha Osácar and Fernando Gumuzio, is occupied in its entirety by Tendam, previously known as the Cortefiel Group and owner of the fashion chains Cortefiel, Women’secret, Springfield and Pedro del Hierro.

The rental contract for the building, which has a gross leasable area of 23,108 m2 and 145 parking spaces, is due to expire in 2023.

The building was constructed in 1990 and had been controlled 100% by GMP since 2015. Until then, the property was in the hands of the real estate division of General Electric through the company Renta Gestión Fuencarral.

Its new owner, Azora, specialises in the investment and management of real estate assets for third parties and has a portfolio comprising more than €4.5 billion in assets. The company was the promoter of Hispania, the first Socimi to be constituted, which made its debut on the stock market in Spain in 2014.

Azora was considering its own stock market debut, but in the end, it suspended that process last year. Azora and Hispania ended their agreement last year, after Blackstone’s successful takeover of the Socimi.

Since then, the company has focused on the residential rental market through the creation of a joint venture with CBRE Global Investment and Madison to reach a portfolio of 10,000 homes over the coming years.

Azora manages the real estate portfolios of funds and wealthy investors, such as George Soros, CBRE Global Investors, Goldman Sachs, Axa Investment Management and Bank of Montreal, amongst others (…).

Original story: Eje Prime (by P. Riaño and I. P. Gestal)

Translation: Carmel Drake

Green Oak Sells a Batch of 5 Assets in Madrid for €74M

21 January 2019 – Eje Prime

Green Oak is divesting assets in Spain. The US fund manager specialising in real estate has disposed of a batch of five office buildings in Madrid, for which it has received €74.3 million in total, almost €9 million more than the appraisal value of the properties. The five assets formed part of the portfolio of Gore Spain Holdings, the Socimi owned by Green Oak, which has been listed on the Alternative Investment Market (MAB) since January 2017.

Last Thursday, Green Oak formalised the sale of 100% of the company Inversiones Pukaki, through which it controlled four office buildings in the Avalon Business Park. Barings acquired those properties for €57.8 million in total, although the valuation of the buildings amounted to €47.2 million as at December 2017.

Green Oak had owned the four buildings in Avalon, a complex located at number 65 Calle Santa Leonor, since July 2015. The buildings sold to Barings (which owns 100% of the park following the operation) have surface areas of 3,671 m2, 5,077 m2, 6,304 m2 and 6,119 m2, respectively, amounting to 21,172 m2 in total.

GreenOak purchased this batch of assets from Banco Santander for around €40 million. According to data provided by Green Oak, the valuation of the properties was revised at €47 million on 31 December 2017, on the basis of an appraisal compiled by CBRE.

The US fund manager has divested another asset, also included in the portfolio of Gore Spain Holdings. On Friday, the company signed the sale of the company Inversiones Malvinas, through which it controlled another office building, located in Alcobendas.

The company has divested the property located at number 7 Avenida Bruselas of the Madrilenian municipality for €16.5 million. The valuation of that asset amounted to €18.26 million as at 31 December 2017, based on an appraisal also performed by CBRE.

That asset has a gross leasable area of 6,361 m2 spread over six floors. The building, constructed in 2002, also has three underground floors for parking and is home to five tenants (…).

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

Arcano Sells 2 Buildings in L’Hospitalet de Llobregat to a Family Office for €40M

17 January 2019 – Eje Prime

Arcano is divesting two of its assets. The real estate fund Asoref has sold two buildings in Plaza de Europa, in the Barcelona municipality of L’Hospitalet de Llobregat to a family office for €40 million, according to Expansión.

In the case of the first asset, located at numbers 22 and 24 Plaza de Europa, it is an office building spanning 7,3000 m2, which was acquired by Arcano two years ago and which has been completely renovated and repositioned. The offices, distributed over four above-ground floors, have an occupancy rate of 100%. The tenants of the property include companies such as Aide, Zurich and Vanity Fair.

In the case of the second building, located at number 10 Plaza de Europa, it is a project that is still under construction. The building work is expected to be finished this year at which point the building will have a gross leasable area (GLA) of 5,000 m2.

The two buildings were acquired with Arcano’s first real estate investment fund, which was launched in the summer of 2015 and which had €100 million of capital. Currently, the company is in the process of raising capital for its second fund, Arcano Value Added II. The investment vehicle will amount to between €150 million and €200 million, and €70 million has already been committed.

Original story: Eje Prime

Translation: Carmel Drake

Eurofund Purchases a 140,000 m2 Plot in Lleida from Sareb

19 December 2018 – Eje Prime

Eurofund’s new macro-project in Lleida is taking shape. The group has completed the purchase from the Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) of 140,000 m2 of land in Torre Salses (Lleida). Eurofund’s plans involve investing €80 million to build a new shopping centre with a gross leasable area of 560,000 m2.

The purchase, carried out through Eurofund Parc Lleida, has been completed after Eurofund overcame Sareb’s processes, in particular, those relating to overseas investments. On 4 December, Eurofund Parc Lleida signed an urban planning management agreement with the Town Hall of the Catalan town to execute the widening and extension of Calle Víctor Torres and the modification of the urban planning order for the South 42 Torre Salses sector. The building work is scheduled to begin in the autumn of 2019, according to Eje Prime.

Grupo Eurofund

Eurofund currently owns more than €3.5 billion in commercial assets, including the centres that it has constructed and those that it has under development. The fund manager was founded in 1994 and its first major development was Parc Vallès, in Terrassa (Barcelona).

The company is the owner of complexes such as Puerto Venecia, in Zaragoza, and maintains an alliance with the British operator Intu for the construction of new shopping centres in Málaga, Valencia and Vigo. Over the last 18 months, Eurofund Capital Partners has co-invested almost €350 million in real estate operations in Spain.

Original story: Eje Prime

Translation: Carmel Drake