Vivenio Invests €90M in the Purchase of 2 Buildings in Madrid

10 June 2019 – Eje Prime

Vivenio has purchased two buildings in Madrid from a Madrilenian family office for more than €90 million.

The Socimi owned by the Dutch fund APG and Renta Corporación has acquired one building located on Avenida San Luis, comprising 140 homes and 18 premises and another on Calle Hermosilla, with 80 homes and two premises.

Together, the two properties span a surface area of more than 21,500 m2.

Original story: Eje Prime

Translation/Summary: Eje Prime

ARC Homes Invests €14M in a New Development in Santa Coloma de Gramanet

3 June 2019 – La Vanguardia

The property developer ARC Homes is going to invest €14 million in the construction of a new housing development in Santa Coloma de Gramanet (Barcelona).

At its current investment pace, ARC expects to achieve a turnover of €85 million by 2020. The property developer is currently looking for new locations for development in Cataluña, the País Vasco, Navarra, La Rioja, Madrid, Valladolid, Valencia and Ibiza.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake

Moonlake Capital Launches a Vehicle to Invest €600M in NPLs

27 May 2019 – Eje Prime

Moonlake Capital is going to launch a vehicle to invest €600 million in large portfolios of non-performing loans in Madrid, Barcelona, the Costa del Sol, the Balearic Islands, Valencia and Sevilla.

The new vehicle will operate as a servicer for the fund and so will manage and divest the portfolio of properties that the banks were left with after their owners were unable to keep up the repayments on their mortgages.

As such, the investment group created in 2016 and headquartered in Madrid will enter the market to compete with the likes of Servihabitat, Altamira, Solvia and Haya Real Estate, amongst others.

In parallel, Moonlake is also planning to create a joint venture with an as yet unidentified investor to develop a 2.5 million m2 project in Málaga’s technology park, involving the construction of 5,000 homes, 110,000 m2 of industrial warehouses and 30,000 m2 of commercial premises.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Apollo Submits an Offer for El Corte Inglés’s Entire Real Estate Portfolio

23 May 2019 – Eje Prime

According to financial sources, in April, the fund Apollo Global Management submitted a bid for the whole real estate portfolio that El Corte Inglés has had on the market since the beginning of the year. However, the offer did not convince the management team of the department stores.

Since then, the ECI group has opened up the possibility of allowing interested parties to bid for part of the portfolio so as to maximise the value of the properties. However, the risk with that option is that some properties will end up being left unsold.

With the deadline for bids closing today, nothing is being ruled out. In fact, Apollo could still win if it was willing to increase its offer.

The portfolio contains 95 assets and includes shopping centres, offices and other types of assets such as parking lots, land and homes.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Aedas Reaches an Agreement with Castlelake to Buy Non-Finalist Plots

20 May 2019 – El Confidencial

Aedas Homes has reached an agreement with its main shareholder, the US fund Castlelake, to ensure its supply of long-term land, without having to make any major investments in the short-term.

Specifically, the property developer and the fund will create ad hoc companies for each non-finalist plot in which they decide to invest, whereby Aedas will take a 10% stake and will reserve the right to buy up to 25% of the homes built on each one of the sites.

Aedas’s team will be responsible for managing the vehicles, processing the urban planning formalities and obtaining the finalist land status. The company has already identified six plots in Madrid, Valencia and Sevilla, on which more than 9,200 homes could be built.

It will take between 4 and 5 years to transform those plots into finalist sites and the idea is that Aedas will build at least 2,500 of the homes permitted, with the remainder being sold for development to other property developers.

This strategy will ensure that Aedas has a supply of finalist land over the medium and long-term at affordable prices.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Kronos Sells 111 Homes During Q1 2019

20 May 2019 – Press Release

Kronos Homes sold 111 homes in Spain and Portugal during the first quarter of 2019 and started work on the construction of a new development, Oasis 325, in Estepona (Málaga).

The company plans to take its total investment to €2.4 billion this year, of which €1 billion corresponds to the planned investment in land in both Spain and Portugal.

By the end of 2018, the property development arm of Kronos owned a portfolio of 12,000 homes across 16 developments, which it plans to increase by 4,000 units during 2019 across 24 developments.

Kronos Homes currently has eight projects under construction: Nature and General Marvà in Alicante; The Edge, Horizonte, Panorámica, La Finca and Oasis 325 on the Costa del Sol and H2O in Badalona. It is planning to start work on another 6 projects in Andalucía, Cataluña and Madrid this year.

All of the projects undertaken by Kronos Homes reflect its #Puredesign philosophy and place a special emphasis on good architecture, unique design and the special integration of the environment, whilst ensuring great finishes.

Original story: Press Release

Translation/Summary: Carmel Drake

Madrid’s Regional Government Gives Green Light to Operación Madrid Nuevo Norte

19 May 2019 – El Mundo

According to information obtained by El Mundo, the Community of Madrid is going to send its Environmental Assessment Report regarding Operación Chamartín to the Town Hall of Madrid on Monday, which will leave the path clear for the municipal plenary to vote on the plan before the local elections are held on Sunday 26 May.

The urban development project, which is now known by its new name, Madrid Nuevo Norte, will see the construction of 10,500 homes at the northern end of Paseo de la Castellana, together with the development of offices, retail areas, green spaces and three new metro stations.

The only requirement stipulated in the definitive report issued by the Community of Madrid is that agreements be made upfront about who is going to pay for the public building works, including the Canal de Isabel II installations, the construction of the three new metro stations and the preparation of the surrounding roads.

According to the protocol of execution signed a month ago by the Town Hall of Madrid, Adif – the public entity that owns the land – and Distrito Castellana Norte (DCN) – the private company that is promoting the development – the three leading players will share the cost of developing the aforementioned infrastructures, whereby ensuring that local taxpayers do not have to foot the bill.

Original story: El Mundo (by Marta Belver & Isabel F. Lantigua)

Translation/Summary: Carmel Drake

Realia to Invest €16M in the Construction of 85 Flats in Tres Cantos (Madrid)

9 May 2019 – Idealista

The property developer Realia has announced that it is launching a new line of business dedicated to the rental of residential homes. In this way, it is following in the footsteps of its rivals in the sector, such as Grupo Lar, amongst others.

The group led by the Mexican magnate Carlos Slim has purchased a plot in Tres Cantos (Madrid), where it is going to invest €16 million in the construction of 85 homes.

As at the end of March 2019, the company had a stock of 546 units (homes, premises and offices) that were either finished or in progress and pending delivery. In the residential sector, it had three developments underway (in Palma de Mallorca, Sabadell and Alcalá de Henares) plus a construction licence to start work on 45 units in Valdebebas (Madrid).

Realia’s land portfolio spans more than 5.7 million m2 and the company registered a net profit of €5.02 million during Q1 2019, up by 18.1% YoY.

Original story: Idealista 

Translation/Summary: Carmel Drake

Operación Calderón: Mahou Puts First Plot Up for Sale

7 May 2019 – Eje Prime

Mahou has put the first plot of land up for sale on the site of Operación Calderón. The brewery has engaged Colliers to handle the sales process, which it hopes will close this year and generate proceeds of €60 million

Potential candidates for the purchase include the cooperative Ibosa, amongst others, which plans to build around 400 homes on two of the plots.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Blackstone Puts a Portfolio of FIdere’s Homes Worth €150M-€200M Up For Sale

25 April 2019 – Expansión

The US fund Blackstone has launched the sale of a portfolio of homes belonging to its Socimi Fidere worth between €150 million and €200 million.

According to sources, several interested parties are already analysing the portfolio, whose perimeter may vary depending on the offers received. This sale forms part of a wider initiative by Blackstone to rotate some of the assets in its portfolio. The US fund has already put some of the offices owned by another Socimi Corona up for sale.

Since 2012, Blackstone has invested almost €24 billion in real estate in Spain, where it is the owner of several investment vehicles and management companies, including the Socimis Testa, Albirana and Torbal, as well as Hispania.

Original story: Expansión (by R. A.)

Translation/Summary: Carmel Drake