INBISA Delivered 378 Homes in 2018 and Now has 1,500 Homes Under Construction

12 February 2019 – Press Release

INBISA Inmobiliaria closed 2018 with 378 homes delivered in privileged locations and the purchase of nine buildable plots of land. At the same time, it started 2019 with 1,500 homes under construction and it remains firm in its commitment to search for new opportunities and to its objective of developing new projects in accordance with the current market.

Thanks to the experience harvested since its creation in 1995 and its capacity to adapt to the needs of the market and its clients, in 2018, INBISA Inmobiliaria successfully achieved the objectives established at the start of the year and took another step forward in the fulfilment of its Strategic Plan 2017-2020.

In this context, last year, the company delivered three residential developments containing 379 homes in total (70% more than in 2017), located in the Madrilenian neighbourhood of Sanchinarro, Sant Cugat del Vallès (Barcelona) and the Vizcaya town of Etxebarri (…).

In terms of the new plots of land, during 2018, INBISA Inmobiliaria acquired nine plots on which to construct 600 new homes. The portfolio is distributed between Madrid, Barcelona, Málaga and Palma de Mallorca, priority enclaves for the company within its strategy to back locations with high and sustained demand in the real estate market. In the case of the Community of Madrid, INBISA Inmobiliaria backed the northwest of the capital, primarily the neighbourhoods of Valdebebas and Sanchinarro.

In Cataluña, the company continued its expansion across the metropolitan area of Barcelona, specifically, in Ripollet, Teià y Viladecans, whilst in the Balearic Islands, it acquired a plot in Palma de Mallorca. Finally, in light of the booming interest from primarily international clients in the Malagan coast, INBISA Inmobiliaria opted to purchase two plots in Mijas and Estepona (…).

All of this has allowed the company to start 2019 as one of the leading property developers in Spain, with 1,500 homes under construction distributed across different enclaves of the country and with a clear commitment to searching for new developments in residential and logistics areas this year (…).

Moreover, as part of its strategic plan for this year, the company is also planning to develop some new logistics projects in light of the great interest in the sector from domestic and international investment funds (…).

Original story: Press Release

Translation: Carmel Drake

Neinor & Vía Célere Lead the Ranking of Forecast House Deliveries for 2019

28 January 2019 – Cinco Días

Year after year, the new major players in the house construction sector are seeing the numbers in their growth plans increase. During 2019, the largest property developers created since 2015, and some of those reborn from the ashes during this latest upwards cycle, are expected to approach their cruising speed, above all, the listed companies Neinor, Aedas and Metrovacesa, which have been called to lead the residential construction sector together with Vía Célere. Even so, the sector is still very fragmented with lots of small companies.

Neinor Homes and Vía Célere have become the two entities with the largest number of home deliveries this year. In both cases, 2,000 clients will receive the keys to their homes, according to figures provided to Cinco Días by around twenty property developers. In these forecasts, the companies have detailed three concepts for their plans for 2019: homes that they will launch onto the market, homes that they will start work on and forecast deliveries.

Neinor Homes, created in 2015, and led by Juan Velayos (…) expects to start work on 3,000 homes this year, coming close to the cruising speed that it defined during its IPO, and it will start to market another 2,000 units.

Meanwhile, Vía Célere, controlled by the US fund Värde Partners, is in the middle of integrating the assets of Aelca, the other property developer owned by Värde, which has now emptied its portfolio (…). It is the only one of the large players that is not yet listed on the stock market; its plans in that regard were postponed last year.

The listed firm Aedas, also created in 2017 with land from another US fund, in that case, Castlelake, is also perceiving an upwards turn in its numbers. This year, it will hand over 1,055 homes, start marketing 2,500 homes and start building 3,000 homes, just two years after first appearing on the stage, with David Martínez as its CEO.

Meanwhile, Metrovacesa, the other large listed company, controlled by Santander (and in which BBVA holds a minority stake), clearly leads the business plans, with up to 4,500 homes to be newly marketed and whose construction will be launched. This one-hundred-year-old real estate company, which was cleaned up by the banks following the crisis, launched its new project in 2017 with Jorge Pérez de Leza, from Grupo Lar, as the CEO.

In terms of those entities backed by funds, the rescued firm Habitat also stands out, reactivated last year by Bain Capital, and which is planning to market 3,000 homes this year. Similarly, Cerberus took control of Inmoglacier in 2017 (…). That firm declined to provide its forecasts to this newspaper, but it is also set to play a significant role, given that it has become one of the real estate arms of the US fund, one of the most active in the purchase of assets from the banks and which also owns Haya Real Estate as its servicer.

The group of twenty-odd companies consulted will hand over almost 16,000 homes this year, will start work on 34,000 units and will begin marketing another 30,000 properties. These figures reflect the enormous fragmentation in the sector, which in the last 12 months has started 103,000 homes in total, according to figures from the Ministry of Development as at October 2018.

Small specialist property developers still carry a lot of weight, unlike in other countries where large players exist. Moreover, even though the rate of residential construction has taken off since 2014, it is still well below the peak of 2006 when 865,000 building permits were granted.

In terms of the new players also boosted by the international funds, they include other developers with a high rate of house sales: AQ Acentor (owned by the German fund Aquila), which is going to put 1,700 homes up for sale; Kronos Homes (backed by several European and US investors), which will market another 1,600 homes; and ASG Homes (backed by the British firm ActivumSG), which plans to add another 1,000 homes.

In terms of the survivors of the crisis, Amenabar stands out, the Gipuzkoan company, which expects to start work on 3,608 homes next year and to hand over 1,245 units. Another of the stalwarts is the Madrilenian firm Pryconsa, owned by the Colomer family, which has already reached a high number in terms of house starts: 1,285. In more modest terms, other important firms include the Basque entity Inbisa and the new entity Áurea Homes, the residential subsidiary of the Navarran construction group ACR (…).

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Neinor & La Llave de Oro to Build 2 Residential Towers in Barcelona

10 October 2018 – Eje Prime

Neinor Homes and La Llave de Oro are joining forces to unblock two projects in Plaza Europa, L’Hospitalet de Llobregat. The property developers have jointly invested €20 million in the construction of two buildings that are going to add a total of 172 new homes to this municipality in Barcelona.

The construction of the buildings is going to be entrusted to Inbisa Construcción, which has already started work, expected to be finished within eighteen months. Neinor is going to develop one of the towers, which will contain 77 homes and which will be added to the development of 91 homes that the company led by Juan Velayos already has under construction in Plaza Europa. Meanwhile, La Llave de Oro will do the same with the second building, which will be 70m tall and will contain 95 homes.

These are two of the few plots that have not been developed yet in Plaza Europa de L’Hospitalet, an area focused primarily on the office market, which was first developed in 2007.

The area’s tenants include companies such as Inbisa, KPMG and GB Foods. Currently, the occupancy rate exceeds 85% with rents ranging between €14/m2/month and €16/m2/month, according to data from Savills Aguirre Newman.

Original story: Eje Prime

Translation: Carmel Drake

Malaga, or How the Sun is Shining Again on the Costa del Sol

14 August 2018

With sales and prices in rapid ascent, the real estate sector is firmly committed to continuing the recovery of the property market in the Andalusian city.

The sixth largest city in Spain, with 569,002 inhabitants in 2017, Malaga is the Andalusian city where housing prices have increased the most in the first quarter of this year, according to data from Urban Data Analytics, with a year-on-year increase of 19.4%. According to data from the Ministry of Development, valuation prices rose by 10.8% to 1,506.8 euros per square meter. The increase was also substantial compared to the fourth quarter of 2017 when the square meter in Malaga was priced at 1,440.40 euros per square meter.

The recovery of the residential property market in the city on Spain’s Costa del Sol can be largely explained by the rapid pace of acquisitions, which are being carried out by domestic and international buyers, and which have steadily increased in recent years. While there were around 3,150 transactions in 2013, there were close to 5,000 in 2015 and over 7,000 in 2017.

Also, compared to the token level of new construction in other Spanish cities, new developments in Malaga have been substantial. Just in the first quarter of 2018, 242 purchases of new homes were finalised in the city, equivalent to 12.3% of the total.

In its report, Vision 2018: the Real Estate Market in Malaga, the consultancy Savills Aguirre Newman notes that the market’s strength in the city will cause the Costa del Sol to reach record sales for the year, adding that Malaga has positioned itself as the main power in Andalusia, even ahead of the capital, Sevilla.

Thus, the consultancy stresses that construction began on 5,236 homes in the Andalusian city, compared to the 2,980 in the capital. As for deliveries, Malaga finished a thousand more homes than Sevilla: 2,580 finished units compared to Sevilla’s 1,511.

Projects underway in Málaga

Faced with this data, operators such as VBare, Inbisa and Quabit have already finalised operations in the city, which also stands out for the demand for land for logistics platforms, large commercial projects and student residences.

In April, Quabit stated that it owns 200,000 square meters of land in the province of Malaga for the construction of 1,700 homes, equivalent to 20% of the developer’s portfolio of land. For its part, VBare completed the acquisition of 14 homes in the city in June for 1.35 million euros for placement on the rental market, for which it expects a profitability of approximately 5.1%. Gilmar, a real estate agency, also chose Malaga’s city centre as the site of its 32nd office.

With the presence of 40,087 companies, of which 87.1% are in the service sector, Malaga’s office market has also once again taken off. Another report by Savills Aguirre Newman places the occupancy rate of offices in the city’s prime area at 90%. Rents are also increasing, reaching 18 euros per square meter in the central street Larios. According to the consultancy, the trend will continue in 2018, which will cause buildings that have been unoccupied for nearly a decade to be taken up. The demand for land for logistics platforms is also increasing in the city, particularly for areas exceeding 5,000 square meters, which are rare.

On the commercial side, one of the larger projects underway is the Designer Outlet Centre, which Sonae Sierra and McArthurGlen have added to the Plaza Mayor shopping centre, with an additional 85,198 square meters (added to the rest of the existing complex), housing a total of 107 stores.

Also, the new wave of student residences has also reached the Andalusian city. Syllabus, a subsidiary of Urbania, will build a new student residence in the historic centre of Malaga in a ten million euro investment. The new development will have 143 rooms and an area of 4,600 square meters and will be ready by 2020.

Lastly, in June, the Malaga City Council approved a project for a luxury macro hotel in the city’s port. The hotel will be a 150-meter-high, 45,000-square-meter building that will be developed by the Qatari investor Abdullah Al Darwish. The building, which will involve an investment of 116 million euros and will be located in the Dique de Levante, will begin construction in 2020 and will be inaugurated three years later.

Original Story: EjePrime – C. De Angelis

Translation: Richard Turner

 

Conren Tramway Starts Work on SA65 Office Building in Barcelona

18 May 2018 – Press Release

Conren Tramway is an independent real estate investment management company jointly owned by the brothers Jaime-Enrique and Paco Hugas (Tramway Capital) and the German manager Conren Land AG. Conren Tramway invests in core plus, value-added real estate operations and developments in the office markets in Madrid and Barcelona, and occasionally in Spain’s main secondary cities. They are operations that require urban planning, renovation and commercial management to reposition the assets in order to create value (…).

SA65 is a 7-storey building with a gross leasable area of 8,300 m2. Its parking lot contains 92 spaces for cars (20% are suitable for electric vehicles), 34 for motorbikes and 100 for bicycles, as well as storerooms and a large terrace with views over the city. The property has a LEED Gold certification. The building work has been entrusted to the construction company INBISA. The details of the project, its surface area and finishes can be found on the firm’s website www.conrentramway.com.

With the start of the construction work, marketing of the building has also begun with a great reception from international companies interested in moving their headquarters to the 22@ district. SA65 fits well with the calendar for the handover of rental properties in new build offices in the 22@ district, where a large proportion of the projects are committed through pre-leases.

“SA65 is a project that reflects Conren Tramway’s capacity to fit mixed-used projects into the urban fabric, in this case, next to the new headquarters of the design school, a new build hotel, a residential façade and other office buildings”, says Paco Hugas. “It is an attractive project thanks to its size (8,300 m2), design and functional layout, which fit well with existing demand”, according to Jaime-Enrique Hugas.

Conren Tramway is also managing projects on Calle Badajoz (17,500 m2) and in the Paral.lel district (33,800 m2) and it is analysing several investment operations in Madrid, where it is now focusing its efforts.

Original story: Press Release

Translation: Carmel Drake

INBISA Doubled its Logistics & Industrial Construction Volume in 2017 to 250,000 m2

21 March 2018 – Press Release

INBISA Construcción continues to be a national leader in the execution of industrial-logistics projects, exceeding 250,000 m2 of constructed space in 2017, more than double the figure it recorded in 2016.

The team specialising in the Industrial-Logistics operations area is strengthening its organisational structure in order to continue leading high-quality projects and its commitment to clients.

In 2017, INBISA Construcción doubled the volume of constructed square metres built in the logistics and industrial area, taking the total for the year to more than 250,000 m2. That figure added to the company’s historical cumulative total means that it has built more than 1.5 million m2 of space in this sector.

The significant growth of the INBISA group’s construction company, which has historically played an important role in the industrial-logistics area, is happening in the context of clear consolidation in the sector at the national level, especially in Madrid and Barcelona.

INBISA Construcción plans to continue increasing its business volume in this area during 2018, supported by the positive outlook for the market.

Logistics platforms and complexes are products that are continuing to spark interest amongst investors, mostly international players. Large funds are buying logistics land, including even some spaces that exceed 100,000 m2, some with operators and others not, something that was more unusual in previous years (…).

The company’s most recent high-profile logistics projects include those undertaken for BCM in Getafe, for GreenOak and Rockspring in Corredor del Henares, for the Port Authority in Bilbao, for Axiare in Sevilla and for Goodman in Barcelona.

Original story: Press Release

Translation: Carmel Drake

Inbisa & Activ Group Invest €20M+ to Renovate Burgos Este Shopping Centre

15 March 2018 – Eje Prime

Inbisa and Activ Group have joined forces to spice up the commercial market in frosty Burgos. The property development arm of the Spanish real estate group and the Hispano-German firm are going to invest €20 million in the renovation of the Burgos Este shopping centre, located in the town of Villafría, very close to the city.

As joint partners in the project, Inbisa and Activ Group plan to inaugurate the site at the end of 2019. On a plot measuring 46,500 m2 and a constructed surface area of 26,000 m2, the Burgos Este shopping centre is going to become one of the largest spaces in the retail market in the province of Castilla y Leon.

The new shopping centre in the capital of Burgos aspires to become “an opportunity for economic growth for the whole city”, according to Manuel Balcells, Director General of Inbisa Inmobiliaria. “For our company, it represents a key piece in the puzzle to strengthen the development of commercial spaces”, said the executive.

In the residential area, the company closed 2017 having promoted more than 1,600 homes across different areas of the country, of which 223 were handed over. Inbisa Inmobiliaria’s residential development division ended last year with a turnover of €150 million.

Original story: Eje Prime

Translation: Carmel Drake

Inbisa is Building 35 Homes for Banco Sabadell in Barcelona

1 March 2018 – Eje Prime

More homes for Inbisa in Barcelona. The construction arm of the real estate group has started building a new residential development comprising 35 homes in the north of the Catalan capital. The company is going to work for Sabadell Real Estate Development, a subsidiary of Banco Sabadell, on this project. The firm’s investment in this construction work will amount to €4 million, with an execution period of 18 months.

The complex, located on the Ribes road, spans a total surface area of 5,300 m2 and, besides the two residential buildings, is going to include a commercial space and parking spaces. The apartments will measure up to 150 m2 each and have two, three or four bedrooms.

The marketing of the building will be carried out by Solvia, the servicer of Sabadell, with whom it has been working on another project in Madrid for several months now. Innova Torrejón, a residential development comprising 92 homes has been designed with criteria that will allow it to reduce its energy consumption to almost zero.

This new real estate operation strengthens Inbisa’s presence in Barcelona, where it started work on an 88-home development in Ripollet a few weeks ago. Currently, the group has 2,400 homes under construction across Spain, consolidating the company’s “desire to grow and specialise in the residential segment”, according to Gonzalo Mínguez, Inbisa’s Contract Director for the Eastern region.

Original story: Eje Prime

Translation: Carmel Drake

Inbisa Completes Expansion of Dr. Schär Plant in Zaragoza

31 January 2018 – Eje Prime

Inbisa is fattening up its portfolio of projects for the food industry. The Basque construction group has completed a 5,000 m2 expansion of the Dr. Schär plant in Zaragoza. It has invested €3 million in the project in total over the different phases of construction.

The work to renovate the complex, located on the ‘La Ciruela’ Industrial Estate, in the town of Alagón, has taken 17 months. The total investment undertaken by the European company, which specialises in the manufacture of gluten-free food, in this industrial project has amounted to €12 million.

The expansion of the Dr. Schär factory has involved increasing the surface area of the plant by 2,600 m2 to allow the multinational firm to install a new bread production line, as well as the renovation of an adjoining warehouse, measuring 2,400 m2, for the storage of finished products.

Following the renovation of the industrial complex, the facilities have seen an increase in their constructed surface area to 10,550 m2, on an urbanised plot measuring 13,500 m2.

With this project, Inbisa is strengthening its portfolio of developments in the agri-food industrial segment, in which it has previously undertaken construction projects with the company Ogimahaia, in Salvatierra (Álava), and with Panusa, in Astillero (Cantabria).

Original story: Eje Prime

Translation: Carmel Drake

INBISA To Construct 38,000m2 Logistics Centre For GreenOak

22 September 2017 – Observatorio Inmobiliario

INBISA has started work on the construction of a logistics centre comprising two buildings covering a surface area of 38,000 m2 in San Fernando de Henares (Madrid), under orders from the real estate investment company Talus Real Estate, which will be responsible for managing the asset.

The property is owned by the investment fund GreenOak Real Estate and the construction work is expected to be completed by February 2018. The fund has commissioned this project for its subsequent lease or sale.

The centre will be divided into two buildings of equal size and will have a total constructed surface area of 38,255 m2, plus 24,062 m2 of urbanisation. The work to be undertaken by INBISA Construcción at this site, known as “Puerta de Madrid”, constitutes a significant construction challenge, given that the company has to finish both buildings in a very short time period.

INBISA Construcción has vast experience in the industrial-logistics sector and has carried out several major projects in the sector, such as the construction of the Manzanares Business Centre on the ‘Los Gavilanes’ industrial estate in Getafe.

According to Jesús Herrera, Director of Business Development at INBISA Construcción’s Central Offices, “the construction of this large logistics space consolidates our presence in the Corredor de Henares. It is a very significant challenge for INBISA Construcción, given that the timeframe for completion is very ambitious, just 7 months. With this new project, we are continuing to deepen our industrial-logistics specialisation at the national level and we thank GreenOak and Talus Real Estate for the trust that they have placed in us”.

INEL 2000 has participated in this project as the architect and technical manager, and Soluciones Transparentes has served as the Project Manager. Both companies have extensive experience in the industrial/logistics sector.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake