Co-living Brand Quarters Expands Into Spain and Portugal

25 March 2019 – Press Release

The MEDICI LIVING Group, the leading co-living provider in Europe and the U.S, is expanding into Spain and Portugal. It has therefore appointed Nicolas Dugerdil (pictured below) as Director Expansion Iberia. Based in Barcelona, he will be spearheading the group’s expansion and roll-out of the QUARTERS co-living brand in the region. He will identify locations and secure buildings, with an initial focus on Madrid, Barcelona and Lisbon. Other cities are to follow once a foothold has been established.

Dugerdil moves over to MEDICI LIVING from the Spanish Inditex Group where he most recently held the position of Expansion Director for Uterqüe, managing the fast-growing premium fashion brand’s entire real estate portfolio and leading its international development. Between 2013 and 2016, as Expansion Manager for Switzerland, Dugerdil built up Inditex’s network of stores in the country, and between 2012 and 2013 was part of the core team rolling-out the global Radio Frequency Identification project, a technology that has had a huge impact on the retail sector. He holds an MBA from the IESE Business School.

“We want to become the WeWork of co-living in the coming years. Iberia is another important step on this journey,” says MEDICI LIVING founder and CEO Gunther Schmidt. “Home prices in both Spain and Portugal have been rising steadily in major cities over the last few years, so that affordable housing for young professionals has become scarce. With our QUARTERS concept, we will be offering just the right community and living space to fill the current supply gap.”

The company has ambitious plans for Iberia. Up to 20 percent of the roll-out funding provided by CORESTATE Capital is to be invested in Spain and Portugal adding up to 1,200 co-living beds in these two countries.

The QUARTERS brand, with its high-end furnishings and a comprehensive digital concept, is specifically targeted at young professionals from the millennial generation. The brand’s rollout across Europe has accelerated since the end of last year when MEDICI LIVING and Frankfurt-listed CORESTATE Capital Holding, one of the region’s largest real estate investment managers, agreed on a cooperation to invest €1bn of equity and debt in the coliving sector over the next three to five years.

The programme marks the largest planned investment in the history of the young asset class worldwide. A similar cooperation was agreed with the W5 Group, the family office of Ralph Winter, which aims to invest $300m in the US. MEDICI LIVING expects the addition of at least 7,300 further rooms to its portfolio until 2023. The company currently operates 1,800.

Original story: Press Release

Edited by: Carmel Drake

GGC Acquires El Mirador de Jinámar Shopping Centre for €45M

30 November 2018 – Eje Prime

General de Galerías Comerciales is now the owner of El Mirador de Jinámar. The Socimi led by the Murcian businessman Tomás Olivo has acquired the commercial complex located in the Canary Islands for €45 million. The company has been advised by Cushman & Wakefield during the operation.

El Mirador de Jinámar is the largest retail space in the Canary Islands. The asset has a total surface area of 50,000 m2, of which 11,300 m2 is dedicated to the first hypermarket that Eroski opened in the region. In fact, the Spanish supermarket chain is one of the drivers of the complex, together with the property developer Ambrosio Jiménez.

Since November 2010, the Mirador de Jinámar has housed a total of 120 establishments in its commercial area. Distributed over two floors, some of the tenants of the property include firms from the Inditex group, as well as H&M, Cortefiel and Primark (whose store exceeds 5,000 m2, making it the Irish company’s largest in the Canary Islands).

The complex is located in Jinámar, a neighbourhood located between the municipalities of Las Palmas de Gran Canaria and Telde, the two most important cities on the island. The complex also has a parking area with capacity for more than 40,000 vehicles. In a second phase, which is still pending, the centre is planning to expand its offer to include 45,000 m2 of additional space, which will be allocated to DIY and homeware firms (…).

Meanwhile, General de Galerías Comerciales made its debut on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience undertaking its activity right across the value chain, from the purchase of land to the management of assets.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Marbella), Mediterráneo (Almería), Mataró Parc (Mataró), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada). The company also has an extensive portfolio of residential assets and retail premises, as well as land, primarily in the south of Spain. When the company made its debut on the MAB, its portfolio of assets was worth €1.9 billion.

Original story: Eje Prime 

Translation: Carmel Drake

Finestrelles Shopping Centre Opens with a 98% Occupancy Rate

27 November 2018 – Eje Prime

The Finestrelles shopping centre has fired the starting gun. The complex, located in the Catalan town of Esplugues de Llobregat, on the outskirts of Barcelona, has opened its doors today after two years under construction.

Finestrelles, which has a commercial surface area of 40,000 m2, spread over five floors, has opened with an occupancy rate of 98%. The complex contains 110 stores, with tenants of the calibre of JD Sports, Mango, H&M, Zara and other Inditex chains.

For the construction of the shopping centre, which is owned by the Belgian real estate firm Equilis, an investment of €120 million has been made and 1,500 direct and indirect jobs are expected to be generated. Moreover, the complex is expected to attract 8 million visitors during its first year given that it is located along one of the main entrances into Barcelona.

Initially, Finestrelles was scheduled to open at the beginning of October, but according to the construction firm, due to the poor meteorological conditions, a decision was taken to delay the opening until the end of November.

Original story: Eje Prime 

Translation: Carmel Drake

Inditex Invests €57M In New Logistics Platform In A Coruña

1 June 2017 – Expansión

The Inditex Group is going to invest €57 million on the construction of a logistics platform for the receipt, storage and classification of textiles and accessories in A Laracha (A Coruña). The new site will work in a “totally integrated” way with the Group’s existing logistics platform in Arteixo.

Original story: Expansión

Translation: Carmel Drake

Sambil Outlet Opens Largest Shopping Outlet In Spain

27 March 2017 – Observatorio Inmobiliario

The Sambil Outlet Madrid was inaugurated on Thursday (23 March), it is a new shopping centre concept that combines fashion outlets with restaurants, leisure and other services. With a gross leasable area (GLA) of 43,500 m2, it is the largest outlet centre in Spain and the first European project undertaken by the Venezuelan group Sambil.

According to its developers, the total investment in the shopping centre amounted to €59 million and at the time of opening, it has an occupancy rate of 85% of the GLA. It contains 130 retail premises in total and has 2,400 parking spaces. There are plans to open charging points for electrical vehicles. Sambil Outlet Madrid will create almost 2,000 direct and indirect jobs.

Ricardo and Alfredo Cohen, Directors of the Sambil Group, participated in the inauguration ceremony. They stated that “our commitment to this market is serious and we will soon be exploring new avenues for investment in this country”.

Other attendees at the inauguration of the new centre included Javier Ruiz Santiago, Deputy Minister for the Economy and Innovation, María José Pérez-Cejuela, Director General of Trade and Consumer Affairs, both from the government of the Community of Madrid; Santiago Llorente, Mayor of Leganés; and a large number of councillors from the municipal corporation. Ricardo Fontana, Minister-Counsellor of the Embassy of Venezuela, also attended, along with representatives of the country’s main retailers.

The fashion space, which accounts for 51% of the total surface area, is home to brands such as Outlet from El Corte Inglés, For & From (Inditex group), Fifty Factory (Cortefiel group) and the Outlet Sport (Intersport group), amongst others.

The food area will house the largest Simply Hypermarket in the Community of Madrid. The leisure space will include a 12-screen Odeon cinema and the largest wind tunnel in Europe, the Hurricane Factory, which will open within the next few weeks. The restaurant section will include a Burger King, Foster’s Hollywood and Grupo Vips restaurants, amongst others. There will also be an area dedicated to services.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Trajano Iberia Buys Alcalá Magna Shopping Centre For €100M

3 February 2017 – Expansión

The Socimi Trajano Iberia, which is managed by the real estate division of Deutsche Asset Management, has purchased the Alcalá Magna shopping centre from Incus Capital, for €100 million.

According to a statement released by the Socimi, the shopping centre is located in one of the main residential areas of Alcalá de Henares (Madrid). It has a commercial surface area of 34,165 m2, spread over two levels, and 1,204 parking spaces, spread over two underground floors.

Its tenants include high profile brands from the Inditex group, led by Zara, as well as several recent arrivals, such as Lefties, H&M, Mango, Mercadona, a Virgin Active gym and restaurant groups.

The space, constructed in 2007, has an occupancy rate of more than 95%, receives almost 5 million visitors a year and generates annual sales of around €64 million.

Following this operation, Trajano Iberia has now made investments amounting to €282 million since its launch in June 2015. It currently has five assets in its portfolio, with a total surface area under management of 151,000 m2.

This new investment takes the company to 100% of its investment capacity once again, following its second capital increase, which was carried out in October, amounting to €47.2 million.

For this transaction, the company was advised by Deloitte, JLL and Garrigues. The vendor was advised by CBRE and Dentons.

Original story: Expansión

Translation: Carmel Drake

Catella Advises Sale Of 2 Retail Premises In Burgos & Cádiz

28 July 2016 – Press Release

The international real estate consultancy Catella has advised a Spanish investment vehicle on the sale of two retail premises, located in Burgos and Cádiz, and leased to Massimo Dutti, Lefties and Desigual.

The premises in Burgos are located on Calle Vitoria, 17, but are also accessible from Calle de la Puebla, 24-26. The asset is located on the best shopping street in the city, home to high profile tenants such as Zara and El Corte Inglés. It has a total surface area of 1,929 sqm, distributed over the ground floor, mezzanine level and basement. And it is leased to the Inditex Group for use by its commercial brands Massimo Dutti and Lefties.

The premises in Cádiz are located on Calle Columela, 23 (pictured above), the main shopping street in the city, alongside brands such as Mango, Zara and Massimo Dutti. The property has a total surface area of 225 sqm distributed over the ground and first floor. It is leased to the fashion chain Desigual, which is going to introduce its new concept soon.

According to Pablo Carvajal, Director of Capital Markets at Catella, “given the absence of products with attractive returns in the prime markets of Madrid and Barcelona, investors are now showing more interest in the best shopping streets in other cities, where they are finding high yields and first-rate tenants”.

About Catella

Catella is a listed international real estate consultancy and a leader in the Europen market. Catella adds value by combining its extensive knowledge of local markets with its own investment bank approach and its great capacity to generate investment opportunities.

Original story: Press Release

Translation: Carmel Drake

Lar España Completes Acquisition of ‘Portal de la Marina’

4 April 2016 – Mis Locales

The Socimi, which already owned 59% of the asset and the hypermarket, has completed the acquisition of the remaining 41% stake for €14.58 million.

The Socimi Lar España Real Estate has acquired 41% of the company Puerta Marítima de Ondara, which, in turn, owns the Portal de la Marina de Ondara shopping centre in Alicante.

The Socimi had already acquired 59% of the company in October 2014, and it acquired the hypermarket in June 2015, in such a way that, following the recent acquisition, it now owns the entire Portal de la Marina shopping complex, worth €94.5 million.

Figures relating to activity at Portal de la Marina in 2015 clearly reveal its appeal, given that it recorded a 13% increase in sales compared with the previous year and a 6% increase in the number of visitors, to 3.76 million.

José Manuel Llovet, Director of Retail, said that “with this acquisition, we have consolidated 100% of Portal de la Marina, an excellent regional shopping complex, and this allows us to accelerate the decision making process and drive our ambitious management and value creation plans.

The shopping complex has a leasable surface area of approximately 40,000 m2, spread across 120 stores over two floors. It has eight cinema screens, with brands such as Cortefiel, H&M, Mango, C&A, Tien21 and eight brands from the Inditex Group, as well as 1,600 parking spaces.

Following this purchase, Lar España has now acquired assets worth €961 million, of which €686 million has been spent on the purchase of twelve retail premises located in Madrid, Valencia, Sevilla, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; €150 million on the purchase of four office buildings in Madrid and one in Barcelona; €70 million on the acquisition of four logistics assets in Guadalajara and one in Valencia; and €55 million on the acquisition of a residential asset in Madrid.

Original story: Mis Locales

Translation: Carmel Drake