Tag: industrial warehouses

Sareb Puts More Than 150 Plots Of Land Up For Sale

7 October 2015 – El Boletin

Sareb has launched a land campaign for investors and property developers, which includes more than 150 plots, according to a statement issued yesterday by the so-called ‘bad bank’. The plots have a total buildable area of over 1,500,000 m2 for the development of homes, offices, shops, hotels and industrial warehouses.

Around one third of the land is located on the coast and is aimed at secondary residence developments. The campaign is being conducted online, through the microsite http://suelossareb.es, which contains information about all of the assets for sale. It also includes plots for tertiary use in the provinces of Guadalajara, Madrid, Málaga, Murcia and Valencia, intended for the development of approximately 250,000 m2 of offices and industrial warehouses. Sareb is outsourcing the marketing of these plots to its managers and servicers (Altamira, Haya, Servihabitat, Solvia).

“Sareb has identified that there is demand for developable land in several parts of Spain where it has assets, and so we think that now is the right time to launch this campaign”, explains Alfredo Guitart, General Manager at Sareb.

Almost 30% of the land included in this campaign is located in the Community of Madrid, with a buildable area of approximately 367,000 m2. Highlights include plots in Alcalá de Henares, Arroyomolinos, Madrid city, Torrelodones, Valdemoro, Leganés and San Fernando de Henares.

Sareb has also put 20 plots of land up for sale in Andalucia (with a buildable area of around 231,000 m2). These assets are mainly located in the province of Málaga, but there are also plots in Granada, Córdoba and Cadiz. All of these sites are intended for residential use, with the exception of two sites in Marbella and Vélez-Málaga, which have been allocated for hotel and retail use, respectively.

There are 39 plots in the Community of Valencia, with a combined buildability of approximately 215,000 m2, mainly residential. Two thirds of this supply is located in the towns of Moncofa (Castellón), and Gandía and Sagunto (Valencia). The latter is home to a plot of industrial land for warehouses, with a surface area of almost 16,000 m2. Meanwhile, in Cataluña, there are 17 plots with a buildability of 70,000 m2. The majority of those are located in the city of Barcelona, but the supply also includes other sites in, for example, Terrassa, Sabadell and Llinars del Vallés (Barcelona) and Ametlla de Mar and Ruidoms (Tarragona).

Finally, there are sizeable plots in Palma de Mallorca (Balearic Islands) and Zaragoza (Aragón). The first plot has been allocated for social, industrial and commercial use and is located in Estadi Balear, with a buildability of more than 10,000 m2. In the case of Zaragoza, nine plots have been selected with a combined buildability of more than 62,000 m2, both in the old town and in new developments.

Original story: El Boletin

Translation: Carmel Drake

Metrovacesa To Build Homes & Hotels In Clesa Factory

28 May 2015 – Expansión

The real estate company and the College of Architects are holding a competition for ideas to renovate the main building of the complex in Madrid and develop homes, hotels and retail spaces.

Recover an industrial area that was abandoned years ago, and integrate it into the new urban plan for Madrid. That is the ambitious project that the real estate company Metrovacesa finds itself immersed in.

The company has decided to convert the Clesa factory – the former dairy brand of the Ruiz Mateos group – in Madrid, into a residential area with all sorts of amenities, as well as hotels and retail spaces. The project includes the demolition of 16 industrial warehouses that make up the complex, but one building, created by the architect Alejandro de la Sota, will be maintained. “The disused building was neglected by the former tenants, which constructed adjoining properties. We have been working on (this project) for months and in the end, last Friday, we got the green light from the Town Hall of Madrid for the classification (of the property) as a protected building”, explained Carlos García León yesterday, Director General at Metrovacesa.

The area, located on Avenida Cardenal Herrara Oria in Madrid, next to the Ramón y Cajal hospital and with 90,000 square metres of buildable area, has been empty for the last six years, when the business conglomerate owned by the Ruiz Mateos families ran into financial difficulties. Metrovacesa has been the joint owner of the factory since 2006 and in 2013, it became the sole owner of the property.

Now, and with an investment of more than €30 million, Metrovacesa will reduce the buildable surface area to 70,000 square metres, of which 9,000 m2 relate to De La Sota’s protected building; the remainder will be split as follows: 60% for homes, both unsubsidised (free homes) and subsidised social housing; and 40% for tertiary properties.

“We have listened to the requests made by people in the area, such as the families of patients at the hospital, who do not have retail areas or hotel rooms to stay in”, explains José Antonio Granero, Dean of Madrid’s Official College of Architects (el Colegio Oficial de Arquitectos de Madrid or COAM).

Competition for ideas

The first phase of this new urban development will feature the protected building. To this end, Metrovacesa has teamed up with COAM to hold a competition for ideas to renovate the property, designed in 1959 and completed in 1961, to find a new use for it. “The competition will be announced next week once the Town Hall’s approval of the change to the general plan has been published in the BOE”, explain sources at COAM. The decision to award the project will evaluate both the proposals for the provision of services in the area, as well as their technical and economic feasibility. Interested architects may submit their proposals to a panel comprising directors from Metrovacesa, architects from COAM and members of Madrid’s Town Hall.

For the renovation of this space alone, the real estate company will invest between €15 million and €20 million.

Furthermore, Metrovacesa has signed an agreement with Adif for the transfer of 1,000 square metres of space, which the railway manager will use to improve the station that is currently closest to the site. “Adif is going to build a footbridge to link the area with the Ramón y Cajal hospital, which is currently separated from the complex by the train tracks.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Sankaty Finalises Purchase Of 40 Large Loans From Bankia

6 May 2015 – Expansión

During 2015, Bankia has become an important focus point for international funds. Along with the sale of properties amounting to €4,800 million, the nationalised entity has launched three other large sales processes to divest non-strategic assets: one contains hotel debt – Project Castle; another involves problem mortgages – Project Wind; and the third includes large loans to real estate companies – Project Commander. The last of these is likely to close first, since the US fund Sankaty, a subsidiary of Bain Capital, is now in exclusive negotiations to seal the purchase and may sign an agreement in the next few days.

If the agreement comes to fruition, the investor will acquire 170 loans granted to 39 companies linked to the property sector. Of those, 31 are property developers that have filed for bankruptcy or liquidation. The portfolio include several loans granted to companies such as the Catalan firm Promociones Habitat.

Most of the loans are syndicated and bilateral, secured by rural land and industrial warehouses. The nominal value of the portfolio amounts to €500 million. Sankaty already acquired one portfolio from Bankia last year, together with the hotel investment giant Starwood. They paid the bank €400 million for hotel and real estate loans.

Original story: Expansión

Translation: Carmel Drake

Bankia Puts 40 Large Property Loans Up For Sale

7 April 2015 – Expansión

Project Commander / The bank is holding negotiations with opportunistic funds regarding the transfer of real estate loans worth €500 million.

Bankia is causing a storm amongst large overseas funds in 2015. The entity chaired by José Ignacio Goirigolzarri recently announced two large divestments aimed (precisely) at those investors; they are pioneering due to the types of assets that they include: one contains overdue mortgages and the other contains large loans to real estate companies.

In total, Bankia has put unpaid property-related loans up for sale amounting to €1,800 million. Through this strategy, the bank is seeking to reduce its balance of doubtful loans and to continue awarding real estate assets.

The most advanced transaction (in terms of progress) is the one involving the large loans (to real estate companies). Project Commander, the name of the deal being advised by Deloitte, includes 170 loans granted to 39 companies, worth more than €500 million. Of those companies, 31 are property developers and almost all of them have filed for bankruptcy or liquidation, according to sources at the overseas funds. Some of the loans were granted to companies such as the Catalan group Promociones Habitat, the same sources reported.

Exposure to land

Most of the loans are syndicated and bilateral and provide access to a wide range of assets. These include land – €200 million – most of which is rural; and industrial warehouses – €90 million -. The fund(s) that win(s) the bid will also be in a position to take ownership of office buildings, homes, a fully operational aparthotel and even a winery.

Along with the real estate assets, a small portion of the portfolio is backed by pledged shares and other types of economic rights in creditor bankruptcy.

Almost two thirds of the real estate portfolio is located in Castilla-La Mancha – mainly Toledo -, Andalucía and Cataluña.

According to the agreed timetable, the funds must present their final offers within the next two weeks and the transaction should close before the end of the month. Sources close to the process indicate that Bankia may obtain between €150 million and €200 million for Project Commander.

To secure the deal, many of the large funds have purchased real estate platforms during the last two years: Apollo (Altamira), Cerberus (Haya Real Estate), Blackstone (Anticipa), TPG (Servihabitat), Lone Star (Neinor), Centerbridge (Aktua) and Värde Partners-Kennedy Wilson (Aliseda).

These investors have already participated in some of the large real estate loan purchases. Blackstone purchased the largest portfolio ever transferred in Spain to date, Project Hercules, which comprised problematic mortgage loans from Catalunya Banc amounting to almost €6,500 million; and, more recently, Blackstone acquired a non-performing property developer loan portfolio from CaixaBank. Meanwhile, Lone Star purchased a loan portfolio from Eurohypo for €3,500 million.

Nor does the market rule out the emergence of new players such as Pimco, Chenavari and Deutsche Bank.

Meanwhile, yesterday Fitch increased the rating of Bankia’s mortgage bonds by one notch to A-.

Original story: Expansión (by Jorge Zuloaga)

Translation: Carmel Drake