Tag: Invesco Real Estate

Grupo HNA Acquires the Torre Spínola in Madrid for €52 Million

19 December 2019 – Invesco Real Estate has sold the Torre Spínola to the HNA Group in a deal worth approximately 52 million euros. The global real estate investment management firm had only acquired the property at the beginning of this year from Lar España for 37 million euros, a 71% return on its initial investment.

The building, which is located in the region of Chamartín in the north of Madrid, has 12 floors and a total gross leasable area of about 8,875 square meters. Invesco’s new acquisition is at Calle Cardenal Marcelo Spínola 42. During its ownership, Lar implemented a €9-million refurbishment.

After its purchase, Invesco subsequently mandated Knight Frank to lease offices in the property. This year, firms including OPD Energy, Walmeric and Marco de Comunicación signed long-term leases.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner

UOC Buys its Home in 22@ from Invesco for €30.6M

7 November 2018 – Eje Prime

The Universidad Oberta de Catalunya (UOC) has acquired Can Jaumandreu. The entity has purchased the iconic office complex, located in the 22@ district of Barcelona from Invesco Real Estate for €30.6 million.

The university institution, which has occupied the property on a rental basis since 2005, together with the public institution of the Town Hall of Barcelona Bagursa, has obtained ownership of the property on a concession basis until 2078. The purchase has been made as a result of the growth of the entity, the consolidation of the district and, above all, the rationalisation of the spaces that it has in Barcelona into a single complex, reported the UOC in a statement.

Can Jaumandreu is one of the most iconic office complexes in the 22@ district. With a surface area measuring 12,284 m2, the property comprises two buildings and has a 7@ certification, which means that only public companies or outreach or training firms may occupy the space.

Alejandro Monge, Director of Invesco Real Estate in Spain, highlighted that “the divestment forms part of the fund’s usual asset rotation policy, given that the complex has been in the portfolio for more than ten years”. Nevertheless, for the company, which has recently acquired three logistics assets in Madrid and Barcelona, Spain is still a priority investment area”, said the executive. “We are still looking for opportunities to invest in high-quality assets and increase our presence in this market”, said the Director.

The 22@ district – all the rage in Barcelona 

The office district of the moment in Barcelona is registering record figures for another year. According to the Marketshot report compiled by Cushman&Wakefield, the consultancy firm that has advised the operation, 86 rental operations were closed in the 22@ district in 2017spanning 101,000 m2, which represents the highest figure in the last ten years and 34% more than in the previous two years (…).

The investment volume, which amounted to €161 million in the 22@ district in 2017, more than tripled the €51 million figure recorded in 2016. In metres squared, the investment volume corresponded to a surface area of 173,000 m2, well above the figure recorded in 2016, of 33,000 m2.

Original story: Eje Prime 

Translation: Carmel Drake

Thor Equities Leases Puerta del Sol, 11 to Malagan Perfume Chain Primor

12 October 2018 – Eje Prime

Thor Equities is going to become the landlord of Primor in Madrid. The New York-based fund has leased number 11 Puerta del Sol to the Malaga-based perfume and cosmetics chain. The property, which is owned by Thor Equities and the real estate manager Invesco Real Estate, will house Primor’s flagship store in the Spanish capital.

The asset is located on one of the busiest commercial streets in Madrid. The store, which will open its doors at the beginning of 2019, will occupy the more than 1,400 m2 that make up the property, distributed over three floors. The lease contract has been signed for a duration of fifteen years, with a rent of around €360/m2/month, according to reports from El Economista.

The fund and Invesco Real Estate acquired the store from El Corte Inglés at the end of 2015 for €65 million. The property is one of four assets that comprise Thor Equities’s real estate portfolio in Madrid. The company made its last purchase in April when it acquired number 30 Gran Vía for €75 million. Moreover, Thor is also the owner of number 5 Puerta del Sol, for which it paid €5 million in March 2017.

The fund has undertaken this transaction together with Invesco Real Estate, one of the world’s largest real estate investment managers. The firm has been investing in Spain in different segments, such as the residential and logistics sectors, for several years. Specifically, its last major operation in the country involved its purchase of three logistics centres in Madrid and Barcelona for €173 million.

Original story: Eje Prime

Translation: Carmel Drake

Invesco & Niöra Acquire Residential Building In Madrid For €30M

18 October 2017 – Eje Prime

Another new partnership has been formed in the real estate sector. Invesco Real Estate, the global real estate investment management firm, and Niöra Real Estate, the real estate investment firm belonging to the Levante Capital Partners Group, have joined forces to purchase the property located at number 7 on Calle Génova, in Madrid. The project will involve a total investment of more than €30 million.

The real estate operation between Invesco and Nïora Real Estate marks the beginning of a collaboration between the two companies to create a series of luxury real estate projects, given that the two entities are already working together on the completion of a second operation before the end of the year.

The building, constructed at the beginning of the last century, is located in the Almagro district of Madrid, one of the wealthiest in the capital. Génova 7 comprises seven above-ground floors and one underground floor, spanning a total surface area of 6,088 m2. The property is going to be completely renovated to create retail premises on the ground floor and luxury residential units on the upper floors. The renovation, which is expected to be completed in 2019, will begin at the end of this year and Niöra Real Estate will be responsible for managing the project.

Niöra Real Estate specialises in originating real estate opportunities based on analysing the fundamentals in the market; repositioning assets, advising on the modification of features to improve their value; and optimising exit strategies and divestments.

Meanwhile, Invesco Real Estate currently has around $65,000 million in assets under management, which it handles through 21 offices around the world. This new acquisition is being incorporated into its European portfolio containing more than 130 assets in 13 countries, worth around $9,000 million.

Original story: Eje Prime

Translation: Carmel Drake

Which Players Will Shape The RE Sector In 2017?

5 December 2016 – Expansión

The end of 2016 will mark not only a new record in terms of real estate investment in Spain, but also the start of a new phase in the sector, after three years of recovery.

“In mid-2013, funds like Blackstone started to close operations, at a time when the market was completely paralysed. That prompted a magnet effect, which, together with the creation of Socimis and the reorganisation of the banking sector, launched the recovery of the sector”, said Adolfo Ramírez-Escudero, President of CBRE.

Thus, after closing last year with an investment volume of €12,884 million, the expectation is that the figure will reach €13,900 million by year end 2016. “We may reach record investment figures by year end, as new property owners, with a more institutional profile, enter the market, such as German investment funds, insurance companies, etc.”, he said.

The investment figure may be maintained next year if corporate operations continue, say sources at the consultancy firm. “We are living in a different Spain, with GDP growth of 3.2% this year and forecast GDP growth of 2.5% next year. That has a direct correlation with employment and, therefore, with real estate”, said Ramírez-Escudero.

For this new phase, one of the most important players will be the large Socimis, which have continued to close operations this year, but in a more measured way as they have been more focused on managing their properties; as well as German funds, such as Invesco Real Estate and the real estate division of Deutsche Bank.

Nevertheless, these more risk-averse investors will share the stage with another kind of player in the Spanish real estate sector in 2017. “We are pretty convinced that there is going to be a new property developer cycle, given that the real estate companies have now been established, with new capital. Next year, the property developers will be building new products”, said the Head of CBRE.

Residential segment

These new players will include Neinor Homes. The real estate company, created by the fund LoneStar with the former subsidiary of Kutxabank, has become a key player in the property development sector, with projects underway across Spain. In 2017, the company led by Juan Velayos will debut on the stock market, whereby restoring the profile of property developers, such as Martinsa Fadesa and Reyal Urbis, which fell from grace following the burst of the bubble.

Another player in the residential sector will be Avantespacia. The new real estate company, in which Inveravante (Manuel Jove’s company) owns a 70% stake and Anida (BBVA’s real estate arm) owns a 30% stake, will promote almost one thousand homes during its first phase of development. Its first project in Málaga, with 135 properties, is already being sold, whilst in Madrid, the new company is preparing a development in the Francisco Silvela area.

But development will not only be happening in the residential segment, major projects are also planned for the office and shopping centre segments. In the former, Merlin Properties is expected to play an important role. Spain’s largest Socimi is currently working on the development of an office building in the Isla Chamartín area, in the north east of Madrid.

In addition, it has just completed the purchase of the Adequa business park, a complex that comprises four office buildings and a shopping area, with space for the construction of a 24-storey skyscraper, with a total surface area of 29,000 m2.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Corum Convictions Sells Retail Outlet In Tarragona For €9.43M

31 May 2016 – Mis Locales

The real estate consultancy BNP Paribas Real Estate has advised Corum Convictions, the real estate investment company owned by Corum Am, regarding the sale of a retail outlet in Tarragona worth €9.43 million.

The asset, located in the Les Gavarres shopping area in Tarragona is leased to Media Markt, the European leader in the sale of domestic appliances and high quality IT equipment.

The property has been acquired by Actipierre Europe, the real estate company owned by Ciloger, which, in turn has been advised by Invesco Real Estate to carry out the transaction. Corum Convictions applies an open and opportunistic strategy to its investments with a high rate of distribution, and to this end, it invests in all types of assets (offices, shops, healthcare, hospitality, business, car parks…) both in France as well as across the Eurozone.

Vincent Dominique, Director of Corum Am, has said that “With this sale, we continue to drive our opportunistic acquisition and arbitrage strategy, which benefits from the effects of economic cycles. In fact, based on what we expected in 2013, the year in which the most recent economic cycle in Spain bottomed out, both in terms of the macroeconomic environment and the real estate investment sector, the decrease in rates has allowed an increase in asset values, which has resulted in high and secure rental income and first-rate tenants”.

Original story: Mis Locales

Translation: Carmel Drake