Catalana Occidente Finalises Purchase of Gaudí’s Torre Bellesguard for €30M

20 July 2018 – Idealista

Catalana Occidente is adding a new asset to its portfolio. The real estate investment arm of the insurance company Catalana Occidente is finalising the purchase of Torre Belleguard, constructed by Antoni Gaudí at the beginning of the 20th century, for €30 million. The Town Hall of Barcelona, the Generalitat and the Regional Council of Barcelona have declined to exercise their right of first refusal and preferential acquisition.

The Catalana Occidente Group, which is headquartered in Sant Cugat del Vallès, has expressed its interest and is willing to pay the owners €30.1 million, excluding taxes, such as the property transfer fee, which would increase the consideration to at least €33 million, according to El País.

The acquisition of this property (which has been classified as an Asset of National Cultural Interest since July 1969) is pending “a few finishing touches” and the intention is for the building “to continue to be open to the public because we are aware of its importance and great heritage value”, explain sources at the company.

Torre Bellesguard was threatened in 2008 when deteriorations caused by the passage of time forced its owners to undertake a comprehensive restoration project and invest €600,000 (a cost shared equally between the family, the Generalitat and the Town Hall).

The high cost of the renovation led the family owner of the property to open it to the public in 2013, organising guided tours inside the tower. It also opened its gardens for the celebration of cultural and social events.

Following this purchase, Catalana Occidente would increase its asset portfolio. The insurance group has invested up to €208 million in the purchase of properties in Spain over the last two years. In total, the company has acquired six offices buildings located in Madrid and Barcelona.

The largest purchase made by the company, which is itself controlled by the Serra family, was the acquisition last year of two properties (Luxa Silver and Luxa Gold) in the 22@ district of Barcelona for which it paid €90 million to the fund Stoneweg.

Moreover, at the end of 2016, the insurance company purchased the building at number 55 Paseo de la Castellana, in Madrid, for which it disbursed €60 million. The asset, which was sold by Standard Life with a 100% occupancy rate, has a surface area of 5,625 m2.

The €27 million that it paid for a second property in the Spanish capital, located in the Montecarmelo area (…) completes the number of acquisitions made by the group’s parent company since 2016.

With these investments, Catalana Occidente’s real estate portfolio in Spain amounted to €1.265 billion at the end of the first quarter of 2018. This line of business generates gains of €476.6 million for the group, in which the real estate component of the investment portfolio (€12.2 billion) amounts to 11.3%.

Original story: Idealista

Translation: Carmel Drake

German Group 12.18 Invests €74M In Luxury Resort In Ibiza

29 May 2017 – Expansión

The German Group 12.18. Investment Management, which specialises in hotel and vacation investments, has arrived in Spain with its first luxury resort, in Ibiza, where it has invested €74 million. The complex, which will operate under the Seven Pines brand, will open its doors in October and will be operational for twelve months of the year.

The resort has 418 beds distributed across two villas and 195 suites, with prices ranging from €230 to €3,000, depending on the season and the occupancy rate. The group estimates that it will generate turnover of €15 million from the complex during its first year of operation and will achieve annual growth of 5% thereafter.

The company, which has an investment portfolio worth €250 million, made its first incursion into Spain at the beginning of 2014, with the purchase of a 3-star vacation complex in Ibiza, constructed in 1970, which it has completely renovated. In addition, 12.18. owns a plot of land measuring 18,000 m2 in the north of Tenerife, which it plans to develop next year.

The German firm has highlighted its interest in strengthening its position in Spain and to that end, it is currently looking for opportunities in Barcelona, Mallorca and Marbella.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Deutsche AM Finances 51% of Neinver & TH RE’s Nassica Purchase

20 December 2016 – Cuatro

Deutsche Asset Management (AM) has granted a loan amounting to €71.5 million to the joint venture between TH Real Estate and Neinver to finance its acquisition of the Nassica shopping and leisure centre in Madrid, whereby contributing 51% of the €140 million that was disbursed for the transaction.

Deutsche AM reported that the financing will be provided through its senior debt real estate fund.

At the beginning of November, TH Real Estate and Neinver completed the purchase of the Nassica shopping centre from the private equity firm KKR for €140 million.

At the beginning of 2015, Neinver and TH Real Estate signed a strategic alliance to create a leading platform of outlet centres in Europe, in which they each hold a 50% stake and through which they own several assets, in addition to the complex located in Getafe.

Constructed in 2002 and located in Getafe, in the south of Madrid, Nassica has a surface area of 53,000 m2, which is divided into 44 spaces for retail, restaurants and leisure.

The property, which was completely renovated in 2015, has a high occupancy rate and a large variety of retail outlets, including a Carrefour, MediaMarkt and Toys R Us, as well as other domestic and international brands.

The shopping centre attracts 6.4 million visitors per year and is easy to access given its strategic location close to two major highways. Moreover, it is next to The Style Outlets, an important shopping centre, which is managed by Neinver. (…).

Recently, Deutsche’s real estate debt investment division completed the €57 million refinancing of a portfolio of investments in Mayfair, London, as well as a new €750 million mandate for a German institutional client.

Deutsche AM’s real estate debt business has a total volume of €2,000 million (as at 7 November 2016).

Original story: Cuatro

Translation: Carmel Drake