Hermes Properties Buys 2 Plots in Madrid from Sareb for €4M

5 June 2018 – Eje Prime

Hermes Properties is making its debut in Madrid. The company has purchased two plots of tertiary land with a surface area of 4,000 m2 in Madrid from Sareb for €4 million. The operation has been carried out through its second real estate investment vehicle, called Hermes II.

Specifically, the plots are located next to the Islazul Shopping Centre in Madrid, located in the Ensanche de Carabanchel, between the districts of Carabanchel, Latina, the Toledo motorway and the M40 motorway, on the border of Madrid and Leganés.

The plots have been previously leased to two operators, namely, Burger King and Carl’s Jr, who will undertake construction work imminently to open two restaurants in free-standing and unique buildings with drive-thru services.

Original story: Eje Prime

Translation: Carmel Drake

Grosvenor Injects Another €15M into its Luxury Home JV with Amprop

29 January 2018 – Eje Prime

Grosvenor is still interested in growing in the Spanish market, hand in hand with its local partner. The British company has injected another €15 million into its Spanish joint venture with the Malayan firm Amcorp Properties Berhad (Amprop), created last year to build luxury apartments in Madrid. Both groups have financial muscle amounting to more than €200 million, which they plan to invest in the construction of new developments in the country.

In this way, Grosvenor and Amprop are continuing with the plans they started last year when they completed the purchase of an 820 m2 plot on Madrid’s golden mile on which to build a luxury residential development. That plot is located on Calle Jorge Juan, one of the most expensive areas to live in the Spanish capital.

The British fund, owner of more than 1,500 properties spread all over the world, transformed its fund Grosvenor Fund Management into Grosvenor Europe, with the aim of undertaking joint investments in key markets in Europe, including Paris, Madrid, Milan and Stockholm.

The alliance signed with Amcorp set itself the objective of backing value-added investments, where it assumes more risk but also receives greater returns. For these types of projects, the two groups have allocated a budget of €70 million.

Seven months after creating this alliance, the partners have closed their first investment, for an undisclosed sum. In this plot, Grosvenor and its partner will construct an exclusive development comprising six apartments and a penthouse with views over the Retiro park.

Grosvenor has not yet determined the price at which it will place these properties on the market although the average price per square metre for prime real estate in the Salamanca neighbourhood amounts to around €8,500. Although, according to the most recent residential reports, some developments are going for more than €9,000.

The purchase of these plots followed the acquisition of two buildings in Madrid in July, which it will transform into new residential and retail spaces (…).

Grosvenor in Spain

In the Spanish market, the fund has been led by Fátima Sáez del Cano since 2007, although it started to operate in the country in 1996. The director manages the fund that specialises in the office business and retail sector, which is also responsible for the management of funds and assets. Some of the properties under Grosvenor’s management in Spain include the Islazul shopping centre in Madrid and the Anecblau complex in Barcelona (…).

Moreover, in recent months, Grosvenor has decided to add new lifeblood into its leadership team with the hiring of new directors. Last September, the group recruited Javier García as the new Technical Director for the Spanish market (…).

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

TH Real Estate Launches €250M Logistics Asset Fund

19 October 2016 – Expansión

The management company TH Real Estate, which owns a dozen properties in Spain, including the Islazul shopping centre, has launched its second investment fund, which will be fully dedicated to the purchase of logistics assets in Spain, France, The Netherlands and Italy.

This fund, known as the EI European Logistics Fund (EIof) has already secured more than €200 million in funding since its launch in March. The objective is to raise €250 million by the end of the year. “Current investors include pension funds, insurance companies and banks, amongst others, which comprise a group of between eight and ten investors”, say sources at the management company.

The objective of EIof is to create a portfolio of around €400 million with assets located in the aforementioned four countries. “Following the close of this new vehicle, we are now active in the Spanish market looking for opportunities in the logistics segment, where we already manage more than 40,000 sqm of space”, said Marta Cladera, the new Director of Business at TH Real Estate for Spain and Portugal, who was appointed on 13 October.

From its office in Madrid, TH Real Estate manages a portfolio in Spain worth more than €1,000 million and the jewel in its crown is the Islazul shopping centre. Located in the neighbourhood of Carabanchel, it is one of the most iconic establishments in the country, with a retail surface area of 90,000 sqm. TH acquired the property in 2014 for €232 million, and whereby starred in one of the operations of the year.

In addition, the management company owns shopping centres in Getafe (Madrid), Sevilla, Fuengirola and Vigo and a logistics platform in Madrid. In August, the firm divested the L’Aljub shopping centre in Elche, which it sold along with two shopping centres in Italy for €250 million.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake