Stoneweg is the Favourite to Acquire Atlético de Madrid’s 3rd Plot in Operación Calderón

31 May 2019 – El Economista

Earlier this week, it was announced that Azora, one of the largest rental home managers in the country, is set to buy two of the three plots that Atlético de Madrid has up for sale as part of Operación Calderón. Now, it has been revealed that the favourite in the running to acquire the third plot is the real estate firm Stoneweg, founded by Jaume Sabater and Joaquín Castellví.

Stoneweg will reportedly team up with a partner for the operation and will to dedicate the plot to rental homes. These types of projects are gaining weight in the capital in light of the high demand in the market, which has caused prices in some areas to soar. In fact, Azora is also planning to dedicate some of its two plots to rental housing.

Stoneweg is an expert in the rental home market with a portfolio of 10,000 rental units in the USA. In Spain, the firm operates through Stoneweg Living and has 10 developments in Barcelona, 9 in Madrid and 7 in various locations along the coast.

It is understood that Atlético de Madrid wants to complete the sale of all three plots before the end of June, as the club’s year-end is 30 June. The proceeds will represent a significant capital injection, which will allow AM to pay off some of its debt and buy more players over the summer.

Original story: El Economista (by Alba Brualla)

Translation/Summary: Carmel Drake

Stoneweg Finalises Purchase of Land in Madrid from Dragados for €120M

14 December 2018 – Eje Prime

Stoneweg is buying land in Madrid. The Spanish-Swiss investment fund is finalising the purchase of a plot located in the Spanish capital from Dragados for €120 million. The operation, which is expected to close within the next few days, will represent a record in Madrid in terms of the volume of finalist land sold.

The plot spans a total buildable surface area of 45,000 m2 and is located on Paseo de la Dirección, in the Madrilenian district of Tetuán. Stoneweg plans to build two residential-use towers on the site comprising 25-storeys each. The price for the land could amount to around €5,000/m2, according to reports from Expansión.

CBRE has participated in the operation, as advisor to the buyer, whilst Colliers International Spain has advised the vendor. The residential development in Madrid will be added to eight other projects that Stoneweg has underway in Spain, four in Barcelona and another four on the Costa Brava.

The investment platform was created in 2015 by the former private banking real estate team at Edmond de Rothschild and by the founding partners of CBRE in Switzerland. Currently, the fund is chaired by Claude Messulam and its management team includes Jaume Sabater as the CEO and Joaquín Castellví, as the Director of Investment and Acquisitions.

Original story: Eje Prime 

Translation: Carmel Drake

Stoneweg Plans to Build New Homes in Barcelona & along the Costa Brava

10 October 2018 – Eje Prime

Stoneweg is continuing to grow its portfolio of projects in Cataluña. The Spanish-Swiss fund is strongly committed to the territory and has already announced new developments in Barcelona and the Costa Brava.

Two of the most important projects are going to be developed on two prime streets in the centre of Barcelona, namely Rambla Catalunya and Pau Claris. The company led by Joaquín Castellví and Jaume Sabater declined to share more details about these future homes, according to Expansión. The real estate company is going to unveil the two developments at the next Barcelona Meeting Point, which will be held in the Catalan capital between 25th and 28th October.

Meanwhile, in L’Hospitalet de Llobregat, the fund is going to build two towers containing 276 homes on the site of the former Cosme Toda factory, a plan that was announced in March, when a €370 million investment plan was registered to build 800 new homes in Cataluña.

The sought-after 22@ district for the office market is also of interest to the company, which is planning a development on Calle Llull. In the meantime, on the Costa Brava, Stoneweg has started projects in the residential market in Palamós, Platja d’Aro, Roses and Begur.

Original story: Eje Prime 

Translation: Carmel Drake

Stoneweg Invests €200M in Financing of Real Estate Projects

31 August 2018 – El Economista

Last year, the Spanish-Swiss platform Stoneweg, led in Spain by Joaquín Castellví, launched its alternative financing division, to which it has already allocated €200 million to support the development of around 40 real estate projects.

The company headquartered in Geneva (Switzerland) has also raised another €100 million to finance new developments, in which it participates up to a maximum of 60 per cent of the debt.

With the creation of this new line of business, the firm was one of the first to enter the alternative financing market in Spain, a market in which the number of players is growing gradually.

The role that Stoneweg takes in the financing of projects is prior to that of the banks, given that the firm enters in the initial phase of developments, before there is a high level of pre-sales or when a project involves a plot of land that is not yet buildable. For that reason, its financing is more expensive than that offered by the banks, but it provides investors with the opportunity to enter more projects and whereby take full advantage of the upwards cycle currently underway.

Once the developments progress and achieve the parameters requested by the banks, the developers typically cancel the bridge financing in order to resort to traditional means.

In the case of Stoneweg, 50 per cent of the projects in which it has participated to date have been residential, whilst the other half have involved hotels and offices. One of the most significant alliances was closed at the end of last year with Ayco, which subscribed a financing line with an initial drawdown amount of €13 million.

Property developer role

This line of business comes in addition to the firm’s role as a direct investor in the real estate market, where the company has disbursed almost €700 million in recent years. In this way, the firm has starred in one of the largest ever operations in the office market in Barcelona, with the development and subsequent sale of the Luxa Complex in the 22@ district.

The company is continuing to look for opportunities in that segment, both in the Catalan capital and in Madrid, although, currently, housing accounts for the majority of its portfolio, given that it has around 2,000 units under development at different stages.

Through its residential firm Stoneweg Living, the platform has now handed over 150 units and in June, it finished its first development in Madrid, Alfonso X, located in the neighbourhood of Chamberí. Moreover, it recently started work on its first high-end development in the Maresme area of Barcelona, in which it is going to invest around €19 million.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Stoneweg Invests €50M in Alternative Financing in Spain

12 December 2017 – Eje Prime

Stoneweg is betting on Spain for alternative financing. The Swiss fund, which is headquartered in Geneva and led by the Spaniard Joaquín Castellví, is continuing with its purchase in the country through its real estate platform. And now, it has set its sights on alternative financing, where it has already accumulated investments amounting to €50 million. The idea is that the company will reach €100 million in this line of business in 2018.

The fund, which manages a platform from which it has already disbursed €500 million in just two years, is now expanding its range of businesses in the real estate sector with the financing of operations that have short and medium-term value generation processes. “This line of financing is carried out with coverage of the real estate assets, be they hotels, industrial or commercial properties, or even residential assets. The operations have time horizons of between nine and thirty months”, explains the company in a statement.

Stoneweg will place the focus on the search for opportunities in Madrid, Barcelona and other secondary cities, as well as on tourist and coastal destinations.

Currently, the Swiss fund has a presence in Spain, the USA and Italy, and an investment capacity of €750 million. With two in-house teams in Barcelona and Madrid, its platform holds residential and hotel assets spanning 200,000 m2, as well as offices covering 26,000 m2.

Original story: Eje Prime

Translation: Carmel Drake

Stoneweg Still Has €200M To Invest In Spain

10 November 2017 – El Economista

The Swedish real estate investment platform Stoneweg, founded at the beginning of 2015 by the Spaniards Joaquín Castellví (pictured below, left) and Jaume Sabater (pictured below, right) in Geneva, has an investment plan for Spain amounting to €750 million. “So far, we have spent €550 million and our intention is to continue looking for opportunities in Madrid, Barcelona and along the coast, to spend the remaining balance that we have left of the €200 million”, explains Castellví.

Both partners left the bank Edmond de Rothschild to embark on this new venture, which, in just two years has established a presence in Italy, the USA and Switzerland, as well as in Spain. In the latter, its strategy is based on property development, including both new build and renovation projects, primarily residential, which currently account for 89.5% of its portfolio. In this way, the firm is currently working on the construction of 1,600 homes and “between October and November, we will be delivering the first units”, said the Director. He added that in the case of Madrid, the firm is looking for opportunities in the centre, in neighbourhoods such as Moncloa and Arguelles, “where there is a latent demand for a type of product that has not been built for many years”.

Stoneweg’s latest project in the centre of the Spanish capital is in the former Provincial Court building in Madrid, located on Calle Ferraz, where it is going to build 25 homes. “We have already started to market the homes and in the first week alone we have sold five units”, said the Director, who points out that the prices in other neighbourhoods, such as Salamanca and Chamberí, do not fit with their strategy, since they are looking for average returns of between 15% and 20%.

In its residential business, Stoneweg is also working by means of one-off partnerships with other property developers. Such is the case of its largest operation in Móstoles, where it has purchased a plot land for 300 homes together with ACR.

Also positioned in offices

The firm also holds positions in the office sector. In Barcelona, in fact, it is working on the largest business development in the city, the Luxa complex, comprising two buildings, which have already been pre-leased to Amazon and WeWork. “We sold those two properties to Catalana Occidente and we are now searching for a tenant for the WIP building, also located in 22@, measuring 4,500 m2. Once it has been leased, we will put it up for sale”.

The Director is optimistic because he acknowledges that “clearly, all the noise and uncertainty that we are currently seeing in Cataluña is not having any effect; we continue to have faith in the fundamentals of the city (…)”.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Stoneweg Will Construct 2,000 Homes During 2017

22 May 2017 – El Mundo

(…) In line with the strong performance of the Spanish economy and, more specifically, the residential market, the real estate investment platform Stoneweg, a company that manages funds on behalf of institutional investors and family offices in Europe and Latin America, has just made its official presentation, confirming that it has €750 million to invest in property development in Spain during 2017.

Although headquartered in Switzerland, the company was founded in 2015 by two Spaniards, Jaume Sabater and Joaquín Castellví, who both previously worked in the Real Estate area at the investment bank Edmond de Rothschild. Over the last few years, Stoneweg’s investment capacity in real estate assets has exceeded €1,600 million, spread across Spain, the USA, Italy and a small part of Switzerland. (…).

Commitment to Spain

“We decided to take positions in Spain in 2015, buying land and buildings from financial institutions, Sareb and individual owners”, said Joaquín Castellví, Stoneweg’s CEO in Spain. The reasons for the firm’s commitment to Spain include its confidence in the strength of the economic recovery, the “attractive” financing conditions being offered for real estate assets and the “speed and transparency” with which the firm is able to access and close operations with local agents. “Moreover”, added Castellví, “mortgages for real estate assets are increasing again, which means that the Spanish market will be the ideal place to sell assets in around five years”.

Stoneweg’s main investment focus is on the residential market (where it will allocate two-thirds of its capital under management) be it the development of new homes or the renovation of existing buildings. To this end, the modus operandi of the management company, which has already invested €450 million of the €750 million that it is planning to spend this year, consists of closing operations to purchase land or buildings with tickets of between €100 million and €150 million to build on themselves or in conjunction with local property developers.

Currently, the company has 30 residential projects underway (in varying phases), with a total of 1,300 homes, which are due to be ready at various points between this year and 2020. It also plans to close the year with 50 projects in its portfolio, corresponding to 2,000 homes for sale.

Stoneweg insists on building homes “in accordance with the highest international standards, to ensure an extraordinary level of comfort”.

In terms of their locations of choice, Castellví confirmed that his company is focusing on Madrid, Barcelona and the Mediterranean Coast, “but” he says, “ we are flexible both in terms of the type of project, as well as location within the aforementioned areas”. (…).

Original story: El Mundo (by Luis M. De Ciria)

Translation: Carmel Drake