Tag: La Térmica

The Plans Progress for Málaga’s La Térmica Site

9 January 2018 – Málaga Hoy

The real estate operation that is going to transform the plot of land that used to house the thermal power plant in Málaga capital is advancing through all of the administrative procedures that need to be resolved for the organisation of the 874 homes, office buildings, hotel and retail spaces that are being planned for one of the most strategic blocks of land in the city.

So much so that sources close to the initiative, boosted by the international investment fund Ginkgo, have reported that the final proposal for the Special Plan for the Internal Renovation (Peri), the document that will form the basis of the future development, has already been sent to the Urban Planning Department.

That is a critical step after the previous plans were blocked by the courts. Even before receiving a definitive legal ruling, the property developer, which shares ownership of almost half of the urban development of the sector with Espacio (the other half is in the hands of the Town Hall), opted to activate a comprehensive review of Peri, in an attempt to accelerate the process.

Once in the hands of the municipal technicians, the Town Hall will have to validate the proposed plans initially, before subsequently opening up the analysis to a series of sector bodies, such as the General Directorate of Coasts, Civil Aviation, the Environment, amongst others.

The design of the buildings was awarded by Ginkgo to the French architecture studio Francois Leclercq. Unlike the model for the towers that are going to be constructed on an adjoining plot (…), the vision proposed by the French designers involves low-rise properties and a sustainable model in terms of the environment.

The studio itself highlights the strategic value of the space on which the buildings will be constructed, describing it as “an area that is in full mutation and which is marked by an industrial past”, which is reflected in the maintenance of the chimney (…).

Original story: Málaga Hoy (by Sebastián Sánchez)

Translation: Carmel Drake

Inmobiliaria Espacio & Gingko to Build 800 Homes & 1 Hotel in Málaga

1 February 2018 – El Economista

Inmobiliaria Espacio, part of Grupo Villar Mir, is entering the Malagan urban development of La Térmica with a bang, in partnership with Unicaja and together with the investment fund Ginkgo. The three actors are going to carry out a reconversion project in that industrial space, where they are going to build more than 800 homes, as well as shops and a hotel.

The real estate firm has taken the step through the company Espacio Medina, in which it controls a 70% stake, whilst the remaining 30% is owned by Acinipo, part of the Unicaja group. That company has been working in property development in Málaga for 10 years and is now strengthening its commitment to the city by participating in the project to regenerate La Térmica, a site that used to house the old thermal power plant for the city of Málaga.

Specifically, Espacio Medina has acquired 20% of the company Nueva Marina Real Estate (NUMA), owner of the rights over these plots. The remaining 80% is owned by the fund Ginkgo, which acquired the entire project at the end of 2017 through its subsidiary Ginkgo Participations II, after reaching an agreement with Endesa, the main shareholder of NUMA at that time.

Regeneration project

NUMA, which has entrusted the management of the planning and the subsequent development and marketing to Espacio Medina, is going to create more than 800 homes on the La Térmica site, alongside plots for other tertiary uses such as commercial space, offices and a hotel, on a site that has a total surface area of 115,944 m2.

The real estate consultancy Catella, together with Ginkgo’s law firm, Zaforzeta & Romero Rey, and PwC, on the side of Espacio Medina, have advised the operation.

With this new investment, Ginkgo, Inmobiliaria Espacio and Inmobiliaria Acinipo are all consolidating their commitment to Málaga, which they regard “as one of the best European cities on the Mediterranean Coast with the best expectations for development and quality of life for investment over the next few years”, explain sources at the company.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake