Heraclès Seeks to Build Two New Shopping Centres in Madrid and Linares

10 July 2019 – Richard D. K. Turner

The French investment company Heraclès is in negotiations to buy an 18,000-m2 plot of land in Madrid and another 14,000-m2 plot in Linares, Jaén, for the construction of two new shopping centres. Negotiations for the site in Madrid are expected to conclude by the fall.  

Heraclès has already begun sales of stores in the new retail park in Linares to facilitate acquisition of the land and request the necessary licenses. The firm expects to finalise its purchase in the coming months.

Original Story: Eje Prime – Marc Vidal Ordeig


Habitat Invests €13 Million on a Plot of Land in Valencia to Build 68 Homes

29 August 2018

The real estate company also plans to install 68 storage rooms, ninety parking spaces and commercial premises on the 674-square-meter plot of land.

Habitat Inmobiliaria is kicking off the school year ahead of schedule with a new project. The Catalan real estate company acquired a 674-square-meter plot of land in Valencia, where it plans to build a 68-home development, including 68 storage rooms, ninety parking spaces and more than 500 square meters for commercial premises.

Habitat, which is chaired by Juan María Nin, paid thirteen million euros for the property, which has been added to the firm’s previous purchases of land in Collado Villalba, Valdemoro, Cañaveral and Móstoles, in Madrid; in the neighborhood of Entrenúcleos in Dos Hermanas and in Mairena del Aljarafe, in Seville, and in Santander.

The new land, which has almost 8,000 square meters of buildable area, is located in the PAI Moreras II, an area in full urban development in the centre of Valencia which has left half built during the crisis. The sale of the 68 homes is scheduled to start during the fourth quarter of 2018.

The acquisition of the land in Valencia is part of the Habitat’s current land investment plan to expand its residential portfolio under development, consisting of more than 1,400 homes. Founded in 1953, the company has delivered over 60,000 properties in nearly seventy years.

Original Story: EjePrime

Translation: Richard Turner


Blackstone Buys Lar’s Logistics Portfolio for €120M

18 July 2018 – Expansión

Blackstone has purchased the Socimi Lar España’s logistics portfolio, comprising five warehouses and a plot of land for development, for €119.7 million. That sum represents an appreciation of 83% with respect to the purchase price of €65.6 million.

Specifically, four of the warehouses acquired are located in Alovera (Guadalajara), one is located on the Juan Carlos I Industrial Park in Almussafes (Valencia), whilst the land to be developed for logistics use is located in Cheste (Valencia).

The five logistics warehouses span a combined surface area of 162,000 m2 and have an occupancy rate of 100% – all of them have stable rental contracts. Meanwhile, the surface area in Cheste spans 182,000 m2.

The warehouses in Alovera were acquired between August 2014 and May 2015 and the property in Almussafes was purchased in May 2015. The advisors to Lar España on the operation have been CBRE, Pérez Llorca and Hill International.

Asset rotation

This operation forms part of the asset rotation process that the company launched last year. Specifically, the Socimi’s first divestment came in September 2017, with the sale of an office building in Arturo Soria, and since then, it has carried out two other sales.

Together, the divestments carried out by Lar España to date amount to €265 million, more than half the €470 million in divestments forecast in the business plan to 2021.

The President of Lar España, José Luis del Valle, said that the company’s plan involves selling those assets that are not strategic to focus on the retail portfolio.

In addition to the asset sales, the company’s business plan involves investing €220 million in shopping centres and retail parks. Within the context of that plan, Lar purchased the Rivas Futura shopping centre for €62 million and the Abadía shopping arcade for €14 million.

In parallel, the Socimi plans to invest €247 million in commercial developments and €49 million to improve its retail assets.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake