Tag: Las Rozas

British Real Estate Firms May be Forced to Sell their Shopping Centres in Spain

16 June 2019 – Expansión

Two of the largest British real estate companies with interests in Spain are considering selling off some or all of their assets on the Iberian peninsula in light of the challenging climate in the retail sector at home.

The bankruptcy and restructuring of several high-street stores – including the department store group Debenhams and the owner of Top Shop, Arcadia – are leaving many premises in the UK empty. As such, questions are being asked about the debt on the balance sheets of the landlords of those properties, causing a rethink in their overseas strategies.

In this context, Intu Properties and Hammerson have both launched asset sales plans in an attempt to raise GBP 600 million and €500 million, respectively. In Spain, Intu owns 50% of Xanadú (Madrid), Puerto Venecia (Zaragoza) and Parque Principado (Asturias), and is also building a new complex in Málaga. It would likely sell its stakes to its existing partners – TH Real Estate in the case of Xanadú and CPPIB in the case of Puerto Venecia and Parque Principado – although it is also holding conversations with third parties in order to maximise the price of any potential sales.

Meanwhile, Hammerson, which specialises in outlet stores, is considering selling some of its shares in the Las Rozas Village (Madrid) and La Roca Village (Barcelona). It owns direct stakes in both of those complexes, as well as a 25% in Value Retail, a company that holds stakes in 9 outlets across Europe, including Las Rozas and La Roca. In total, Hammerson owns 41% of La Roca and 38% of Las Rozas.

Nevertheless, in parallel, Hammerson is looking to increase its stake in Vía Outlets from 47% to 50%. Vía Outlets is another outlet group, worth GBP 400 million, which owns 11 centres across Europe with 2 in Spain, specifically, in Mallorca and Sevilla.

Original story: Expansión (by Roberto Casado)

Translation/Summary: Carmel Drake

ING Sells its HQ in Las Rozas (Madrid) to Barings

13 June 2019 – Eje Prime

ING has sold its office building located on Calle Severo Ochoa, 2 in Las Rozas (Madrid) to the US fund Baring Alternative Investments for an undisclosed sum.

The property spans a surface area of 12,700 m2, has 350 parking spaces and is located on the Las Rozas business park with direct access to the A6 and M50 motorways, and close to a suburban train station.

The building currently houses the Dutch bank’s headquarters in Spain.

Original story: Eje Prime

Translation/Summary: Carmel Drake

The Losantos Family Puts Neinver Up for Sale for €500M+

26 December 2018 – Cinco Días

One of the historical names of Spanish real estate, the Losantos family, is putting its real estate firm Neinver up for sale for more than €500 million. Neinver specialises in building and managing retail outlets and is the company that manages shopping centres such as The Style Outlets and the Factory. It has a presence in several countries.

The company, chaired by José María Losantos del Campo, has engaged the bank Credit Suisse to search for interested parties in this multi-national firm that started life in La Rioja, according to four financial and real estate sources familiar with the operation. The financial entity and the company declined to comment about this operation.

The founder of the company, born in 1936, started out in the sale and purchase of tinplate, together with his brother Mario, and later founded Neinver in 1969. Mario would go on to found Riofisa, one of the large real estate empires in Spain (…).

José María Losantos grew Neinver, which is now headquartered in Alcobendas (Madrid), specialising in turnkey projects, for example, in several wineries, and which has opted for shopping centres over the last two decades. His son, Daniel Losantos, serves as the firm’s CEO. The real estate company has, in turn, been controlled by the company Teckel Gestora since 2016, which also owns rural estates in Ciudad Real and which is owned by the patriarch of the family.

Neinver manages 600,000 m2 of commercial spaces, across almost 2,000 stores and in 15 outlet centres under the brand The Style Outlets and Factory, which span a commercial surface area of 300,000 m2.

The company has a joint venture to share ownership of some of these assets with TH Real Estate, the real estate arm of TIAA, the US teachers’ pension fund. Neinver controls a lot of these properties through 23 companies, according to reports from Insight View based on property registry data.

In addition to the centres in Spain, it owns assets together with TH Real Estate and other partners in France, Germany, Italy, Poland, Portugal, the Netherlands and the Czech Republic.

In Spain, it owns The Style Outlets – which are dedicated to the off-season sale of well-known brands – in Las Rozas, San Sebastián de los Reyes and Getafe (all three in Madrid), A Coruña and Viladecans (Barcelona), as well as the Madrilenian shopping centres Alegra and Nassica.

This search for buyers entrusted to Credit Suisse comes at a critical moment for investment in the Spanish real estate market, which is featuring many international funds and Socimis. So far this year, until the middle of December, a record investment figure of €18.719 billion has been registered, according to CBRE, up by 45% compared to 2017, boosted above all by the acquisition of companies. In the case of retail, €4.279 billion has been invested to date this year.

Original story: Cinco Días (by Alfonso Simón Ruis & Pablo Martín Simón)

Translation: Carmel Drake

Grupo Pinar & Baupost Agree Purchase of Levitt & Create New Property Developer Giant

19 February 2018 – El Confidencial

The most coveted property developer of recent times may change hands within the next few days. Levitt is holding advanced talks with Q21 Real Estate, a company created by the joining of forces between the former Grupo Pinar and the US fund Baupost, to close its sale this week and, in any case, before the end of February, according to several sources familiar with the operation.

The agreement will put an end to almost two years of to-ing and fro-ing with different interested parties in acquiring the property developer, a reference player in the market for premium homes, and will also create a new giant in the sector within the convulsive Spanish residential market.

As El Confidencial revealed, it was in 2016 when Levitt first started to listen to offers as a formula for dealing with its problem of generational succession, following the death of the group’s founder and alma mater, José María Bosch Aymerich, without any direct descendants.

Owner of one of the best land portfolios in Madrid, with land in locations such as Alcobendas, Las Rozas, Pozuelo and Boadilla del Monte, Levitt has proved tempting over the past two years for giants such as Goldman Sachs, Apollo, Värde and even the fund Baupost itself, which was on the verge of acquiring the property developer last year.

But on the home straight, those negotiations were called off due to differences over price, as well as over the continuity of the project and Levitt’s team. After closing that door, the fund found another window open through Q21, the property developer that has placed a better offer on the table than the one put forward by the US fund, and one that ensures the survival of Levitt.

Who is Q21?

Constituted in July 2014, Q21 Real Estate has a brand that is still new and a workforce of just 17 employees – both features have facilitated its agreement with Levitt, with which it shares its vision of high-quality developments.

Currently, Q21 has nine developments underway, mostly in the Community of Madrid (Boadilla del Monte, Valdebebas, Getafe and Mostoles), but also in Málaga and Valencia. Altogether, the firm is working on 1,500 homes.

With assets worth €6.3 million and net equity of €3.58 million in 2016 (the last year for which audited figures are available), Q21 generated revenues of €5.27 million, an operating profit of €3.5 million and a profit of €2.76 million.

Its numbers are well below those recorded by Levitt, whose turnover amounted to €62 million and net profit €6.3 million. Moreover, Levitt owns a portfolio worth €200 million, its brand is recognised in the market and its history spans almost fifty years in Spain after it arrived in 1971 to introduce the US residential urbanisation model.

Original story: El Confidencial (by R. Ugalde)

Translation: Carmel Drake

Neinor Buys 2 Buildable Plots For 650 Homes For €68.5M

30 June 2017 – Observatorio Inmobiliario

Neinor Homes has completed the purchase of 2 plots of buildable land, in Las Rozas (Madrid) and Estepona (Málaga), for €68.5 million. The transaction consists of one plot in Las Rozas, Madrid, with a buildable surface area of more than 40,000 m2, suitable for the construction of more than 300 homes, and another plot in Estepona (Málaga), measuring more than 30,000 m2, where more than 300 homes will be built.

This purchase follows the announcement made by the company last week that it is investing €27 million in the construction of more than 400 homes opposite the Hospital La Fe in Valencia.

The investment in land made by the company during the second quarter of this year amounts to €95.5 million, bringing the total investment for the year to date to €147.1 million, which represents 74% of its annual objective.

Juan Velayos (pictured above), CEO of Neinor Homes, stated that “this transaction reflects that the company is continuing to acquire high-quality buildable land, even in highly competitive areas of Madrid, above the property developer margin sought. This will allow us to reach a total volume of investment for the year of almost €200 million, as established in our objectives. The team will continue to work to identify acquisitions that add value to the company’s land bank”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Hotel Chain Attica21 Acquires Its First Hotel In Madrid

11 January 2017 – Inmodiario

The hotel chain Attica21 has acquired its first property in Madrid, the Gran Hotel Las Rozas. Attica21 Hotels, which is owned by the Inveravante Corporation and which already owns hotels in Galicia and Barcelona, has completed the integration and refurbishment of this new hotel to ensure that it complies with the group’s standards. It will start to operate the property, now known as the Gran Hotel Attica21 Las Rozas, under the Attica21 brand from the beginning of 2017. The hotel is an urban establishment, which will generate 30 direct jobs.

Located in the heart of the Las Rozas Business Centre, next to the A-6 (A Coruña) motorway and just a few minutes from the centre of Madrid, the property is a modern, elegant and functional 4-star hotel with 90 double rooms, including 3 Junior Suites and 3 rooms for disabled guests.

Aimed at both business and leisure clients, the hotel has several restaurants, as well as facilities for holding events and company meetings. To this end, it has a cafeteria with a terrace, a hall for banquets and events with capacity for 200 people (Mirador Las Rozas) with an extensive outdoor space, gardens, terraces, facilities for celebrating civil weddings and an outdoor space for drinks receptions; as well as 570m2 of meeting rooms. Moreover, it has a Fitness Center, a gym, sauna and changing rooms with hydro-massage showers and private parking.

Attica21 Hotels

The chain Attic21Hotels, created in 2008, owns six 3- and 4-star hotels located in Galicia and Cataluña: Attica21 Coruña, Attica21 Barcelona Mar, Spa Attica21 Villalba, Aparthotel Vallès (Sabadell), Apartamentos Portazgo and As Galeras Hotel Apartamentos. Attica21’s hotels are characterised by their modern feel and by the broad range of services that they offer their clients; they also represent very good value for money. The chain is also renowned for its commitment to high quality catering.

Original story: Inmodiario

Translation: Carmel Drake

UBS Acquires 2 Office Buildings For €89M

24 October 2016 – Expansión

The real estate division of UBS has expanded its real estate portfolio in Spain once again. The fund has completed the purchase of two buildings in Spain, for a total investment of €89 million.

In Madrid, UBS Asset Management’s Global Real Estate firm (GRE) has acquired an office building, with a leasable surface area of 13,195 m2, spread over five floors and with 417 parking spaces, located on Calle José Echegaray, in the Las Rozas business park. The operation, closed on behalf of one of the Swiss entity’s clients, amounted to €36.5 million.

The property is leased in its entirety to five tenants, including Altamira Asset Management (the real estate division, controlled by the investment fund Apollom that manages Santander’s assets), Avantcard, Finanmadrid and the marketing agency Anekis.

In addition, UBS has purchased the headquarters of Roca Junyent in Barcelona. The property, located close to Avenida Diagonal, contains 11,219 m2 of office space, 39 parking spaces and another 1,000 m2 of storage space.

UBS has purchased that building for €52.5 million for its UBS Diamond Eurozone Offices fund. “The property is in keeping with the fund’s strategy, which looks for basic and advanced investment opportunities, particularly new or recently renovated offices, with high occupancy rates to ensure long term rental income, located in premium sites in the Eurozone’s largest ten to fifteen cities”, say sources at the Swiss bank.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Pozuelo & Matadepera: The Richest Towns In Spain

21 July 2016 – Expansión

Inhabitants of the towns of Pozuelo de Alarcón (Madrid), Matadepera (Barcelona), Boadilla del Monte, Majadahonda and Las Rozas (Madrid) declared the highest income figures, according to data from 2013 made public yesterday by the Tax Authorities (AEAT), which included Statistics about Income Tax filers in towns of more than 1,000 inhabitants for the first time. In Pozuelo de Alarcón, the average gross income amounted to €59,279 per year, whilst the average available income decreased to €42,579. In the town, 84,360 inhabitants recorded a total of 41,187 tax returns in 2013.

Second in the ranking came Matadepera, with an average gross income of €48,804 and an available income of €36,232.

Boadilla del Monte was ranked in third place, with an average gross income of €48,537 and an average available income of €353,85. Las Rozas was ranked fourth, with an average gross income of €47,148, just above Majadahona, with €46,173.

The average gross income of the more than 19 million income tax contributors amounted to €24,376 p.a. and the gross available income stood at €19,933 p.a.. Madrid and Barcelona accounted for 23 of the 25 towns with the highest incomes. Rocafort (Valencia) and Simancas (Valladolid) were the only towns to break the hegemony. Zafarraya (Granada) and Zahínos (Badajoz) were the towns with the lowest average gross income, recording €10,293 and €10,301, respectively.

The statistics contain data about gross income, income before tax, excluding tax credits and including exempt income, as well as about available income, which is gross income after tax, including social security contributions. It is worth noting that the information declared in the personal tax returns relates to all income received during the year, in other words, it includes retentions.

By autonomous region, Madrid took the lead with the highest average gross income (€31,766), ahead of Cataluña, which reported €27,540. Ranked between the two, however, were Ceuta and Melilla, with €31,152 and €29,209, respectively. This may be attributed in part to the fact that the percentage of tax contributors in Ceuta and Melilla is much lower, specifically, 32% and 31%, compared with the average of 46%. Asturias, with average gross income of €24,60, was the other autonomous region that was ranked above average (€24,602). Close behind it, although below the average, were Aragón (€24,561), the Balearic Islands (€24,241) and Cantabria (€24,159). The lowest average gross income figures were reported in Castilla-La Mancha (€21,028), Andalucía (€20,824) and Extremadura (€19,034).

Original story: Expansión (by Mercedes Serraller)

Translation: Carmel Drake

RTVE Seeks RE Agent To Help It Sell 32 Buildings For €85M

7 June 2016 – Voz Pópuli

Spain’s national broadcaster, Radiotelevisión Española (RTVE), wants to sell 32 plots of land and properties, distributed across Spain, for which it hopes to obtain proceeds of €85.6 million. The corporation has launched a competition, with a budget of €3.1 million, which aims to find an estate agent in the market of these buildings, which in several cases are empty or offer services that could be carried out in another one of its work centres. The so-called “idle assets”.

The jewel in the crown of this package of public goods is the plot of land measuring 245,000 sqm that RTVE owns in the Madrilenian suburb of Las Rozas, which is valued at €49.3 million and which is currently used as the broadcasting centre for Radio 1 and Radio 5 MW. The corporation plans to move these facilities (including the antennae, which are approximately 200 metres tall) to a cheaper, less densely populated area, which would allow it to generate profits from this real estate operation.

The real estate portfolio that will go up for sale also includes the headquarters of Radio Nacional de España, located in Calle de Roc Boronat in Barcelona, and inaugurated in 2007, when Luis Fernández was President (of RTVE) and the PSOE was in Government in Moncloa. The idea is to transfer this media centre to TVE’s studios in Sant Cugat del Vallès – which will cost €3.5 million – and sell off the headquarters.

The Directors of the corporation want the estate agent who ends up being awarded the contract to take care of the necessary legal procedures to change the urban classification of this estate to obtain higher revenues from the operation, according to details specified in the competition tender document.

Buildings all over Spain

The list of properties that RTVE wants to get rid off also includes a 26,000 sqm plot of land in the Madrilenian suburb of Majadahonda (€5.3 million), a building on Calle de Colón in Valencia (€4.57 million), another on Calle de la Albareda in Zaragoza (€3.4 million) and another on Avenida Ranillas, also in the Aragonese capital, which has been valued at €4.57 million.

The following assets in the portfolio also have prices that exceed the one million euro threshold: the RNE headquarters in Valladolid (€1.02 million), the corporation’s facilities at the Edificio Venus in Murcia (€1.47 million) and the office in Santa Cruz de Tenerife (€1.46 million). The portfolio due to be sold also includes buildings and plots of land in Alicante, Mérida (Badajoz), Cádiz, Gerona, Granada, Jaén, Las Palmas de Gran Canaria, Lérida, Monforte de Lemos (Lugo), Palma de Mallorca, Pamplona, Pontevedra (Vigo), Santander, Tarragona, Teruel and Talavera de la Reina (Toledo). (…).

Original story: Voz Pópuli (by Rubén Arranz)

Translation: Carmel Drake

Hispania Buys 2 Office Buildings From Deka For €54.5M

25 June 2015 – Hispania Press Release

Hispania, through its 100% subsidiary company Hispania Real SOCIMI, S.A.U., has acquired two office buildings in Madrid from Deka. (…)

The Foster Wheeler building is located on C/ Gabriel García Márquez, 2, in Las Rozas, to the Northwest of Madrid. It has a Gross Leasable Area (GLA) of 11,058 m2, spread over three floors and 544 parking spaces. The asset has an occupancy rate of 100%, since it houses the headquarters of Foster Wheeler under a lease agreement.

The 4B Cristalia building (pictured above) is located in the Cristalia business park to the Northeast of Madrid, and has a GLA of 10,928 m2, spread over seven floors, plus 202 parking spaces. (…)

The purchase price agreed for both buildings was €54.5 million, which was fully disbursed with Hispania’s own funds. JLL acted as advisor to Hispania in this transaction.

These two acquisitions perfectly fit with Hispania’s strategy for the office segment in consolidated areas of Madrid.

Both buildings are very well maintained and in optimal condition.

Original story: Hispania Press Release

Edited by: Carmel Drake