Tag: luxury apartments

Iberia’s Former HQ in Barcelona is Being Converted into Luxury Apartments Costing c. €15,000/m2

4 April 2019 – El Confidencial

The fund Twin Peaks Capital is on a mission to convert Iberia’s former offices in Barcelona into 21 super luxury homes. The prices of the new properties at number 30 Paseo de Gracia are expected to go on the market for between €11,000/m2 and €15,000/m2. The penthouse might even fetch €19,000/m2, breaking all previous records in the Catalan capital and even higher than the most expensive prices in Madrid.

Twin Peaks Capital purchased the neoclassic style building from the former Agrupació Mútua in 2017 for €25 million. The property spans a surface area of almost 4,000 m2 distributed over five storeys, plus an attic, and the future homes will measure between 80 m2 and 270 m2, with first-rate finishes, plus common areas with terraces and a stunning swimming pool on the roof.

The properties will be marketed by BNP Paribas Real Estate and 25% of the development has already been sold, mostly to Catalan buyers and investors. The homes are expected to be ready during the second quarter of 2020.

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake

Jamsa Allies Itself with British Fund to Develop Housing on Costa del Sol

6 February 2019

Two of the four plots are already available to potential buyers. Azalea, for example, offers housing blocks with 84 flats and ten luxury townhouses.

The Spanish property market is continuing to attract foreign capital. Proof of this is a new alliance between the construction company Jamsa and an investment fund. The companies have created a joint venture to develop housing on the Costa del Sol, according to El Confidencial. The joint venture’s first project is Jardinana, with more than 350 properties divided between four different plots, two of which are already available to buyers.

The first of these is Azalea, which is already completed. The development has 84 flats and ten luxury homes. The other available plot is Lotus, which comprises two- to three-bedroom flats with terraces. Buyers have already reserved 90% of the available flats since its launch in 2017.

The Jamsa Group has already built more than 10,000 homes, betting mainly on the Costa del Sol. The group currently has more than 500 new homes in ten different developments in the area.

Original Story: EjePrime

Translation: Richard Turner

 

Venezuelan Investors Buy a Building in Málaga to Convert it into Tourist Apartments

30 January 2019 – Diario Sur

Operations involving the sale and purchase of buildings in the Historic Centre of Málaga, driven by the tourist boom in the capital, are continuing to rise. At the beginning of this month, this newspaper revealed the sale of the former Casa del Niño Jesús building to the company White Málaga, a group of investors of Jewish origin, who have set their signs on the city for the development of real estate projects, encouraged by the recovery of the market and advised by the consultancy firm Salvago Advisors. All indications are that that property, which used to be owned by the Church, is going to become a project for tourist apartments, like the many others that are already operating or being constructed in the Centre.

And the same thing looks set to happen to the building located at number 22 Plaza de la Merced, on the northern corner with Calle Victoria. According to reliable sources, that property has been acquired by the company Orinoquia Real Estate, which is backed by investors from the Capriles group, a family saga of Venezuelan businessmen living in Spain with million-euro investments in the country’s major capitals such as Madrid, Barcelona and Valencia. This sale and purchase operation, whose amount has not been disclosed, has been managed by the real estate consultancy Savills Aguirre Newman (…). .

According to sources consulted by this newspaper, the plan is to convert the property into tourist apartments, which could be operational within just four months. The same sources reveal that the project to refurbish the building, which is in a good condition, is very advanced and the new owners are just waiting for the building permit to be granted by the Town Hall.

The building has a grade 1 listing protection and forms part of the northern façade of the Plaza de la Merced, which makes up the so-called Casas de Campos. The property dates back to the 19th century and bears the name of its builder, the promoter of the era, Antonio Campos (…).

Economic injection

This apartment project is going to be carried out by the Socimi (…) Orinoquia Real Estate, in which the Capriles injected an initial investment of €40 million to develop businesses in the first-rate tourist apartment sector.

The real estate business of the Capriles family in Spain comprises luxury housing development and renovation projects, although it is also worth highlighting their €5 million investment in the Bluemoon tourist apartments in the centre of Valencia. Their corporate network in the country is made up of more than twenty companies dedicated to real estate development, the sale and purchase of buildings and rental. Together, they have assets amounting to €125 million in total, according to information published in recent months (…).

Original story: Diario Sur (by Jesús Hinojosa)

Translation: Carmel Drake

Stoneweg Buys Plot to Build Luxury Apartments for €130M

13 December 2018 – Idealista

The real estate market has broken a new record in Madrid: the Spanish-Swiss fund Stoneweg has purchased a residential plot from Dragados for €130 million, the most expensive operation in the history of the capital, according to Idealista News. The plot, located on Paseo de la Dirección, 246, spans 40,000 m2 and two luxury residential towers are going to be built on the site, which will be sold for €6,000/m2.

The project, which is going to be constructed by Dragados, comprises two towers that will have 700 homes in total, and which will go on sale for around €6,000/m2. The land will also be home to two tertiary-use towers, destined for offices, which do not have an operator yet. The operation has been advised by the firm Colliers.

According to sources consulted by Idealista News, these two towers will change the skyline of Madrid and will open the door to a change in the physiognomy of the Tetuán district. The property developer is whereby continuing to take advantage of the real estate cycle and, specifically, of the good times that the luxury residential business is experiencing, which is attracting attention from local and international buyers alike.

Over the coming weeks, Stoneweg is going to open a selection process to choose a company to take care of the sale of the 700 luxury homes. Candidates are expected to include CBRE, Savills-Aguirre Newman, BNP and Colliers (…).

Original story: Idealista (by Custodio Pareja, P. Martínez-Almeida & Ana P. Alarcos)

Translation: Carmel Drake

Goldman Sachs Pays €63M for A Plot of Land in Madrid

6 December 2018 – Eje Prime

Goldman Sachs is targeting the prime housing market in Madrid. The US investment fund has just purchased a plot of land in the centre of the Spanish capital for €63.7 million. The development of luxury apartments planned for the site is going to be built by the Catalan property developer Uniq.

The acquired plot is located at number 147 Paseo de la Habana and has a finalist surface area of 10,000 m2. The vendors are members of a family from Asturias. In the bid for this plot, Goldmans competed with other funds and property developers, such as Grupo Ibosa, Grosvenor, Pryconsa, Domo and Nozar, according to El Confidencial.

With this partnership, Uniq will have the possibility of increasing its presence in Madrid, where it already has a project underway in a former tenement building in Plaza de San Juan de la Cruz. Now, the Catalan property developer is going to build a development less than 1km from Paseo de la Castellana and the Santiago Bernabeú.

The area in which the development will be located has been receiving a lot of investment from wealthy Latin American families, recently. They are driving prices up in the residential market since they are “willing to pay well above the market average”, according to sources in the sector speaking to Eje Prime. They are interested in withdrawing their capital from their countries of origin, many of which are unstable, economically speaking, to invest in Spanish real estate, which offers them greater security.

Original story: Eje Prime 

Translation: Carmel Drake

Dazeo Acquires a 5,000m2 Plot in Estepona to Build 20 Luxury Apartments for €15M

10 September 2018 – Eje Prime

Dazeo has closed its first operation following its creation. The joint venture between the Spanish real estate firm Dazia Capital and the French fund Eurazeo, has invested €15 million in the development of a 20-unit luxury apartment complex in Estepona.

The company has acquired a plot of land spanning 5,000 m2 on the coast of Málaga. The project, which will be undertaken by Arata Arquitectura, will house twenty apartments with terraces, a swimming pool, gardens, a spa and a gym.

Following this first purchase, Dazeo is planning to undertake further acquisitions in Madrid, Málaga and Valencia. The group is going to spend €70 million on residential projects in urban nuclei in its first phase. The joint venture, controlled by Eurazeo, will grow to reach €250 million, according to forecasts.

In addition to its venture with the French fund, Dazia Capital has signed other international alliances in recent years. In 2017, for example, it closed an agreement with the British fund Chenavari. Over the last four years, the Spanish real estate company, created in 2013 by Daniel Mazín, has acquired buildings and land with a surface area of 86,000 m2 and 500 homes located in Madrid and the Costa del Sol.

Original story: Eje Prime

Translation: Carmel Drake

Paraguayan Magnate Buys Luxury Development on c/General Oráa 9

8 April 2018 – El Confidencial

A new Latin American investor has entered Spain’s luxury residential market. The person in question is Carlos Gill Ramírez, a businessman who was born in Paraguay and who also has Venezuelan citizenship. He has just purchased the high-end development at c/General Oráa 9 in Madrid from Platinum Estates, according to sources.

This sale is the first divestment that the Asian fund has carried out in Spain and forms part of the asset rotation policy that it has launched for its first Spanish fund, to focus on raising and investing €500 million in its new vehicle.

For Gill, this acquisition represents the first step in his growth plans in the country, where he has constituted the company Sari Holdco with a view to continuing to star in operations that will allow him to create his own real estate empire. Uría has represented the Latin American businessman in the purchase of General Oráa and Garrigues has represented Platinum, whilst Engel & Volkers has acted as the advisor.

Having obtained all of the necessary authorisations from the Town Hall of Madrid, construction of this luxury development is almost 70% complete. It will allow the transformation of this building, dating back to 1926, into 10 high-end homes, measuring between 348 m2 and 409 m2 each, plus two penthouses measuring 500 m2, with 250 m2 dedicated to a solarium and private swimming pool. The sales prices range between €3.6 million and €10 million per home.

Since Platinum acquired this development from the Catalan firm Renta, four years ago, it has always been said that it would be aimed at Latin American buyers interesting in owning a home in the Salamanca neighbourhood. Nevertheless, nobody imagined that a businessman from the other side of the Atlantic would also end up taking over the entire project, with the objective of finishing the construction work and putting it on the market.

Industrial wealth

Born in Paraguay, in July 1956, aged just six, Carlos Gill moved with his family to Venezuela, where he ended up being an honorary counsel for his native country. After studying Dentistry at the Central University of Venezuela, the businessman participated in important restructurings such as those of Banco Unión, Mercedes-Benz Venezuela, Grupo Corimón, Banco Capital, Banco Canarias de Venezuela and Bancentro Banco Comercial.

He is currently the President of Grupo Corimón, a Venezuelan corporation that operates in the paint, chemical product and flexible packaging sectors. The firm claims to be the largest conglomerate of its kind on the entire sub-continent and its shares are listed on the Caracas Stock Exchange.

Moreover, four years ago, Gill purchased a controlling share of Ferroviaria Oriental, the company that operates the railways in the east of Bolivia and, months later, he did the same with the country’s western network, by acquiring Ferroviaria Andina from the Chilean firm Luksic. Recent operations include his purchase of Bridgestone Firestone Venezuela.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake

The Owners of Sambil Outlet Enter Spain’s Luxury Residential Market

4 April 2018 – Expansión

Having arrived in Spain in December 2012, the Venezuelan group Sambil, controlled by the Cohen family, has just launched its second project in the country. Whilst in the case of the first, its activity involved the purchase and subsequent transformation of the M-40 shopping centre – located in the Madrilenian town of Leganés and closed after it filed for bankruptcy – into the largest shopping outlet in Spain, it is now placing its focus on the luxury residential market.

Sambil has purchased a building located on Calle Ramón de la Cruz, in the heart of the Salamanca neighbourhood of the Spanish capital. After investing €11.5 million on that acquisition, the Venezuelan group has just launched its plans to create 14 luxury homes, with between two and four bedrooms.

“A year and a half ago, we purchased this small building, as a taster, to gain knowledge about the market. There we are going to build 14 luxury apartments, with a total investment of €24 million”, explains Alfredo Cohen, Director General of the Sambil group.

For its design, the company has engaged the architect Carlos Calero and the interior designer Ricardo de la Torre, whilst the marketing will be led by The Corner Group. “We expect the construction work to begin in May and to be completed two years later”, say sources at the company. The work will include the comprehensive renovation of the building, preserving the protected features such as the façade and the stairway. “We will undertake the construction work ourselves, given that we are builders”, said Cohen.

The homes will have a minimum surface area of 160 m2 and will span up to almost 300 m2 for the largest properties; they will cost between €1.5 million and more than €3 million for the penthouse. “There are going to be 14 super-luxury homes with common terrace areas with a jacuzzi, gym, sauna and robotic parking, amongst other services”.

A real estate giant

Founded 40 years ago by Salomon Cohen Levy and led today by his children, Sambil is one of the largest owners of shopping centres in South America. Most of its establishments are located in Venezuela, where the company is still working despite the problems in the country (…). Outside of Venezuela, the company, which has also developed hotels and other real estate complexes, has projects in Puerto Rico and on the Caribbean island of Curaçao.

In addition to the project in the Salamanca neighbourhood, Sambil is working on new opportunities in the Spanish market, both in the commercial and residential segments. “As a construction company we look at everything, but what we would most like to do is to build more Sambil centres”, said Cohen.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Barcelona’s Palau Moxó Will Be Converted into a Luxury Apartment Building

23 March 2018

It is a unique building. Not for being an architectural jewel of the Baroque period, though it is that too. The property has been in the same family since 1770 when the Moxó family built it. The property was finally sold by the marquises of San Mori at the end of 2017 to Eduardo Rallo (a Mexican investor) for 7.3 million euros. Now it has been discovered that, after conversion by the Trias de Bes architectural studio, luxury apartments will be sold in the property by the Vivendex real estate agency.

The palace was sold in June of last year. An example of Baroque architecture, the building was classified as a Cultural Asset of Local Interest (BCIL) for the city in 2000. It quickly began generating controversy within the municipality. The building is located at 4 Plaza Sant Just, in the Gothic Quarter, became the focus of numerous conflicts due to its sale and cultural value.

Both the ERC and PdeCat demanded that the municipal government (BenComú) provide “explanations” for not considering a potential acquisition of the property through its right of first refusal, something which the owners of buildings classified as having historical interest are obliged to do. Now, the PdeCat criticises that the possibility was rejected twice, according to PdeCat, and that luxury apartments are being built on the site.

The government, meanwhile, stated that there is a limit to acquisitions through the right of first refusal since the price that the owners were requesting initially stood at 7.15 million euros. That was in December 2015, but the district of Ciutat Vella (to which the property belongs) declined to acquire the palace, stating that the purchase exceeded the district’s financial capacity and “the state of conservation of the interior was unknown,” sources within the municipal government explained.

The second occasion that the municipality rejected its right of first refusal was in January of 2017 when the price has risen to 7.33 million euros, and the district once again declined to pursue a possible acquisition.

During the last years, the palace had been used as a multipurpose space for dinners and events for aristocrats in Barcelona. The heir, Inés Moxó, currently lives in Seville, where she moved the furniture that until recently decorated the house.

The building will have up to six luxury apartments and three stores on its four floors. The main floor, measuring almost 600 m2 will be preserved intact: the architectural and decorative elements that are under the protection of cultural property will be respected. The third and fourth floors will receive five duplex apartments, all with private terraces and sizes ranging from 130 to 250 m2. The renovation, Trias de Bes estimates, will conclude in mid-2019, although the City Council still has to grant a building license to the company.

Original Story: Idealista – Natalia Bravo

Photo: Wikimedia Commons

Translation: Richard Turner

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