Stoneweg Sells a Penthouse for €5,550/M2 in Tetuan

15 October 2019 – Stoneweg has just sold a flat in one of the two high-rise apartment buildings it is building in Tetuán, Madrid. The Swiss firm managed to sell one of the penthouses for a record sales price of 5,500 euros per m2.  The two 25-storey towers are located at Paseo de la Direccion 246.

The three-bedroom penthouse, which a total surface area of ​​195 m2, sold for 60% above the average price for the district of Tetuán. The price is even above the average for the district of Salamanca, the most expensive in Madrid, at 5,148 euros per m2.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Elix Vintage Acquires Two Buildings in Madrid

14 October 2019 Elix Vintage, a socimi controlled by the investment firms KKR and Altamar, has acquired two residential buildings, both currently leased, located on the Fomento and Ave María streets in Madrid.

Elix Vintage paid 8.425 million euros for the two assets and will invest more in renovations.

Original Story: Expansión – Rocío Ruiz/ Marisa Anglés

Adaptation/Translation: Richard D. K. Turner

The Lack of a Spanish Government Halts Aena’s Real Estate Ambitions

14 October 2019 The airport operator Aena has yet to get approval to go ahead with construction on two residential developments around Madrid-Barajas and Barcelona-El Prat due to the lack of a political agreement to form a new Spanish government. The firm had hoped to start the works in Madrid and Barcelona this year. However, the plots of land are still untouched.

Aena’s project in Madrid will occupy around 200,000 square meters of land in a total investment forecast at €2.997 billion over the next 40 years. Existing plans divide the space into four areas: a logistics hub, airport services, an aeronautical maintenance centre and leisure areas.

In Barcelona, ​​the 300,000 square meter area will have a total investment of €1.264 billion. The project will try to attract technology companies and logistics platforms as well as hotels, restaurants and offices to service the airport.

Funds that invest in the airport operator have been pushing the government to install an independent CEO, separate from any governmental changes, to facilitate work.

Original Story: Economía Digital – Carles Huguet

Adaptation/Translation: Richard D. K. Turner

Locare & Tectum to Launch New Fund as Rental Market Heats Up

14 October 2019 Locare RE and Tectum Real Estate Investments are preparing to launch a new €240-million fund aimed at the affordable rental housing market. The new fund, Tectum II, comes hot on the heels of a similar, €120-million fund the two firms launched just a few months ago. The investments come at a time when foreign investment and rising real estate prices, especially in Spain’s major cities, are driving families further out of city centres.

The first fund allowed the two firms to acquire seven plots of land, enough to build 1,000 affordably priced rental homes in the Community of Madrid. The plots of land are located in Torrelodones, Villalba, Móstoles, Arroyomolinos, Valdemoro (two plots) and Alcalá de Henares. The fund expects monthly rents to cost between 500 and 900 euros per month.

Short-term plans for Tectum II aim to start advertising approximately 1,500 new rental homes already in 2020.

Original Story: El Confidencial – E. Sanz / C. Hernanz

Photo: Locare

Adaptation/Translation: Richard D. K. Turner

Vitruvio to Invest €16.5 Million to Acquire Three Buildings in Central Madrid

9 October 2019 The firm Vitruvio announced that it had acquired 35% of Fidelges S.L. for €6 million. Also, the company stated that it would propose a merger by absorption with the latter firm. The deal, valued at a total of 16.5 million euros, will allow Vitruvio to acquire three properties in central Madrid at an average cost per square meter of €2,700.

The three properties are located in prime areas of Madrid, at Calle Duque de Rivas 4, Calle Aguirre 1 and Calle Tribulete 23. The buildings will undergo an investment of €4.5 million in upgrades and renovations to convert them into residential developments

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Naturgy to Sell Plot of Land in Central Madrid

9 October 2019 Major players in the Spanish electricity sector are following the lead of many banks and beginning to sell off their real estate holdings. Just a few days ago, Iberdrola announced that it would sell a plot of land within Madrid’s M-30, for which it expects to receive about 30 million euros. Now, another electricity company, Naturgy, has also stated its intention to sell land. The plot of land is located just in front of the Google Campus, in the district of Arganzuela, near the neighbourhood of La Latina.

Specifically, the asset is located at the junction of the Mazarredo, Moreno Nieto and Juan Duque streets. Part of the area has an electrical substation. The plot of land on sale has a surface area of 3,191 square meters, 1,568 meters of which are occupied by the Naturgy electrical substation.

Zoning for the area would allow for a total of ​​3,444 square meters for tertiary/residential, infrastructure services, green areas and roads. Of that, 1,444 square meters could be allocated for offices, stores or residential use and 2,000 meters for public uses – 1,000 meters of green areas and another 1,000 meters for infrastructure.

Original Story: El Confidencial – Elena Sanz

Photo: Reuters

Adaptation/Translation: Richard D. K. Turner

Madrid to Prioritise Operation Campamento

8 October 2019 – The Madrid City Council is looking to prioritise the Operation Campamento, a plan to build 10,700 homes on lands owned by the Ministry of Defense. The former PP mayor Alberto Ruiz Gallardón originally signed an agreement in 2005 to develop residential housing in a disused military zone in the district of Latina.

The PP and Ciudadanos political party coalition ran on a platform of streamlining such development to help increase the supply of housing in the capital city.

To increase the housing stock for rent, the City Council intends to finalise the 4,500 homes belonging to the Municipal Housing and Land Company. The council will also transfer the surface rights to sufficient land to build 5,000 homes and will seek to redevelop existing buildings.

Original Story: ABC Madrid / EFE

Adaptation/Translation: Richard D. K. Turner

Engel & Völkers to Invest €20 Million in New Logistics Centre in Madrid

3 October 2019 – Engel & Völkers will invest twenty million euros in the construction of a logistics centre in southern Madrid.

The German consultancy’s new business line will involve anything from property acquisitions to construction and real estate intermediation. The firm intends to focus on the residential, commercial and logistics sectors.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Tomás Olivo in Talks to Acquire 150,000 M2 of Land in Valdebebas

3 October 2019 –Tomás Olivo’s socimi General de Galerías Comerciales (GGC) is negotiating to acquire 145,790 square meters of commercial land in Valdebebas, where it is looking to develop the largest shopping centre in Spain.

The land is said to be worth 200 million euros, though GGC has yet to offer that much.

The future shopping centre will include 36,500 square meters of office buildings, along with more than 24,500 square meters or parks and green areas.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Pictet Acquires Office Complex at Paseo de la Castellana 62

2 October 2019 – Pictet, through its real estate fund Elevation I, has finalised its first acquisition in Spain. The fund acquired two buildings located at Paseo de la Castellana 62, in Madrid.

The office complex was completed in 2012 but never occupied. The 7,900-m2 asset consists of a 9-floor main building facing Castellana with terraces, a garden and commercial premises. The second office building, behind the first, has three floors. The complex also has three underground floors with parking and storage rooms.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner