The Polanco Family’s Socimi Launches Corporate Rental Homes in Madrid, Barcelona & Lisbon

16 January 2020 – El Diario

HomeCapital Rentals, the Socimi owned by the Polanco family’s investment fund, Qualitas Equity Partners, has started to invest in homes in the centre of Madrid, Barcelona and Lisbon to lease them to company directors as part of its initiative to enter the medium-term corporate rental segment.

The company, which specialises in the acquisition and renovation of residential assets for their rental, has already signed preferential agreements with the two main operators in the corporate rental market, HomeSelect and BeMate, which will be responsible for managing its properties, including the marketing, maintenance, cleaning and administration of them.

The Socimi already has 97 apartments in five buildings in Madrid and Barcelona, containing apartments that have been specifically designed for corporate clients with common areas for coworking and coliving.

Original story: El Diario (by Antonio M. Vélez)

Translation/Summary: El Diario

Amenabar Joins Forces with Ares to Invest €110M in Construction of 400 Build-to-Rent Homes

17 January 2020 – El Confidencial

Amenabar Promociones has signed the largest build-to-rent operation to date in Spain with the fund Ares. Together, they are going to invest more than €110 million in the construction of more than 400 rental homes in Valdebebas, Madrid.

The homes are going to be built on a plot that Amenabar acquired at the end of 2019 from Ferrovial for €56 million. The Basque, family-owned, property developer made its debut in Madrid’s residential market five years ago and handed over more than 1,000 new homes last year. In 2020, it plans to increase that figure to almost 1,600, a volume that it hopes to maintain for the next couple of years, which will see it outperform many of its listed competitors.

With this operation, Amenabar is following in the footsteps of companies such as Aedas, Metrovacesa, Quabit, Momentum and Urbas, which have all committed to projects in the build to rent sector in recent months.

Meanwhile, Ares has become one of the most active funds in this segment of the market. For example, Aedas is going to build 500 rental homes for Ares (€70 million); and Metrovacesa is going to construct another 121 homes for the fund (€29 million).

The appeal of the segment lies in the attractive returns that rental homes are currently generating. In Q2 2019, the average gross yield on rental homes across Spain amounted to 3.9%, according to official data from the Bank of Spain, which is much higher than the return on bonds and other prime real estate assets, such as offices and high street premises. Moreover, various cities and neighbourhoods offer even higher returns e.g. Madrid Capital (5.06%) and the Villaverde neighbourhood (8.43%).

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake

Commodus Acquires Spotahome’s HQ in Madrid from Persépolis

16 January 2020 – Eje Prime

Commodus has purchased an office building located on Calle Vizcaya, 12 in Madrid from the Socimi Persépolis Investments, in an operation that represents the German investment fund’s first foray into Spain.

The property, located in the Atocha-Méndez Álvaro area of the Spanish capital, has a total surface area of 4,410 m2, spread over 7 floors, 2 basements and 15 parking spaces. It is currently leased in its entirety to the Spanish start-up Spotahome.

Commodus specialises in commercial properties, especially offices, and has delegations in Munich, Berlin, Paris and Madrid. Its property portfolio is worth more than €1.5 billion.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Dazia Plans to Invest €120M in Madrid & the Costa del Sol

14 January 2020 – Eje Prime

Dazia is planning to invest €120 million over the coming years in the residential market in Madrid and the Costa del Sol. The real estate group led by Daniel Mazin is also looking at entering the market in Barcelona, but it cautious about the regulatory challenges it would face there.

Dazia’s main focus is on residential properties ripe for renovation, buildings with and without tenants, and plots of land on which to build new real estate assets through its property development subsidiary Darya Homes. It also has a limited interest in the office segment.

Original story: Eje Prime (by Marc Vidal Ordeig)

Translation/Summary: Carmel Drake

Partners Group Negotiates the Purchase of 5 More Office Buildings from Meridia Capital

10 January 2020 – El Confidencial

The Swiss manager Partners Group is in talks with Meridia Capital, led by the Catalan businessman Javier Faus, with a view to purchasing half of the office portfolio that Meridia put up for sale at the end of last year.

The two players enjoy a close relationship following a deal closed last April, which saw Partners acquire a portfolio of 18 offices from Meridia for €215 million, and the Socimi continuing to manage the portfolio.

A similar arrangement could be sought this time around. The portfolio on the table in 2020 comprises a dozen offices in Madrid and Barcelona worth around €200 million, although Partners is only interested in half of the properties.

Both parties declined to comment on the reports of a potential sale, however, sources in the know confirmed that a due diligence process has begun on five of the assets.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Socimi Advero Purchases a Residential Property in Madrid for €1.7M

9 January 2020 – Eje Prime

The Catalan Socimi Advero has made its first purchase in Madrid, a residential property in the Tetuán neighbourhood, comprising 17 homes and 17 storage rooms. The property was constructed in 2009, requires a complete renovation and was acquired for €1.7 million.

Advero made its debut on the Alternative Investment Market (MAB) in November and already owns a portfolio comprising 6 buildings with 93 homes, located in Rubí, Terrassa and Sabadell.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

GSA Buys a Student Hall of Residence in Madrid for €50M

8 January 2020 – Expansión

The British student accommodation specialist Global Student Accommodation (GSA) has purchased a hall of residence in Madrid from Corestate for more than €50 million.

The Luxembourg-based fund purchased the asset at the end of 2016 and has since converted it into a modern residence with more than 300 beds. The property is located on Paseo de Juan XXIII in the Ciudad Universitaria area of Madrid and operates under the Youniq brand.

Currently, there are more than 90,000 beds in student halls in Spain, although that figure is expected to rise by 16,500 over the next four years with the addition of 47 new halls of residence.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Addmeet: Investment in RE in Madrid Exceeded that in Barcelona by 2.5x in 2019

7 January 2020 – El Confidencial

According to the real estate portal, Addmeet, real estate investment in Spain amounted to €35.0 billion in 2019, of which 70% was concentrated in Madrid and Barcelona (€18.0 billion and €6.8 billion, respectively). The data compiled reflects all real estate operations amounting to more than €3 million in all sectors of the professional real estate market.

In the Community of Madrid, investment broke all records (€18 billion), exceeding the figures recorded in 2018 (€15 billion) and in 2008 (€10 billion). There, the office sector was the main driver, accounting for 61% of the total figure (€11 billion). The star transaction was the sale of Santander’s Ciudad Financiera, which the financial entity repurchased from Marme Inversiones for €3.2 billion 11 years after selling it to that same firm.

Other office-related deals included the sale of the La Finca business park to the Socimi owned by the Cereceda family for €423 million; and the purchase by Allianz Real Estate of Castellana 200 (comprising 20,000 m2 in office space and 6,500 m2 in retail area) for €250 million.

The next main drivers were the residential sector, which accounted for 11% of investment (€2 billion), boosted by the build to rent segment, and the retail sector, which accounted for 11.5% of the total investment.

Meanwhile, record figures were also recorded in the province of Barcelona (€6.8 billion) despite the “procés”. In fact,  the investment volume almost doubled that recorded in 2008 and far exceeded the total recorded two years ago (€5.6 billion).

Like in Madrid, the office sector in Barcelona accounted for most of the real estate investment (46% or €3.1 billion). The retail sector represented 11.5% (€0.8 billion), whilst the hotel segment attracted almost €1 billion (14%) and the residential segment just €0.5 billion.

Major deals in the Catalan capital in 2019 included the sale by Telefónica of Diagonal 00 to the Philippine magnate Andrew L. Tan for €150 million, amongst others.

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake

Almagro Capital Acquires 11 Flats in Madrid

January 2020

The socimi Almagro Capital has acquired eleven flats in Madrid for a total of 2.4 million euros. The properties are located in the neighbourhoods of Castellana, Arapiles, Palos de Moguer Trafalgar and Lavapiés. The rental flats, whose leases will remain in vigour, have a combined surface area of 1,022 square meters.

La socimi Almagro Capital ha adquirido once pisos en Madrid por un total de 2,4 millones de euros. Las propiedades están ubicadas en los barrios de Castellana, Arapiles, Palos de Moguer Trafalgar y Lavapiés. Los pisos de alquiler, cuyos contratos de arrendamiento permanecerán en vigor, tienen una superficie combinada de 1.022 metros cuadrados.

Original Story: Eje Prime

Translation/Summary: Richard D. Turner

CBRE Global Investors Acquires Office Building in Madrid from LaSalle

6 January 2020 CBRE Global Investors has finalised the acquisition of the office building at Calle General Lacy 23 from LaSalle Investment Management for 47 million euros. The property houses the headquarters of Repsol’s electricity and gas business. Furthermore, LaSalle had only acquired the asset in December 2018 for 32.5 million euros.

The asset is located in the Méndez Alvaro area of Madrid, near the Atocha Station. The fund invested approximately 4 million euros in refurbishing the asset, gaining the Leed Platinum Core & Shell certification.

CBRE Global Investors ha finalizado la adquisición del edificio de oficinas en la Calle General Lacy 23 a LaSalle Investment Management por 47 millones de euros. La propiedad alberga la sede del negocio de electricidad y gas de Repsol. Además, LaSalle solo había adquirido el activo en diciembre de 2018 por 32,5 millones de euros.

El activo está ubicado en el área de Méndez Álvaro de Madrid, cerca de la estación de Atocha. El fondo invirtió aproximadamente 4 millones de euros en la restauración del activo, obteniendo la certificación Leed Platinum Core & Shell.

Original Story: El Economista – Alba Brualla

Translation/Summary: Richard D. Turner