Domo Activos Acquires Metro Office Building on Calle Cavanilles for €14.1 Million

30 July 2019 – Richard D. K. Turner

The socimi Domo Activos has acquired the Metro office building located on Calle de Cavanilles, 58, in Madrid’s  Retiro district, from a cooperative that had previously acquired the land where the building is located, for 14.1 million euros.

The office building has seven above-ground floors with 7,500 square meters of constructed surface area. The asset comes with a project to expand the current building, including more offices, commercial premises and parking.

Original Story: La Vanguardia

Lasalle & Corpfin Buy 4 Assets from Makro for c. €100M

30 July 2018 – Eje Prime

Makro is lightening its property load. The food distribution group has sold four assets in Spain to Lasalle and Corpfin for almost €100 million. Specifically, the fund has acquired three of Makro’s centres in Madrid for €90 million, whilst Corpfin has purchased one asset in Madrid for €8 million, according to Expansión.

The company has sold to Lasalle the buildings in Barajas, Alcobendas and Paseo Imperial, all located in the Community of Madrid, in a sale and leaseback operation brokered by CBRE. Other distribution groups such as Inditex and El Corte Inglés have carried out similar operations over the last year.

On the other hand, Makro has sold 8,000 m2 of retail space, also in Madrid, to Corpfin for €8 million. That operation has been brokered by the consultancy firm Knight Frank.

Makro has 37 centres in Spain, which span a total commercial surface area of 241,744 m2. The chain belongs to the German group Metro, which operates in 35 countries around the world.

Original story: Eje Prime

Translation: Carmel Drake

El Corte Inglés Should Receive Approval for Madrid Mega-Centre in March

23 December 2017 – Expansión

Three years have passed since El Corte Inglés acquired the most sought-after plot of land in Madrid, a space measuring 13,000 m2, located on Paseo de la Castellana. The group paid €136 million to be awarded the land, previously owned by Adif, in a deal that involved an initial payment of €68 million, followed by the disbursement of the remaining amount three years later. And that is also how long it has taken for El Corte Inglés to process the paperwork to allow it to expand the jewel in its crown, its Castellana shopping centre. According to sources familiar with the process, in January, the Town Hall of Madrid will submit its approval of the definitive plan to the central Spanish Government (…). According to the same sources, if all goes according to plan, El Corte Inglés will receive the green light to expand its Castellana megacentre in March, or, in any case, before the summer.

A complex project

The wait of more than three years to unblock the project has been due to a mix of complexity and bad luck. The urban planning proposal for the land established a total buildable surface area of 35,192 m2, of which 10,176 m2 corresponded to three above-ground storeys for tertiary use and 25,000 m2 to four underground basement floors for parking.

This proposal was very complex given the location of the land, located as it is, right on top of the Nuevos Ministerios Metro and Renfe stations (…).

Once it has been given the green light, it is likely that El Corte Inglés, which declined to comment, will not take long to start the building work to expand its Castellana centre. Its flagship store in the Spanish capital spans a surface area of more than 170,000 m2, with 70,000 m2 of retail space spread over seven floors and 1,600 underground parking spaces. More than 3,000 people work there.

According to sources in the sector, El Corte Inglés will also take the opportunity (of the construction of the new building) to reorganise the retail space that it owns in Nuevos Ministerios, and which includes its stores located between number 83 and 85 Paseo de la Castellana, which it sold to the real estate firm Monthisa in September 2016 through a sale and leaseback agreement (…).

Premium fashion and gastronomy

The marketing and design of the new retail space that El Corte Inglés is preparing to build on the land acquired from Adif is being carried out with the utmost secrecy by the retailer, which has refused to hire real estate agents like normally happens in these types of projects (…).

The most likely course of action is that it will create a premium space to house luxury brands and the highest-level gastronomy – although that is not the only possibility that the retail chain is currently contemplating -. That would strengthen one of the main objectives of its star centre: to attract tourist shoppers in the capital (…).

Original story: Expansión (by V. Osorio and R. Ruiz)

Translation: Carmel Drake

Therus Will Invest €110M To Build New Office Complex In Madrid

22 September 2016 – Mis Oficinas

The building will be constructed on the last plot of land, measuring 21,000 sqm, that was available in this area in October 2015, when it was purchased from Unide. There is now no buildable land left in the area.

Construction at the site is due to begin in October. The project involves the design of a 33,123 sqm complex of offices and 800 parking spaces in the Vía Poblados area of Madrid. The real estate complex, which covers 56,000 sqm, of which 23,000 sqm will be underground, will comprise two office buildings, in a modern architectural style, linked by a covered pedestrian walkway. Each property will have its own entrance hall with lifts and access to the two underground car parks, which will allow the buildings to be divided perfectly as two independent properties or to be used together by a single tenant.

Building I will measure 13,000 sqm and be spread over six floors. It will have an open space of between 2,500 sqm and 3,200 sqm and as such will comply with one of the main demands of companies seeking new locations at the moment. Meanwhile, Building II, measuring 21,000 sqm, will be spread over seven floors. In total, both properties will have capacity for 3,00 employees. “It is an exceptional project due to its design and location, given that it has dual visibility over both the M-11 (airport) and the M-40 – the main ring road – and it is right next to the metro”, said Olivier Crambade, the CEO of Therus Invest.

The Campo de las Naciones area is home to more than 500,000 sqm of office space. The headquarters of many major multinational companies are located there, including Coca-Cola, Ericsson, Endesa and Iberdrola. (…). The search for a tenant for the new offices has already started.

In parallel, the firm is looking for an investor for the complex, where construction work is expected to be completed in September 2018. “The idea is to sell the property to an end investor and we are already in advanced negotiations; we expect to close the operation before the end of the year” (…).

“The ground floor is the key to this project, given that it is an open space that promotes the flow and use of its occupants. It is surrounded by gardens and restaurants, and there won’t be a single car in sight. The car park is in the basement. (…)”, said Crambade.

Crambade is proud of his new project. “At the moment, there are no new offices on the market in Madrid, and so a high quality project of this size in such a good location represents a very good opportunity for investors. There are not many products that can give you a return of 6% or 6.5%.

Original story: Mis Oficinas

Translation: Carmel Drake

Carmena’s Team Dismisses Proposals For Cuatro Caminos

19 May 2016 – Expansión

The Town Hall of Madrid has rejected plans for the old engine sheds in Cuatro Caminos presented by the Metropolitan Residential Cooperative because it considers that they breach the General Urban Development Plan.

The Town Hall explained that the proposal must be redirected legally because, otherwise, “it would infringe the legally established rules”. It also warned that the reason for the breach of the General Plan is due to Metro’s refusal to modify the level of the engine sheds, on the basis that such a change would make it impossible to access to them from the current tunnel under Calle Reina Victoria.

According to the Town Hall, the Partial Plan and the proposed development deviate from the objectives and conditions established, given that the engine sheds would remain at their current level, even though the General Plan requires them to be placed underground. “There are alternatives and we hope that this project will be sorted out soon so as to fulfil the expectations of the cooperative members”, said a representative from the Government’s Sustainable Urban Development Department, José Manuel Calvo.

Sources from the cooperative consulted by Expansión expressed their surprise and indignation because, after more than a year of meetings with technicians and managers from the Town Hall, they are now reporting a “very serious legal problem”, which has not been mentioned until now. “We understand that this is more about the political battle between the Town Hall and the Community (of Madrid)”, say the sources, who lament the fact that the hostages in this battle are 450 families.

The same sources also warn that they are considering taking legal action against those responsible for this situation and that they do not rule out bringing criminal charges or filing an administrative appeal against the Town Hall.

Meanwhile, the Town Hall explained that, with this decision, it is seeking to eliminate the “serious legal uncertainties” that would result from a breach of the General Urban Development Plan and whereby provide the cooperative members with “greater legal guarantees”.

Original story: Expansión

Translation: Carmel Drake

Metro’s Depots Go to Ibosa Paying €88 Mn

13/11/2014 – Expansion

Co-ops manager Ibosa was eventually awarded the land carrying the depots of Madrid’s subway. The plot, also desired by real estate firm Pryconsa, stood at an asking price of €81.8 million.

Finally, Ibosa won by outbidding Pryconsa with its €88.321 million offer. Few days back, the latter was awarded another plot located in Madrid’s center by Spanish RTVE, having its Estudios Buñuel television studio thereon.

For the depots of Metro, Ibosa designed a housing estate (project pictured) including a 25-storey tower and three other 8-floor buildings. Inside them, 452 unsubsidized and 67 subsidized apartments will be developed and priced from €239.000 for the first and €185.000 for the second type.

‘Over the last three months, we have made a great commercial effort to attract cooperatives and raise equity for the plot purchase’, explains Ibosa’s CEO Leopoldo Moreno. Before constructing the dwellings, Ibosa will underground the new depots and create a 20.000 square meter green area. ‘First of all, we will look to civil engineering which may take up to 18 months. Then, the building works will start and we are planning to complete the homes within two and a half year’s time’, Mr. Moreno points out.


Original article: Expansión (by R. Ruiz)

Translation: AURA REE

Ibosa & Pryconsa Submit Bids For Metro’s Best Plot

30/10/2014 – Cinco Dias

Real estate companies Ibosa and Pryconsa have been the only to submit bids for the Cuatro Caminos plot auctioned by Madrid’s Metro. The Ibosa group attended the tender as a cooperative. Asking price was set at €81.8 million.

The four-hectare piece of land is situated between the Cuatro Caminos, the Avenida Pablo Iglesias and the Bravo Murillo streets. Its buildable area exceeds 62.000 square meters. The winner will have to award 27.560 square meters for a public building and intend 10.026 square meters for green areas.

If it is Ibosa, the firm is going to construct 450 dwellings inside an over-25-storey tower with three terraces and hanging gardens.

Now, Metro will view the offers and check if the bidders meet the administrative requirements set for the tender. If they don’t, they will have three days to rectify it. If they do, the process will take the next stages, involving a possibility of raising the bid.

The name of the winner will be revealed in November and the plot will be conveyed in December.

This auction is just a part of the large-scale venture of Metro, aiming at shedding real estate assets for at least €120 million. In total, 95.000 square meter areas occupied depots and other facilities will be developed.


Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE

Opaque Sale of a Downtown Plot by Madrid´s Subway

27/08/2014 – El Diario

On July 22nd, the Official State Bulletin (or BOE) informed about the call for proposals for plot Granada-Cavanilles, sold by Madrid’s Metro. The 18.500 square meter piece of land is located in the center of the capital (in the south of the Retiro park) and it houses the subway‘s central premises.

The auction attracts attention due to the downtown location of the plot, where there are more no vacant parcels left. Conditions of the bidding were called ‘the blind try’ among the experts from the sector as considerable part of the payment will be conveyed ‘in kind’, materialized through construction of new headquarters for Metro. With the tiny detail that neither the cost, nor the project will become known before the auction.

Another thought-provoking aspect of the sale is the reason why Metro de Madrid is actually selling the plot. The company justifies it as follows: green areas will be given to the public at the expense of land which is today underused by the subway.‘ However, official documents indicate that only 3.210 square meters out of the 18.500 put up for sale (around 17%) will be intended for green areas, while office buildings will occupy over 40% of the plot.

According to terms of reference issued by Metro, bids can be submitted until October 22nd. Asking price is €28.8 million.

As mentioned before, the purchase will be sealed both in cash and in kind. The latter means construction of the new headquarters on the land in the Canillejas neighborhood. ‘Estimated budget for the investment reaches €20 million and the project will have to be adopted as the winners own

Sources from the sector say: it seems Metro wants to keep 90% of the bidders away from the auction. The more, that the firm clearly states that the candidates must provide it with specific job classification certificates, including earthworks, drilling, large concrete constructions and high-voltage installations”, to name just few.

Finally, the Engine Shed (la Nave de Motores), a cultural heritage site from 1919 situated on the land for sale next to the Metro de Chamberi station, has been ommitted in the terms of reference document.


Original article: El Diario (by Antonio Ruiz del Árbol)

Translation: AURA REE