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

Blackstone Finalises the Purchase of Torre Tarragona from UBS

5 June 2019 – Cinco Días

The US fund Blackstone is negotiating the purchase of Torre Tarragona in Barcelona from UBS, according to several sources in the sector. The deal looks set to become the third major operation in the city’s office market this year after Naturgy sold its headquarters to Colonial and Telefónica sold its Diagonal 00 property to Emperador.

UBS Global Asset Management acquired Torre Tarragona in 2015 for €72 million from Omega Capital, the family office owed by Alicia Koplowitz. Now, having invested €10 million in a comprehensive renovation, the Swiss bank is hoping to sell the property for between €100 million and €110 million.

Torre Tarragona is located close to the Sants train station in the Catalan capital and spans a surface area of 18,150m2 spread over 19 floors. It has 250 parking spaces and its main tenant is Pepsico, together with other companies, such as the technological firm Acens (a subsidiary of Telefónica), Quercus and the laboratory Gentic.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake

Naturgy to Relocate 4,000 Employees in order to Rent Out Offices

30 May 2019 – Expansión

Francisco Reynés, the President of Naturgy, is adjusting costs through a mega real estate plan that will see the company optimise its office space at all of its headquarters across Spain, in order to free up plenty of square metres to be re-let or sold.

In total, around 4,000 employees will be moving offices in an operation that could affect up to 50 different offices. The first moves will be made in Madrid and Barcelona, where around 2,500 workers will be affected, with the firm’s departure from its large headquarters on Avenida de San Luis, 77 in the Spanish capital and on Plaza del Gas, 1 in the Catalan city.

The aim is to leverage new opportunities offered by design (open-plan offices), technology (working from home) and internal reorganisations to cut real estate costs. Austerity and pragmatism will prevail over other factors such as aesthetics and corporate image.

Original story: Expansión (Miguel Ángel Patiño)

Translation/Summary: Carmel Drake

Zambal Socimi Acquires Everis’s Headquarters in Madrid

1 October 2018

Zambal, a socimi managed by the IBA Capital Partner fund, has acquired the Novus Building, the headquarters of Everis, located at 1 Fuente de la Mora (Madrid) for 90 million euros from funds controlled by AXA Im Real Estate.

Market sources explained to Expansión that the price of the transaction, in which the company that owns the property was sold, includes the debt associated with it.

The building, last renovated in 2017, is occupied by Everis NTT Data Company, which occupies 88% of the gross leasable area. In addition to the consultancy, other tenants include Hilti and Eurest.

Novus is located in Manoteras, one of Madrid’s business centres, near the headquarters of Iberdrola, La Caixa and BMW. Overall, the Novus Building has a gross leasable area of 42,945 square meters, divided into five floors of offices, storage areas and common gardens.

The property also has four courtyards and 561 parking spaces. The consultancy Cushman & Wakefield, which had already advised Everis in its leasing operation, and EY Abogados provided services for the seller, while the law firm Garrigues and PwC, the buyer’s financial and tax advisor, advised Zambal.

Other operations

With this transaction, Zambal has strengthened its asset portfolio. The socimi bought two office buildings at the end last year. One is located at 25 Albarracín Street, in the area of Julián Camarillo, in Madrid. The complex is currently leased to the French multinational Atos for about 38 million euros.

The company also acquired an office building located at 77 Avenida de San Luis from Naturgy (formerly Gas Natural) for about €120 million. The gas company is still a tenant. Zambal, created in 2013, debuted on the Alternative Stock Market (MAB) in 2015 and currently has a market capitalisation of 667 million euros.

Original Story: Expansión – Rebeca Arroyo

Photo: zambalspain.com

Translation: Richard Turner