Malaysian Investment Fund Looks to Buy into Major Development on the Costa del Sol

6 January 2020 A Malaysian investment fund linked to the country’s sovereign wealth fund is finalising negotiations to become the first investor in a huge residential, commercial and industrial development on the Costa del Sol. The project would be the largest of its kind in the region and one of the largest in Spain as a whole.

The development is mainly set to include residential homes on a 2.6 million square meter plot of land near the Andalusian Technology Park, in Campanillas, Málaga. The development would consist of the construction of 5,000 ‘build to rent’ rental homes slated for professionals working at the technology park.

The land currently belongs to about 700 individual families.

Un fondo de inversión de Malasia vinculado al fondo de riqueza soberana del mismo país está finalizando las negociaciones para convertirse en el primer inversor en un gran desarrollo residencial, comercial e industrial en la Costa del Sol. El proyecto sería el más grande de su tipo en la región y uno de los más grandes de España en su conjunto.

El desarrollo está destinado principalmente a incluir viviendas en una parcela de 2,6 millones de metros cuadrados cerca del Parque Tecnológico de Andalucía, en Campanillas, Málaga. El desarrollo consistiría en la construcción de 5,000 viviendas de alquiler ‘construidas para alquilar’ programadas para profesionales que trabajan en el parque tecnológico.

La tierra actualmente pertenece a unas 700 familias.

Original Story: Vozpópuli – Joaquín Hernández

Translation/Summary: Richard D. Turner

Sareb to Sell Portfolio of Unfinished Developments

4 January 2020 Sareb is looking to finalise the sale of Project Esla, a portfolio of collateralised developer loans that it put on market almost two years ago. Esla is the first project of partially-built developments that the bad bank has attempted to sell.

The financial institution is reportedly creating a Bank Assets Fund (FAB) to sell the portfolio, the second time it has done so. The vehicle was designed for Sareb, with the advantage that it is taxed at a rate of just 1%, compared to a normal rate of 25%. The Spanish government created the structure to entice institutional investors to acquire the bad bank’s toxic assets.

An unnamed firm and Sareb are said to have already reached an agreement to sell the portfolio for approximately 150 million euros, including the necessary investments to complete the developments.

En español

Sareb está buscando finalizar la venta de Project Esla, una cartera de préstamo promotor con garantía que lanzó al mercado hace casi dos años. Esla es el primer proyecto de urbanizaciones parcialmente construidos que el banco malo ha intentado vender.

Según los informes, la institución financiera está creando un Fondo de Activos Bancarios (FAB) para vender la cartera, la segunda vez que lo ha hecho. El vehículo fue diseñado para Sareb, con la ventaja de que está sujeto a una tasa de solo el 1%, en comparación con una tasa normal del 25%. El gobierno español creó la estructura para atraer a los inversores institucionales a adquirir los activos tóxicos del banco malo.

Se dice que una empresa no identificada y Sareb ya han llegado a un acuerdo para vender la cartera por aproximadamente 150 millones de euros, incluidas las inversiones necesarias para completar los desarrollos.

Original Story: El Confidencial – Ruth Ugalde

Translation/Summary: Richard D. Turner

Neinor Homes Looks to Invest €90 Million in 2020

3 January 2020 The real estate developer Neinor Homes needs to invest 90 million euros next year to achieve its stated investment goals, which the firm had already reduced in April. The firm has a target of €100 million for 2019-2020 and only investment 10 million euros in two plots of land in the Basque Country last year.

Juan Velayos’s exit last year hit the developer’s stock price and caused aftershocks that affected the rest of Spain’s developers as well.  The firm’s stock fell by 16.68% and has since struggled to reach new highs.

Neinor currently has sufficient land holdings to build approximately 12,500 homes. The land is in the Basque Country (2,500), Catalonia (2,100), Levante (1,300), Andalusia (4,400) and Centro (2,700).

The firm’s principal development is in Alcobendas (Madrid). Aura Homes is currently building 254 2-4-bedroom homes in a large gated residential community.

En español

La promotora inmobiliaria Neinor Homes necesita invertir 90 millones de euros el próximo año para alcanzar sus objetivos de inversión, que la empresa ya había reducido en abril. La firma tiene un objetivo de investir 100 millones de euros en 2019-2020, pero solo invirtió 10 millones de euros en dos terrenos en el País Vasco el año pasado.

La salida de Juan Velayos el año pasado provocó una fuerte caída en el precio de las acciones de la promotora y afectó también al resto de los desarrolladores de España. Las acciones de la empresa cayeron un 16,68% y desde entonces han luchados por alcanzar nuevos máximos.

Neinor actualmente tiene suficientes terrenos para construir aproximadamente 12,500 viviendas. Los terrenos se encuentran en el País Vasco (2.500), Cataluña (2.100), Levante (1.300), Andalucía (4.400) y el Centro (2.700).

El proyecto principal de Neinor se encuentra en Alcobendas (Madrid), donde Aura Homes está construyendo 254 viviendas de 2 a 4 dormitorios en una gran comunidad residencial cerrada.

Original Story: Merca2 – Javier Rosell

Translation/Summary: Richard D. Turner

Merlin Properties Postpones Acquisition of BBVA’s Stake in the Distrito Castellana Norte

3 January 2020 Merlin Properties has postponed its acquisition of shares in the Operation Chamartín from BBVA due to its discontent over the current direction of the Distrito Castellana Norte (DCN). Together with the 14.46% stake the firm had acquired from San José, the acquisition would have made Merlin the largest shareholder in the mega-development.

At the same time, the government of the Community of Madrid is slowing down its approval of zoning regulations for the new urban development.

Merlin Properties ha postergado su adquisición de acciones en la Operación Chamartín de BBVA debido a su descontento por la dirección actual del Distrito Castellana Norte (DCN). Junto con la participación del 14,46% que la empresa había adquirido de San José, la adquisición habría convertido a Merlín en el mayor accionista del mega desarrolló.

Al mismo tiempo, el gobierno de la Comunidad de Madrid está retrasando su aprobación de regulaciones para el nuevo desarrollo urbano.

Original Story: Eje Prime

Translation/Summary: Richard D. Turner

 

Sareb Looks for New CEO to Lead Development of Homes

18 December 2019 – Sareb is looking for a new CEO to lead the company’s transition to the real estate business. The current president, Jaime Echegoyen, will continue to act as Sareb’s president. The model is similar to the one that Sareb used before when Echegoyen was CEO and Belén Romana was president.

Sareb presented a new strategy earlier this year. The bad bank is now looking to develop 17,000 new homes via the real estate developer Árqura Homes by 2027. The homes are expected to cost between 200,000 and 220,000 euros, essentially guaranteeing a minimum level of demand. Though homes sales fell in October and analysts fear a change in the economic cycle, the homes Sareb intends to sell are in provinces where housing prices have not increased to the extent that they have in the larger cities.

Original Story: El Diário – Marina Estévez Torreblanca

Adaptation/Translation: Richard D. K. Turner

Metrovacesa Reverses Plans to Build Homes at Clesa

17 December 2019 – Metrovacesa is looking to obtain the necessary final approvals from the Madrid City Council in January 2020 and that of the regional government in the middle of that same year. The firm stated that it is not considering building homes. Instead, it is studying a public-private collaboration to renovate the former Clesa factory, which Metrovacesa has ceded to the city.

The developer is continuing to plan on building a large mixed-use project on much of land, which is nearby Operation Chamartín. Metrovacesa will allocate 50% of the land for new offices while dividing the rest into other businesses such as retail, student residences and hotels.

The land in concern has 38,000 m2, excluding the 8,000 m2 Metrovacesa has ceded to the Madrid City Council. In total, there is a buildable area of ​​90,000 m2 and the firm will invest 260 million euros.

Original Story: Idealista – Carlos Lospitao

Adaptation/Translation: Richard D. K. Turner

Habitat Makes Pre-Sales of 1,000 Homes Worth €225 Million

12 December 2019 – In the first nine months of the year, Habitat has made 1,000 pre-sales of homes, worth a total of 225 million euros. The pre-sales, which will be finalised as the homes are delivered over the next two to three years, are in line with the firm’s intention to reach 2,000 units sold per year by 2021.  Habitat is planning to invest 500 million euros in acquiring land for development in pursuit of its goals.

Habitat has 46 active developments in Spain. The 1,000 pre-sales are a part of 43 different developments. The firm has a total of 4,000 homes on sale, and it has delivered 327 in the year to date.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner

Amro Real Estate Acquires Land in Valencia for New Student Residence

4 December 2019 – Amro Real Estate has finalised the acquisition of a plot of land in Valencia where it plans to build student housing. The residence, the firm’s fourth in Spain, will have 5,000 square meters of constructed surface area, with 170 beds.

The project, which includes a rooftop pool and gym, will be located a short distance from the Catholic University of Valencia (UCV). Construction is set to begin in 2020 and open to students in the summer of 2022.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

General de Galerías Comerciales to Acquire 146,000-M2 Plot of Land in Valdebebas

2 December 2019 – The Valdebebas Compensation Board has approved the sale of a 145,790 square meter plot of land to the socimi General de Galerías Comerciales (GGC) under its Urban Action Program (PAU) for the district in Madrid. Details of the transaction, however, were not announced, though it is believed that the socimi would have paid over 200 million euros.

GGC plans on building a new commercial complex on the site, including 36,500 square meters of offices and more than 24,500 square meters of green areas and parks.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Mabel Villa de Paris: the Most Expensive Flats in Spain

2 December 2019 –

Sales of Spain’s most expensive new luxury apartment building, located in Madrid, have already begun and only one flat is still left for sale. The Mabel Villa de Paris development is under construction in a heavily-guarded area next to the country’s Supreme Court building.

The Mabel Villa de Paris, a former 19th-century building with a protected façade, is located on Calle General Castaños. Mabel Real Estate, a subsidiary of Mabel Capital, is in charge of the development, where flats are being sold for between €15,000-20,000 per square meter. The building will have just 12 three-to-five bedrooms flats, along with a spa and fitness centre. Marta Ortega, the daughter of the owner of Inditex, will live in the penthouse.

Original Story: Idealista – David Martínez

Adaptation/Translation: Richard D. K. Turner