Tag: new developments

Airbus to Arrive in Toledo Opening 31,000-m2 Logistics Centre in 2019

9 October 2018

The European aerospace behemoth signed an agreement with P3 Logistic Parks for the development of a new logistics space in Illescas. Construction will start at the end of 2018.

Airbus is flying into Toledo. The global aerospace behemoth will move into a new logistics centre that P3 Logistic Parks will develop in Illescas (Toledo). Construction on the project, which will have 31,280 square meters of surface area, will begin at the end of this year. The expectation is that Airbus will be able to move into its new facilities by the third quarter of 2019, P3 explained to EjePrime.

Airbus’s future logistics centre will be located in Toledo’s Plataforma Central Iberium, a 350-hectare logistics hub. Designed with the sustainable construction certificates rated BREEAM Very Good, the future centre will have sprinkler systems with their own water supply and a dedicated connection to the nearest train station.

The logistics platform that P3 will develop for Airbus will be its second in Illescas, a very attractive municipality for the logistics sector considering its location near Madrid. The socimi already has about 200,000 square meters of surface area already built or under development.

The new facility will increase the size of P3 Spain Logistic Parks’s portfolio. The socimi debuted on the Alternative Stock Market (MAB) in December of last year. The company, which has operations throughout Europe, is controlled by Singapore’s sovereign wealth fund, GIC Private Limited. In Spain, the company has 18 assets with more than 400,000 square meters of industrial area. A large part of the portfolio was acquired in April 2017, when the socimi purchased GreenOak’s Spanish logistics centres for 243 million euros.

Original Story: EjePrime – Berta Seijo

Translation: Richard Turner

A Private Healthcare Tycoon Buys Can Oleza for €10 Million

19 August 2018

The Asturian millionaire and developer Víctor Madera finalised the transaction last month, returning the property to Spanish hands. Madera is acquiring ruined palaces and castles throughout the country and already owns six estates in Menorca.

The historic manor in Palma Can Oleza is changing hands. Moreover, it is doing so for millions of euros. The Spanish private healthcare magnate Víctor Madera, the Quirón Group’s non-executive president for hospitals, has acquired the property for approximately 10 million euros, as El Mundo/El Día de Baleares learned from sources familiar with the operation. The purchase agreement was finalised at the beginning of July in the Balearic capital and constitutes the acquisition of one of the last of the city’s iconic buildings.

Secrecy has been high for one of the year’s most important real estate transactions in the Balearic Islands. Negotiations were conducted very discretely, and the transaction has returned the ownership of Palma to Spanish hands after it was acquired by Swedish investors in 2013. At the time, those investors paid about six million for the property and have now sold it for a 50% markup, a fairly good return on their investment.

Sources in the premium Mallorcan real estate sector were not surprised. Mr Madera has been acquiring ruined palaces and castles throughout Spain in recent months. The Baleares were not left out of his investment strategy. Last spring brought the news that the wealthy entrepreneur and developer from Oviedo had acquired six important estates in Menorca in the last year.

Now it seems like it is Mallorca’s turn. Can Oleza, foreign-owned since 2013, when it was sold to a Swedish investor by the Oleza family, which had owned the manor since the seventeenth century – is located on Morey Street and was declared a Historic-Artistic Monument in 1973. It received development protections when it was declared to be an Asset of Cultural Interest (BIC) and received additional protections from Patrimonio three years later.

Thus, the movable assets, which are also of great value, also benefited from the measure, since they have remained largely intact to date. The modification by Patrimonio affected the decoration of the building’s main rooms, which enjoy special protection. The reason for this is simple. Can Oleza was declared a national monument, obliging authorities to grant the maximum level of protection to the property.

What has not been revealed, at least so far, are the Asturian developer’s intentions for the property. Some sources referred to the possibility of developing a high-end boutique hotel on the site, although the current regulations would make that difficult.

What is known is that Víctor Madera has been attempting to restore the forgotten jewels of Spanish architecture. His passion for rebuilding ruined palaces has a long history and has been a well-known fact for years in Asturias. People there first began hearing about Paisajes Asturias S.L. (Asturian Landscapes), one of Madera’s real estate companies. With a social capital of 53.69 million euros, it is specialised in rescuing ruined, iconic buildings and converting them into hotels.

Original Story: El Mundo – Hugo Sáenz

Photo: Jordi Avellà

Translation: Richard Turner

 

Arcano Advises on the Sale of One of the Largest Resorts in Andalusia: the Islantilla Golf Resort

31 August 2018

The shareholders have sold 100% of the Resort to a vehicle managed by Alantra REIM, in a transaction advised by Arcano.

The Resort will be operated by GAT (Gestión de Activos Turísticos), and comprehensive renovations are planned.

The integral plan to reform the Resort will boost the forthcoming urban development of “Islantilla Norte,” which has more than 160,000 m2 in area.

The Islantilla Golf Resort, which was inaugurated in 1992, is a Resort with a 4-star hotel, located between Isla Cristina and the marshes of the Piedras River (Costa de la Luz).

The Resort counts with a 4-star hotel with 204 rooms, a spa with thermal baths, gym, a large outdoor pool and an indoor pool, a 27-hole golf course, the “Beach Club Islantilla”, 2 tennis courts, a paddle court, 3 football fields with natural grass and FIFA measurements, facilities for events, and special bird watching routes in southern Andalusia. It also has a school for nautical activities such as windsurfing, kite surfing, surfing, catamarans and sailing.

The Resorts has a total of 5 restaurants: the Las Carabelas Buffet Restaurant, Colon Bar, La Ola Grill Restaurant, Beach Club Restaurant, and an Italian restaurant in the golf clubhouse.

The Resort has a national clientele, but more than 50% of its clients are international (mainly from the United Kingdom, Denmark, the Netherlands, Iceland, Portugal and Germany) who can enjoy the Resort during its 365 day-year.

The new owner of the asset is a vehicle managed by Alantra REIM. Investors have opted for the hotel as an investment and development opportunity, which will be exploited on a rental basis by GAT, and where an investment to reposition the establishment is planned.

The selling shareholders are also the owners of 1.4 million square meters of adjacent land, called “Islantilla Norte” with more than 160,000 buildable square meters for the development of a hotel, golf course, commercial area, as well as a 120,000-m2 residential area.

According to the selling shareholders: “The complete reform of the hotel will increase occupancy and variety of the current Islantilla Golf Resort clientele, which will benefit the residential, commercial and leisure development of Islantilla Norte, which we will undertake during the coming years.”

According to Luis Iglesias, Partner at Alantra REIM: “With this second hotel investment in 2018, we continue to build a quality hotel portfolio in a sector with a great capacity.”

Arcano, a leading independent financial advisor, has been the exclusive financial advisor to the sellers.

About ARCANO PARTNERS

Founded in 2003, Arcano is a leading independent financial advisory alternative management firm. With offices in Madrid, Barcelona, Lisbon and New York, it has a team of more than 155 professionals. Within the Investment Banking team, Arcano has more than 55 professionals in Spain, with previous experience in some of the largest investment banks in the world.

The team has successfully closed 56 transactions since 2016. Arcano has a strategic alliance with the investment bank Jeffries, which has a presence in more than 34 cities around the world and a team of 3,800 people, which provides a global platform for execution and distribution.

Original Story: Arcano Press Release

Translation: Richard Turner

 

Habitat Invests €13 Million on a Plot of Land in Valencia to Build 68 Homes

29 August 2018

The real estate company also plans to install 68 storage rooms, ninety parking spaces and commercial premises on the 674-square-meter plot of land.

Habitat Inmobiliaria is kicking off the school year ahead of schedule with a new project. The Catalan real estate company acquired a 674-square-meter plot of land in Valencia, where it plans to build a 68-home development, including 68 storage rooms, ninety parking spaces and more than 500 square meters for commercial premises.

Habitat, which is chaired by Juan María Nin, paid thirteen million euros for the property, which has been added to the firm’s previous purchases of land in Collado Villalba, Valdemoro, Cañaveral and Móstoles, in Madrid; in the neighborhood of Entrenúcleos in Dos Hermanas and in Mairena del Aljarafe, in Seville, and in Santander.

The new land, which has almost 8,000 square meters of buildable area, is located in the PAI Moreras II, an area in full urban development in the centre of Valencia which has left half built during the crisis. The sale of the 68 homes is scheduled to start during the fourth quarter of 2018.

The acquisition of the land in Valencia is part of the Habitat’s current land investment plan to expand its residential portfolio under development, consisting of more than 1,400 homes. Founded in 1953, the company has delivered over 60,000 properties in nearly seventy years.

Original Story: EjePrime

Translation: Richard Turner

 

Malaga, or How the Sun is Shining Again on the Costa del Sol

14 August 2018

With sales and prices in rapid ascent, the real estate sector is firmly committed to continuing the recovery of the property market in the Andalusian city.

The sixth largest city in Spain, with 569,002 inhabitants in 2017, Malaga is the Andalusian city where housing prices have increased the most in the first quarter of this year, according to data from Urban Data Analytics, with a year-on-year increase of 19.4%. According to data from the Ministry of Development, valuation prices rose by 10.8% to 1,506.8 euros per square meter. The increase was also substantial compared to the fourth quarter of 2017 when the square meter in Malaga was priced at 1,440.40 euros per square meter.

The recovery of the residential property market in the city on Spain’s Costa del Sol can be largely explained by the rapid pace of acquisitions, which are being carried out by domestic and international buyers, and which have steadily increased in recent years. While there were around 3,150 transactions in 2013, there were close to 5,000 in 2015 and over 7,000 in 2017.

Also, compared to the token level of new construction in other Spanish cities, new developments in Malaga have been substantial. Just in the first quarter of 2018, 242 purchases of new homes were finalised in the city, equivalent to 12.3% of the total.

In its report, Vision 2018: the Real Estate Market in Malaga, the consultancy Savills Aguirre Newman notes that the market’s strength in the city will cause the Costa del Sol to reach record sales for the year, adding that Malaga has positioned itself as the main power in Andalusia, even ahead of the capital, Sevilla.

Thus, the consultancy stresses that construction began on 5,236 homes in the Andalusian city, compared to the 2,980 in the capital. As for deliveries, Malaga finished a thousand more homes than Sevilla: 2,580 finished units compared to Sevilla’s 1,511.

Projects underway in Málaga

Faced with this data, operators such as VBare, Inbisa and Quabit have already finalised operations in the city, which also stands out for the demand for land for logistics platforms, large commercial projects and student residences.

In April, Quabit stated that it owns 200,000 square meters of land in the province of Malaga for the construction of 1,700 homes, equivalent to 20% of the developer’s portfolio of land. For its part, VBare completed the acquisition of 14 homes in the city in June for 1.35 million euros for placement on the rental market, for which it expects a profitability of approximately 5.1%. Gilmar, a real estate agency, also chose Malaga’s city centre as the site of its 32nd office.

With the presence of 40,087 companies, of which 87.1% are in the service sector, Malaga’s office market has also once again taken off. Another report by Savills Aguirre Newman places the occupancy rate of offices in the city’s prime area at 90%. Rents are also increasing, reaching 18 euros per square meter in the central street Larios. According to the consultancy, the trend will continue in 2018, which will cause buildings that have been unoccupied for nearly a decade to be taken up. The demand for land for logistics platforms is also increasing in the city, particularly for areas exceeding 5,000 square meters, which are rare.

On the commercial side, one of the larger projects underway is the Designer Outlet Centre, which Sonae Sierra and McArthurGlen have added to the Plaza Mayor shopping centre, with an additional 85,198 square meters (added to the rest of the existing complex), housing a total of 107 stores.

Also, the new wave of student residences has also reached the Andalusian city. Syllabus, a subsidiary of Urbania, will build a new student residence in the historic centre of Malaga in a ten million euro investment. The new development will have 143 rooms and an area of 4,600 square meters and will be ready by 2020.

Lastly, in June, the Malaga City Council approved a project for a luxury macro hotel in the city’s port. The hotel will be a 150-meter-high, 45,000-square-meter building that will be developed by the Qatari investor Abdullah Al Darwish. The building, which will involve an investment of 116 million euros and will be located in the Dique de Levante, will begin construction in 2020 and will be inaugurated three years later.

Original Story: EjePrime – C. De Angelis

Translation: Richard Turner

 

Villar Mir Sells its 32.5% Stake in Canalejas to OHL for €50 Million

14 August 2018

Grupo Villar Mir has left the Canalejas project (Madrid), selling the 32.5% that it held in the development to its subsidiary OHL for 50 million euros. In this way, Canalejas will be equally owned by OHL, which already had 17%, and Mohari Limited, a company controlled by the Israeli executive Mark Scheinberg. Villar Mir sold 50% of Canalejas to Mohari in February 2017 for €225 million.

The transaction also includes the acquisition, by OHL Desarrollos, of the credit rights agreed to by Grupo Villar Mir with regards to the project for €9.8 million.

As the company explained to the CNMV, this price could be adjusted upwards to reach a maximum of €60 million (an additional €10 million). depending on “possible capital gains generated in a subsequent sale of these shares.”

Reduce debt

This operation will allow Grupo Villar Mir to continue reducing its debt. The Spanish industrial corporation sold 12% of the Spanish construction company last July for €98 million, reducing its stake in OHL to 38% compared to its previous 50%.

The Canalejas project will feature the Canadian luxury chain Four Seasons’ first hotel in Spain, a commercial complex and exclusive homes. The complex will bring together seven historic buildings, some of them built at the beginning of the 19th century, in a single unit, through an investment of 525 million euros.

Expansion – Rebecca Arroyo

Real Estate Developer Invests €87.4MM, Aiming to Build More than 600 Homes in Granada

6 August 2018

The real estate developer Grupo Inmoglaciar signed a contract for the acquisition of a 25,074-square-meter plot of land in Granada, for a total investment of 87.4 million euros. The company plans to develop 608 homes on the property.

As the company announced in a press release, the property has a buildable area of ​​62,493 square meters, in the area of Parque ​​Nueva Granada in the city’s northwest. The future development is expected to be “fully residential. “The two, three and four-bedroom flats will be built in four-storey buildings, with “elegant architecture and modern design.”

The residential developments will consist of four plots that will be developed in different phases. Sales are expected to begin in the fall of this year. The project will have common-use areas such as a swimming pool, a community room, a gym and a playground.

The acquisition is part of the company’s expansion strategy in Andalusia, where it already has two additional projects, one on the Granada’s Costa Tropical, with 192 homes, and a future housing development in Córdoba.

Original Story: Europa Press

Translation: Richard Turner

Grupo Zar to Build a Shopping Centre and Luxury Villas in Valencia

15 June 2018

The real estate company will develop a new prime project in Torre en Conill, a luxury home development located in Bétera (Valencia). The venture will consist of luxury homes and a 500-square-meter commercial centre.

Luxury is reinforcing its presence in Valencia’s real estate market. The Grupo Zar will develop prime housing and a shopping centre in the luxury development Torre en Conill, located in Bétera (Valencia).

The shopping centre, which will be called Island, will have an area of ​​500 square meters and will provide “complementary services to the residential area, which today has more than 1,100 homes”, the project’s developer, Sergio Zaragoza, highlighted.

The company in Zaragoza wants to take advantage of “the potential population growth in the development,” the businessman explained, estimating that the residential complex will add another 2,700 new homes.

Seven of the new homes will have Zar’s stamp, which is already selling villas from its latest project. These homes will have five bedrooms, four bathrooms, a swimming pool and private garage spread over 350 square meters of constructed area. The prices of the houses start at 546,000 euros without VAT.

Currently, Grupo Zar has another ongoing development consisting of six single-family homes. They are also located in Torre en Conill. With these less expensive homes, with prices starting from 337,000 euros, the developer wants to take advantage of the luxury residential market’s boom in Valencia.

Proof of the boom lies in the interest of yet another developer in Torre en Conill. In addition to Zar, Metrovacesa is building houses in the same development. The property developer, which is listed on Madrid’s stock market, is building 19 chalets for its Villas de la Calderona development.

Original Story: EjePrime

Translation: Richard Turner

Socimi Lists its €46-Million Portfolio of Homes and Land in Madrid

27 April 2018

The countdown has started for Spain’s stock exchange to become home to a new real estate investment company listing. AP67 has received the approval to start trading on the Mercado Alternativo Bursátil (MAB).

Although the exact date of the listing is still unknown, the socimi will debut at a price of 6.65 euros per share and a market value of about 34 million euros.

The vehicle is specialised in the residential sector and has residential buildings, one residential plot of land, two industrial plots of land and several commercial premises. All the assets are located in the municipality of Leganés (Madrid) and have a market value of €46.5 million, according to calculations by the appraiser Gesvalt.

The two most valuable assets in its portfolio are a residential building and a housing development that is currently under construction: between them, they total 25.8 million euros, more than half of the total.

There are several major shareholders behind the vehicle: the minority interests that the MAB requires for a listing, as well as the architects Álvaro Rubio Garzón and Francisco Escudero López, who control more than 90% of the capital. According to the document published by the MAB, both created a property management company in 2001, based on real estate development for rental in the area of Leganés, “specifically in the main streets of the urban centre, in locations near the Universidad Carlos III and industrial property in the suburbs.”

AP67 will be added to the fifty-one socimis that are already present in the MAB and to the sector’s main players, which are on the Ibex 35 and the continuous market: Merlin Properties, Colonial, Axiare, Hispania and Lar. In its debut, the company will be advised by the registered adviser Armabex. The Renta 4 bank will act as a liquidity provider.

Original Story: Idealista

Photo: Gtres

Translation: Richard Turner

 

Quabit Signs €50M Loan with Taconic & Grupo Royal Metropolitan to Fund Land Purchases

4 April 2018 – Eje Prime

Quabit has sealed a deal to continue operating in the property development business. The company has signed a line of credit amounting to €50 million with the aim of financing the acquisition of developable plots of land focused on the development of residential real estate assets, according to a statement filed by the company with Spain’s National Securities and Exchange Commission (CNMV). The real estate company has signed the loan with specific funds advised by the companies Taconic Capital Advisors UK and Grupo Royal Metropolitan España.

Specifically, according to the agreement, the provisions of this line will finance 70% of land acquisitions and the corresponding taxes, whilst Quabit will finance the remaining 30%.

The funds must be drawn down during the first nine months of the contract, and the drawn down funds must be returned upon maturity of the line of credit, after four years, with the possibility of making early repayments and reusing the funds to finance new investments.

For each one of the projects financed, a separate company will be used in which Quabit will hold a 100% stake, albeit indirectly. These stakes will be the guarantee for the loans, leaving the land free, if necessary, for banks to finance its development.

The signing of this line of credit forms part of the new investments financing scheme established by Quabit in its business plan for 2017-2022. The company chaired by Félix Abánades recorded turnover of €535.7 million in 2017, although its sales fell by 83% due to a reduction in stock during 2016, and because its new developments are going to start to be handed over this year, according to the real estate company.

Original story: Eje Prime

Translation: Carmel Drake