Tag: new offices

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

Metrovacesa to Develop Offices and Hotels on 1.2 Million Square of Land by 2023

20 August 2019

Last year, Metrovacesa revealed that its holdings include a gigantic, 6-million-m2 portfolio of land, enough to build 40,000 new homes. That total also 1.25 million square meters of land slated for the construction of offices, hotels and logistics assets.

The firm announced its intention to “sell or develop” most of the 1.25 million square meters by 2023. Metrovacesa revealed plans for four major developments, accounting for 60% of the land bank, in a total investment of almost €390 million. The projects include La City and Loinsa in Barcelona and Clesa and Valdebebas in Madrid. Spain’s two biggest cities account for 86% of the portfolio, and 94% of those lands already have urban planning permits.

The largest of the four is City Metropolitana, in Barcelona’s L’Hospitalet de Llobregat, with a buildable area of ​​135,000 m2. The property company plans to build mostly offices on the site, along with up to 20,000 m2 for hotels. Metrovacesa also has 58,131 m2 of buildable land in Madrid, where it plans to build Valdebebas. That project will likely consist of a 4-building office complex.

Original Story: Cinco Días

Adaptation/Translation: Richard D. K. Turner

Villar Mir to Invest in Portfolio of Office Buildings

16 August 2019

Villar Mir, through its subsidiary real estate company Espacio, is planning to build a portfolio of office buildings. The firm’s strategy includes development of acquisition of existing assets for rehabilitation and the development of new buildings.

Villar Mir has a land bank valued at 220 million euros on which it intends to build office buildings. The company’s objective is to create a cash flow that will provide it will a secure position during the coming economic cycle.

The group’s first project will be a turnkey development on a 25,000-square-meter plot of land it owns in Valdebebas, Madrid.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Amundi Acquires Co-Working Project from Conren Tramway for €55 Million

25 July 2019 – Richard D. K. Turner

Amundi, a major French asset manager, acquired an office building under development at Calle Sancho de Ávila, 65, in Barcelona’s @22. The firm paid Conren Tramway 56 million euros for the building, which is still under construction.  The building, however, has already been fully leased by Wojo, a French co-working firm owned by Accor.

The 7-floor building will have 8,300 square meters of surface area, parking facilities, storerooms, changing rooms and a rooftop terrace. Conren Tramway recently signed a leasing agreement whereby the Wojo will take over the property at a rate of  22.3 euros per square meter per month

Amundi’s operations in Spain began last year with its acquisition of the Portico building, in Madrid’s Campo de las Naciones, for approximately 130 million euros.

Original Story: Expansión – Marisa Anglés

 

Caledonian Plans to Double its Investments with New Projects Worth €150M

10 March 2019 – Expansión

The property developer Caledonian is planning to carry out projects worth more than €150 million in 2019, an investment that will double the amount of the projects announced by the firm to date.

The President of the company, Enrique López Granados (pictured above), highlighted that his firm’s most recent projects include the renovation of a complex of properties that are going to be dedicated to housing and which are located on Calle Javier Ferrero in Madrid, in which his firm has invested between €80 million and €90 million.

The company has also applied for a licence to build a luxury office building in the north of Madrid, next to the CNI’s headquarters, which will involve an investment of €20 million.

Meanwhile, the firm is currently working on a luxury development comprising 16 homes in Aravaca (Madrid), as well as on some smaller projects, for example, in Ibiza.

Despite Caledonian’s commitment to Spain, López Granados expressed concern regarding the impact of the political uncertainty in the country and criticised Town Halls for taking too long to process construction permits.

Original story: Expansión 

Translation/Summary: Carmel Drake

Gazeley Purchases a 75,000 m2 Industrial Plot in Toledo

19 October 2018 – Eje Prime

Gazeley has returned to the Spanish market. The logistics warehouse and distribution park investor and developer group has acquired a 75,000 m2 plot in the Toledo town of Illescas on which it will build a 36,000 m2 warehouse. The company is planning to complete the project in 2019.

Moreover, the company has opened new offices in Madrid. Oscar Heras, Construction Director at Gazeley, will assume the role of Director of the subsidiary Gazeley España, which, until now, has stayed away from Spanish real estate activity after selling all of its assets in the country in 2016.

Then, the company was going through a bad time: it had accumulated more than 1.5 million m2 in more than a dozen platforms. Moreover, that same year, the Spanish subsidiary recorded a net profit of more than €16 million, which it used to offset losses from previous years, exceeding €11 million.

Now they are back, because, according to Heras, “it is a time when there is more demand for logistics warehouses than ever”. The company’s intention is to continue growing in Spain.

In Europe, Gazeley has a portfolio of assets spanning 17 million m2, concentrated in the United Kingdom, Germany, France and the Netherlands and leased (96%) to clients such as Amazon, UPS and Volkswagen. The company forms part of the GLP group, which is listed on the Singapore stock market, with more than $50 billion in assets under management.

Original story: Eje Prime

Translation: Carmel Drake

HP Leases Entire Building in Madrid’s 22@ from UK & European Investments

9 October 2018

The asset, located at 66 Calle de Tangér, is owned by UK & European Investments and has five floors and 7,200 square meters.

The US-based tech giant is moving to Madrid’s 22@. Barcelona’s technology district, a benchmark in today’s office market, will now play host to Hewlett & Packard (HP), which has just leased an entire office building at Calle Tangér from UK & European Investments, the real estate developer announced.

The property, located at 66 Calle de Tangér, a centrally located street in the district, has five floors and 7,200 square meters of surface area, 800 square meters or which are on the roof, with stunning views of Barcelona.

The American technology will set up shop next door to other giants of the tech sector, including Amazon and WeWork in the Luxa office complex, which is owned by Catalana Occidente. Other large international firms, mostly related to technology, have also recently moved to the area: Facebook moved into Merlin’s iconic Torre Glòries, while Schibsted and King will share a space in a new building that Colonial is building in 22@.

UK & European Investments acquired HP’s new home in Barcelona in July 2016. The asset underwent a complete rehabilitation, converting an industrial building into an office building, the first in Barcelona to have a Leed Platinum certificate. The London architectural office of Buckley Gray Yeoman (BGY) and Spain’s Deerns participated in the project.

UK & European Investments, headquartered in London and headed by its CEO, Barney Kelham, specialises in the development of prime industrial-style office spaces. In Spain, where the firm has an office, the company’s rehabilitation of the 66 Calle de Tangér building is one of several projects that the group has underway in the country, with a gross total development value of more than 130 million euros. Among them, two residential projects in Madrid and Marbella stand out.

TLG, a private investment firm that operates in eleven countries, with a significant presence in the United Kingdom, France, the United States, Germany and Spain, owns the company. The firm is active in fashion distribution, fund management, hotels and venture capital.

Original Story: EjePrime

Translation: Richard Turner

Carmen Godia to Invest €22 Million Building Offices in 22@

15 June 2018

The old Poblenou plant will hold on to the old factory’s principal architectural elements while being transformed into a modern office building. The office will be rented to small and medium-sized businesses.

Carmen Godia is investing in Barcelona’s real estate sector. The businesswoman will develop an almost 9,000-square-meter building in the old Canem factory, on Calle Doctor Trueta, in the centre of 22@. Between the purchase of the site and the construction of the new building, the investment will total about 22 million euros.

The old Poblenou plant will maintain the architectural elements of the old factory, but it will be transformed into a modern building to be rented to small and medium-sized companies, offering offices with areas running from 200 to 600 square meters, Expansión reported.

The Canem factory was built by Carlos and Bartolomé Godó in the 19th century. During the war, it became a provisional prison, and in 1964 it was sold to the Ribera family. Godia bought it from Popular before Santander absorbed it.

It will be the second office building that Carmen Godia has built in 22@. In 2005, the businesswoman built one of the first modern office buildings in the Poblenou district, located at number 51 Calle Pujades. The property rents offices measuring approximately 100 square meters to small businesses. Carmen Godia invests through her holding company G3T.

Original Story: EjePrime

Translation: Richard Turner

Deloitte: Spain’s Office Sector Gets A Makeover

3 March 2017 – Expansión

The office markets in Madrid and Barcelona are getting ready to unveil their new image. They are preparing themselves to attract tenants that want not only good locations, but also new, high-quality products that meet the demands of today’s professionals.

At the end of 2016, the stock of offices in Madrid had a combined surface area of 12.9 million m2, whilst in Barcelona, the stock amounted to 5.9 million m2. Although still below the peaks seen before the crisis, the volume of new supply registered in Madrid and Barcelona grew by 56% during 2016 and the market is expected to recover over the next few years.

In this way, the office market will see more than 420,000 m2 of new office space opening up in these two cities between now and 2018, in addition to the 155,000 m2 of space that was added in 2016, thanks to new builds and renovations, according to a report compiled by Deloitte.

Projects underway

Specifically, this year, 180,000 m2 of new office space is expected to become available in Madrid, almost twice as much as last year. For example, Infinorsa, the main owner of Torre Europa, launched a complete overhaul of the building last year, following KPMG’s departure, which, until it moved to Torre de Cristal in March 2016, was the property’s main tenant.

The building – constructed in 1985 – is joining the league of smart skyscrapers, which are tailored to suit the needs of clients in the 21st century.

And just few metres away, on Paseo de la Castellana 77, the real estate group GMP is working on the complete renovation of Torre Ederra, with the renewal of its facilities and the transformation of all 18 of its floors.

What’s more, Madrid is not only renewing its existing supply, it is also welcoming new developments. One of the projects under construction is the property located on c/Estébanez Calderon, which is owned by Colonial. The building, which will have a surface area of just over 10,000 m2, is due be completed in the second half of 2017.

Colonial has also launched another construction project in the business district of Madrid, Specifically, the property located on Príncipe de Vergara will have a surface area of 11,300 m2 and 109 parking spaces.

Also in the capital, the family office Mazabi is restoring a building. The property located on Calle Velázquez 123 has a surface area of 2,346 m2 and benefits from a prime location in the heart of the Salamanca neighbourhood. Meanwhile, Mapfre is renovating a property on Plaza de la Independencia. The building, acquired in July 2015 from the Mutualidad Notarial for €82 million, has a total surface area of 12,000 m2, of which 4,000 m2 corresponds to three underground parking floors with more than 100 parking spaces.

In the same way, Barcelona is also reactivating its new office supply in response to the lack of available space.

According to Deloitte’s report, in addition to the six construction and renovation projects that were launched in 2016, the Catalan Capital expects to see two new projects in 2017, covering a surface area of 37,000 m2 and eight new projects in 2018, covering a surface area of 93,000 m2.

Amongst the new developments underway, the Castellví Group has initiated the construction of a new business complex on the corner of Calles Tánger and Badajoz in the 22@ district. (…).

Also in Barcelona, Colonial has launched a project next to Plaza de las Glòries and adjacent to Avenida Diagonal. (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Colonial Will Invest €15M In Office Building In Madrid

14 January 2016 – Expansión

The real estate company Colonial is going to invest €15 million in the demolition and construction of a new office building on the site of the property that it acquired last summer at number 112, Calle Príncipe de Vergara in Madrid. The asset cost €30 million.

Original story: Expansión

Translation: Carmel Drake