Núñez i Navarro Doubled Its Profits In 2016 To €33.1M

5 September 2017 – Eje Prime

Núñez i Navarro recorded a good set of results last year. The company, the largest unlisted real estate company in Cataluña, saw its profits soar in 2016 to €33.1 million, up from €12.9 the previous year. In this way, the group has returned to growth and is getting closer to its best result ever, recorded in 2007 when it generated a profit of €48.6 million.

The group attributes the increase in its net result to an improvement in its recurrent rental income, a recovery in the value of its assets, which had depreciated during the crisis, and income resulting from a ruling, confirmed by the Supreme Court, which obliged Endesa to indemnify the company for the purchase and sale of real estate in Palma de Mallorca, according to Crónica Global.

By contrast, Núñez i Navarro’s turnover fell in 2016. The company recorded revenues of €110 million, down by 5.1% compared to the same period a year earlier, when its sales amounted to €116 million. The company’s consolidated own funds rose to €595 million.

The group’s business lines include property development and the operation of real estate assets, in particular offices, retail stores, homes, car parks, industrial warehouses and hotels.

The group’s Board of Directors still comprises members of the founding family. It includes Josep Lluís Núñez Clemente, his wife María Navarro Obón and their sons Josep Lluís and Josep María Núñez Navarro.

Original story: Eje Prime

Translation: Carmel Drake

Núñez y Navarro Leases La Rotonda Offices To Nike

6 June 2017 – Eje Prime

The office market is alive and kicking in Barcelona. The property developer and construction company Núñez y Navarro has leased the La Rotonda building to the US sportswear group Nike, where it will open its headquarters in Barcelona. The operation has been brokered by CBRE.

The building, located at number 51 on Paseo San Gervasio, has a surface area of 4,300 m2. The US firm is following in the footsteps of other large groups with its decision to settle in the centre of the city, as it seeks to be closer to consumers and offer a better service. For more than ten years, Nike’s offices have been located on the Mas Blau industrial estate in El Prat de Llobregat.

The sports brand will now open its office in the modernist building, which dates back to the beginning of the 20th century. The property was recently renovated and already houses the headquarters of Accenture.

“With this move, Nike is moving from more traditional offices on the outskirts of the Catalan capital to a ground-breaking new office in one of the best areas of Barcelona” – explains Sandra Muñoz, from CBRE – “This move echoes a global trend, given that increasingly more companies are using their corporate headquarters to strengthen their brand image, as well as a differentiating element when it comes to attracting and retaining talent”.

Original story: Eje Prime

Translation: Carmel Drake

Núñez’s Complaint Against Colau’s Moratorium Deemed Admissible

7 October 2015 – Orbyt

The High Court of Justice in Cataluña has declared admissible a complaint filed by the construction company Núñez y Navarro against the Town Hall of Barcelona. Specifically, the company has denounced the moratorium that the municipal government team, led by the mayoress Ada Colau (pictured), approved at the beginning of the summer. The moratorium has resulted in the suspension of more than 40 hotel projects that were underway in the Catalan capital, for at least one year.

Núñez y Navarro, which has registered the complaint through one of its subsidiaries, is currently building a new hotel on Calle Rec Comtal, in the historical centre of the city. The Town Hall approved the project eight years ago, and given that it had already been granted the necessary permits and licences, the moratorium was not meant to affect it.

Nevertheless, at the beginning of the summer, the district counsellor of Ciutat Vella, Gala Pin, reported that an investigation had been opened to check whether there had been irregularities with the processing of the urban planning application. At that time, the municipal government did not rule out that the opening of this establishment could ultimately be suspended, in the event that it was able to prove that there had been malpractice in the rezoning of the site.

Overall balance

Yesterday, municipal sources refused to comment on the news that Núñez y Navarro’s complaint had been declared admissible. However, they did say was that the period (of two working months) during which companies affected by the moratorium are permitted to file complaints with the courts will come to an end shortly. Only then will the Town Hall provide an overall assessment of the impact of the measure.

The first consequences of Ada Colau’s moratorium have already been felt. At Deutsche Bank’s former headquarters, located on the corner of Avenida Diagonal and Paseo de Gracia, the existing building will no longer be demolished to construct a hotel, instead the property will be renovated and converted into luxury homes. By contrast, another iconic project will go ahead, namely the conversion of Torre Agbar into a luxury hotel to be operated by the US chain Hyatt.

Original story: Orbyt

Translation: Carmel Drake