Owners of Hotel Twentytú will Invest €35M to Build New Office Block in 22@

20 June 2018 – Eje Prime

The owners of Hotel Twentytú are going to build offices in 22@. Brilten, the property developer owned by the Catalan Pérez family, is going to invest €35 million in the construction of a new corporate building in the technological district of Barcelona, the current hub of the office market in the Catalan capital.

The asset is going to span a surface area of 10,800 m2 and will be called Hexagon Glòries. The plot on which the asset will be built was acquired by the Pérez family a decade ago for €18 million. Now, the family has opted to build an office block in light of the high demand that exists for such products in this new central business district (CBD) of Barcelona, according to Expansión.

The plot is located at the junction of Sancho de Ávila and Calle Álava, in the vicinity of Plaça de les Glòries. It will comprise nine above-ground floors, which will measure approximately 1,200 m2 each. Brilten expects the construction work to be completed by June 2019.

Moreover, on the lower floors of the building, which is going to be designed by the architecture studio Batlle i Roig, 800 m2 of space will be adapted for commercial use, and the block will have 126 parking spaces underground. On the roof, meanwhile, the Pérez family is going to open a large terrace.

This new office building is one of around twenty projects that the real estate market is currently developing in this sector in the 22@ district and that, including Brilten’s addition, will incorporate more than 380,000 m2 of space to the available stock in the area.

Original story: Eje Prime 

Translation: Carmel Drake

Merlin Given Green Light To Build Skyscraper In Las Tablas

11 November 2016 – Cinco Días

The Socimi Merlin Properties has been given the green light to add an important office complex to its already gigantic portfolio of real estate assets. The company has just completed an operation to purchase the Adequa business park in Madrid, in a transaction agreed over the summer with the fund Lone Star, for which it will pay €380 million.

According to sources in the market, the one outstanding item on the Socimi’s to do list was to obtain a construction permit to allow it to build an office block, measuring more than 100m tall, in the Adequa business park, which currently comprises six buildings.

As soon as the Socimi led by Ismael Clemente (CEO) obtained the permit, it paid €310 million to the fund plus another €70 million to complete that milestone, explain sources in the sector.

The US fund Lone Star put the business park up for sale in the spring of 2016. It was awarded the asset after agreeing to take on the debt of the now inactive company Bami Newco. That real estate company, created by the late Joaquín Rivero, filed for liquidation last year after going bankrupt with debt amounting to €652 million.

The former property developer had already drawn up plans to build the tower, which will require an investment of between €70 million and €75 million from the Socimi. The skyscraper will add office space of around 29,000 m2 to the business park. In addition, another adjacent building will be built, with a surface area of around 15,000 m2. Construction work is expected to begin in 2018 and terminate at the end of 2019.

Adequa currently has a surface area of 121,000m2, spread over six office buildings, as well as a centre for services and commerce (5,000 m2), which houses a gym, restaurants, a nursery and three padel courts.

The business park is located on Avenida de Burgos, at the entrance to the Las Tablas neighbourhood and is very close to BBVA’s new headquarters. It is home to the offices of Renault España, Técnicas Reuidas and Costa Cruceros, amongst others.

This is the first major operation undertaken by Merlin Properties since it completed the absorption of the historical Metrovacesa last month. The Socimi, created in 2014, now owns assets worth €9,600 million, which make it one of the top 10 Socimis in Europe. (…).

Santander, which used to be the largest shareholder of the former Metrovacesa, now controls 22.3% of Merlin; meanwhile, BBVA owns a 6.4% stake. The Socimi’s original shareholders include the fund Principal Financial Group, which retains a 3% stake.

Merlin, which is now chaired by Rodrigo Echenique – Vice-President at Santander – is also working on the development of another office building in Madrid, on the so-called Isla Chamartín, very close to Adequa, by the junction of the A-1 and M-11 motorways.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Oncisa Sells A Plot Of Land In Madrid To Ibosa For €30M

19 September 2016 – Real Estate Press

The land, which is located in the triangle between the M-11, the A-1 and Avenida de Manoteras, has a surface area of 7,000 sqm and a buildable area of 17,000 sqm. Ibosa is willing to pay €30 million for the plot.

Ibosa plans to construct a 75m tall 20-storey tower on this land, as well as two blocks of flats that will contain more than 130 homes.

In this way, Oncisa has liquidated all of its land on Isla Chamartín, where, in 2011, it sold another plot to Levitt for €27.5 million. That was subsequently acquired by Merlin Properties, which has recently started to construct an office block on the site, due to be completed during the first half of 2018.

The land is attractive due to its proximity to the city’s financial district as well as to the services in some very established neighbourhoods, such as Pinar del Rey and the PAUs of Sanchinarro and Las Tablas, where the supply of new homes and land is practically non-existent.

The operation, which according to market sources has been brokered by CBRE, is proof once more of the renewed investor and property developer appetite for well-appointed plots of land in areas where demand for housing is strong. In fact, it is one of the most important land transactions in the market in recent months and the most significant so far this year.

This project will represent a boost for the area, which is in the middle of a recovery in terms of both sales and prices. It is an area where there is a shortage of product and which is free from the urban planning and legal problems that are burdening its neighbour Valdebebas.

Original story: Real Estate Press

Translation: Carmel Drake

Colonial To Construct New Office Block Next To Castellana

29 May 2015 – Expansión

The real estate company Colonial has purchased a property on Calle Estébanez Calderón in Madrid, just a stone’s throw from the Paseo de la Castellana. It will demolish the building and construct a new office block in its place. The total investment will amount to €40 million.

The future corporate tower will cover an area of 15,000 square metres above ground and will be exclusively devoted to offices that will be rented out.

Given the scarcity of prime products for sale and the significant pressure from the international market to purchase this kind of product in Madrid and Barcelona, Colonial has decided to build its own property. The company chaired by Juan José Brugera specialises in office buildings in the centres of Madrid, Barcelona and Paris and its assets amount to €6,000 million.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

CaixaBank Will Be S&P’s New Neighbour On The Castellana

9 March 2015 – Expansión

Lease Agreement / The bank is going to rent 2,800 square metres of office space in Banesto’s former headquarters. It will share the premises with the credit ratings agency, S&P, amongst others.

After a record year for investment in offices (Socimis and large international funds spent more than €1,000 million on acquisitions in 2014), the buildings in Madrid are also beginning to observe an increase in their occupancy rates, especially those located on the city’s main thoroughfare.

That is the case of the office building located on Paseo de la Castellana, 7. The former headquarters of Banesto will soon house another well known tenant. CaixaBank had agreed to rent out 2,800 square metres in the building. The bank will pay around €70,000 per month for the space, according to real estate sources.

In the last quarter of 2014, rents in the prime office areas of Madrid amounted to around €25.50 per square metre per month, the highest figure in the last three years, according to JLL.

Tenants

CaixaBank will join companies such as the ratings agency Standard & Poor’s (S&P), the Swiss bank Julius Baer, the law firm White & Case and the firms Munich Real Estate and FTI Consulting, which already have offices in the property. Until the arrival of the entity, chaired by Isidro Fainé, the most recent addition (to the property) was the Japanese business group Mitsui, which leases 1,500 square metres over two floors.

Castellana, 7 is owned by the Aragonese group Samca, which also owns the (property) developer Ebrosa. The building offers 12,869 square metres of office space in total and for years it housed the headquarters of Banesto. In 1997, the owner of Samca, the businessman Ángel Luengo, paid the entity 8,000 million pesetas (around €48 million), after failing to reach a preliminary agreement with Telefónica.

In 2011, the building was refurbished by the team at Aguirre Newman Arquitectura. Following the deal with CaixaBank, the building will have less than 5,000 square metres unoccupied.

Transactions

The rental of 2,800 square metres of office space on the Paseo de la Castellana by CaixaBank comes just two weeks after the first major office lease agreement of 2015 was signed in Madrid.

The professional services firm KPMG has reached an agreement with Mutua Madrileña to move its corporate headquarters in Madrid to the Torre de Cristal skyscraper, in the Cuatro Torres business district. KPMG has leased 20,000 square metres in the tower.

In 2014, office space occupying a surface area of 365,000 square metres (of the total 15.1 million sqm) was leased in Madrid. The most significant transactions included the move by Havas to the building on Eloy Gonzalo, 10, which had been acquired by the real estate group GMP a month before. The multi-media group will occupy the office space, which covers around 12,000 square metres. In Barcelona, the law firm Cuatrecasas signed an agreement to lease 19,900 square metres at the end of the year.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake

Sareb Sells 11 Plots Of Land In Madrid For €64.3m

21 January 2015 – El Economista

The land has capacity for 420 homes, an office building and a shopping centre

The Asset Management Company for Bank Restructurings (Sareb) has reached an agreement with CP Amenabar for the sale of 11 plots of land, for residential and commercial use, in Arroyo del Fresno (Madrid) for €64.3 million.

This agreement will allow CP Amenabar – a consortium formed by the property developer CP Grupo and the company Construcciones Amenabar – to build 420 homes, both subsidised and unsubsidised, as well as an office block and a shopping centre.

The sale in Arroyo del Fresno joins the list of plot-related transactions undertaken in recent months. Last year, Sareb awarded 190,000 square metres of land, which included the Crossover project, for more than €100 million.

A few days ago, the company chaired by Belén Romana (pictured above) closed the transaction involving the Aneto portfolio, a portfolio of loans secured by homes and plots of land prepared for the construction of buildings. The Head of Transactions at Sareb, Luis Martin Guirado, said “This transaction forms part of a strategy to create value from Sareb through the preparation of land for its development”. “The sale of these plots is a just another symptom of the improvement we are observing in the real estate market”, he said.

According to the company, this improvement allowed it to exceed the commercial objectives set in 2014. During the last few weeks of the year, the company closed wholesale transactions amounting to more than €1,000 million.

Original story: El Economista

Translation: Carmel Drake