Blackstone Buys La Llave de Oro’s Project in 22@ for €100M

17 January 2020 – Idealista

Blackstone has agreed to purchase an office building that La Llave de Oro is currently constructing in Barcelona’s 22@ district, in a deal that is expected to be closed for €100 million. The property is located on Calle Sancho de Ávila and will have a gross leasable area of 17,400 m2, on a plot spanning 3,300 m2.

The purchase of office buildings off-plan is becoming a bit of a habit in the Catalan capital’s 22@ technological district after the German bank Commerzbank paid €132 million in December for two offices that Conren Tramway is constructing there.

Original story: Idealista 

Translation/Summary: Carmel Drake

Bonavista Developments to Invest €40M in the Construction of a 11,500 m2 Office Building in Barcelona’s 22@ District

13 January 2020 – El Periódico

Bonavista Developments, through Mitsubishi Estate London and Europa Capital, has completed the purchase of a plot of land in the heart of the 22@ district of Barcelona, on Calle Cristóbal de Moura, for an undisclosed sum.

The two companies are planning to invest €40 million in the construction of a new office building on the site. The new offices are expected to span a surface area of 11,500 m2 and construction is scheduled to begin later this year.

Original story: El Periódico (by Max Jiménez Botías)

Translation/Summary: Carmel Drake

Blackstone Finalises the Purchase of Torre Tarragona from UBS

5 June 2019 – Cinco Días

The US fund Blackstone is negotiating the purchase of Torre Tarragona in Barcelona from UBS, according to several sources in the sector. The deal looks set to become the third major operation in the city’s office market this year after Naturgy sold its headquarters to Colonial and Telefónica sold its Diagonal 00 property to Emperador.

UBS Global Asset Management acquired Torre Tarragona in 2015 for €72 million from Omega Capital, the family office owed by Alicia Koplowitz. Now, having invested €10 million in a comprehensive renovation, the Swiss bank is hoping to sell the property for between €100 million and €110 million.

Torre Tarragona is located close to the Sants train station in the Catalan capital and spans a surface area of 18,150m2 spread over 19 floors. It has 250 parking spaces and its main tenant is Pepsico, together with other companies, such as the technological firm Acens (a subsidiary of Telefónica), Quercus and the laboratory Gentic.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake

Grosvenor Purchases the MB One Building in Madrid for €80M

15 April 2019 – Eje Prime

Grosvenor has reached an agreement with Blackstone to acquire the MB One building, known for housing Citi’s headquarters, in La Moraleja (Madrid) for €80 million.

The US fund currently owns the property through Chameleon, a company that has put all of its assets up for sale.

MB One has a surface area of 22,129 m2, distributed over four modules and five storeys.

This represents Grosvenor’s return to the office market and accompanies its activity in the luxury residential market in Spain, where it plans to invest €200 million in projects in the neighbourhoods of Salamanca and Chamberí.

Original story: Eje Prime

Translation/Summary: Carmel Drake

The Lawyers’ Mutual Society Buys Paseo de la Habana, 3 for €23.4M

3 April 2019 – El Confidencial

Grupo Millenium has sold an office building on Paseo de la Habana, 3, in Madrid to the Mutualidad de la Abogacía (Lawyers’ Mutual Society) for €23.4 million. In fact, the deal was signed in April 2018, but has only just come to light after the Mutualidad published its annual accounts for last year.

The building has been completely renovated and is leased in its entirety to Gunni & Trentino, the Spanish company specialising in high-end interior decoration, which houses its headquarters there. The property is located in a prime area, just 100m from Paseo de la Castellana and Nuevos Ministerios, and comprises 3,000 m2 distributed over five storeys.

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake

Saint Croix Buys an Office Building in Madrid for €24M

31 January 2019 – Diario Vasco

The Socimi Saint Croix Holding has acquired an office building located on Calle Juan Ignacio Luca de Tena 17 in Madrid for €23.95 million.

The price of the building, which also includes 166 parking spaces, has been paid in part with two commercial premises owned by the company whose value amounts to €3.5 million, according to the Spanish National Securities Market Commission (CNMV).

Specifically, the commercial premises are located on Calle Caleruega 66, 68 and 70 as well as on Calle Rutilo 21, 23 and 25, both in Madrid.

In addition, the company has paid €20,385,500 in cash to complete the purchase price.

During 2019, the Socimi is planning to undertake a comprehensive renovation of the building to reposition it and adapt it to the standards demanded by the market.

Original story: Diario Vasco 

Translation: Carmel Drake

GMP Signs Spain’s First “Green” Loan with BBVA: €68M for Castellana 77

9 December 2018 – Eje Prime

The Spanish real estate sector has obtained its first green loan. Specifically, the Socimi GMP, controlled by the Montoro family, has signed a loan of that type with BBVA to finance the project to renovate Castellana 77, an office building in the Azca area. In total, the real estate company has received €68 million.

Specifically, the Socimi acquired the building from BBVA in 2015. GMP has recently completed work to renovate the property. The company’s commitment to obtain the loan has been established around the fact that the money will be used to promote sustainability, according to Expansión.

GMP, which has the Singapore sovereign fund (GIC) amongst its reference shareholders, has been working for a while to create a portfolio of sustainable buildings. 80% of its assets have the Leed stamp and, last June, one of the jewels in its crown, the former Torre BBVA, obtained the Well Oro certificate, becoming the first property in Spain to merit that distinction.

During the first half of 2018, the Socimi saw its profits soar by 81% to exceed €110 million. The company recorded revenues of €49.5 million between January and June, down by 0.8% compared to the same period in 2017.

Currently, GMP has a portfolio of sixteen assets, which sum a total of twenty-seven buildings and a gross leasable area (GLA) of 360,000 m2. All of them are located in Madrid, along with the 65,105 m2 of buildable space that the group owns, concentrated in the urban developments of Valdebebas and Las Tablas. The company’s portfolio of projects also includes a residential tourist development in Alicante, which is called Las Colinas Golf&Country Club.

Original story: Eje Prime 

Translation: Carmel Drake

Inversiones Carney SL Buys an Office Building in Valencia from Cerberus

7 December 2018 – Levante EMV

The Madrilenian firm Inversiones Carney SL, backed by its Argentinian and Basque shareholders, has acquired an office building in the Alfafar commercial area, on the outskirts of Valencia. Specifically, the building is located between the MN4 shopping centre and Pista de Silla (road). The property, known as As Center, was constructed during the real estate boom and has remained inactive since then. Its status corresponds to the lack of activity over the last decade, but all of the building work has been finished.

The building is designed for companies. It comprises twelve floors and almost 200 offices. In 2010, at the height of the crisis, it passed into the hands of BBVA, which has held onto it ever since. In 2018, the property was sold to the US fund Cerberus, as part of the operation that saw the banking institution transfer it assets worth hundreds of millions of euros.

A few weeks ago, according to sources speaking to this newspaper, the property was sold to Inversiones Carney SL. That Madrilenian firm, which has Antonio Santiago Pérez as its administrator, has already undertaken some operations in the Community of Valencia, but not in the tertiary office field, at least not publicly. Specifically, according to the newspaper El Heraldo de Aragón, at the beginning of this year, the firm owned the Myo shopping centre, located on the Beneito industrial estate in Gandia. In 2016, it acquired a municipal plot, where a Decathlon store has been opened. This newspaper has contacted the company on two occasions in recent days but has not obtained a response.

One of the shareholders of Inversiones Carney is the firm Mazel Investments SA, which is based in Luxembourg. According to the latest accounts filed in the mercantile registry, corresponding to 2017, over the last two years, the company has undertaken real estate investments amounting to €24 million and €16.5 million, respectively. Moreover, its assets are worth more than €28.5 million.

According to the aforementioned newspaper, Carney is backed by Basque and Argentinian investors. Moreover, the firm has acquired the Plaza Imperial shopping centre in Zaragoza in 2018 with the intention of refloating it.

Original story: Levante EMV (by José Luis Garcia)

Translation: Carmel Drake

Marathon Buys an Office Building & a Hotel in Madrid for c. €30M

21 November 2018 – Expansión

The US investment fund Marathon is increasing its commitment to Spain with the acquisition of a mixed-use complex of buildings in Madrid, which houses an office block and a four-star hotel managed by the Mallorca-based chain Barceló.

Specifically, the US investment fund has closed an agreement with Credit Suisse Real Estate, owner of the asset until now, to acquire the complex for around €30 million, according to market sources speaking to Expansión.

The complex has a total surface area of 14,000 m2 and is located at numbers 19 and 21 Calle de Julián Camarillo in Madrid, one of the most established office districts in the east of the capital, a few minutes by car from the Ifema exhibition centre and Adolfo Suárez-Barajas airport.

The operation has been advised by the real estate consultancy firm Knight Frank.

The complex includes an office building, with a surface area of more than 9,100 m2, occupied by several tenants: Adquira, the company specialising in e-commerce; Lebara, the telephony company; Ixion, the robotics and drone firm; and Norgine, the pharmaceutical business, amongst others.

The complex also has retail and leisure areas and indoor and outdoor parking.

In addition, the asset houses a four-star hotel, managed by Barceló Group, now under the Occidental Hoteles brand.

The Hotel Occidental Madrid Este – previously known as Barceló Torre Arias – has 108 rooms, four of which are junior suites, as well as a gym, sauna and restaurant. The establishment also has two meeting rooms with capacity for up to 80 people.

With this operation, Marathon is strengthening its presence in the Spanish real estate market. The US fund is, together with Attestor, Bank of America Merrill Lynch, Barclays, Deutsche Bank and JP Morgan, one of the minority shareholders of the property developer Vía Célere, which is controlled by Värde (75%).

Moreover, the investment fund acquired the Bahía Azul shopping centre in Málaga in 2016.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Colonial Sells Office Building on c/Alcalá to German Firm Real I.S.

1 October 2018 – Europa Press

Colonial has sold an office building in the centre of Madrid to the German financial firm Real I.S. The property is located on Calle Alcalá and is leased to the Regional Government’s Ministry for Education, according to a statement issued by the purchasing entity. The consideration paid has not been not disclosed.

The property in question dates back to the 19th century and was renovated in the 1990s. It is located at numbers 30 and 32 Calle Alcalá, Madrid, in the centre of the city and comprises office space spanning 9,100 m2, distributed over seven storeys, plus two underground floors for parking.

Real I.S. highlighted the investment opportunity offered by the property given its location and long-term rental agreement, as well as the “positive performance” of the real estate market in Madrid.

Original story: Europa Press

Translation: Carmel Drake