Merlin to Make its Portuguese Stock Market Debut on 15 January

9 January 2020 – Europa Press

Merlin Properties, the Socimi led by Ismael Clemente (pictured below), is going to make its debut on the Lisbon stock market on Wednesday 15 January.

Merlin will thus fulfil its objective, announced in 2019, of trading its shares in Portugal (as well as on the Ibex in Madrid), given that it is a strategic market for the entity.

Specifically, the Socimi already owns 9 offices, 2 shopping centres and 1 logistics warehouse in the neighbouring country, assets which together account for 8% of its total portfolio. They span a combined surface area of 113,000 m2 and generating €44 million in annual revenues.

Original story: Europa Press 

Translation/Summary: Carmel Drake

BNP Paribas: Total RE Investment Grew by 5% in 2019 to €12.7bn

7 January 2020 – Eje Prime

Following a bumper fourth quarter, with a transaction volume of €3.9 billion, the Spanish real estate sector closed 2019 with a total investment volume of €12.7 billion, up by 5% YoY, according to BNP Paribas Real Estate.

The most sought-after assets were offices (€4.6 billion), followed by residential properties (€2 billion). The latter was boosted by the rental market and the wave of build-to-rent projects.

Meanwhile, the logistics sector recorded transactions amounting to €1.85 billion, up by 42% YoY, whilst the retail sector ended the year with some major last-minute deals, including the sale of the Puerto Venecia shopping centre in Zaragoza for €475 million.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

HausInvest Returns to Spanish Real Estate Market

6 January 2020 – Real Assets IPE

Commerz Real’s €15.5bn HausInvest fund has returned to the Spanish real estate market after more than 14 years.

The German property fund is purchasing two office development projects in Barcelona off-plan for €130m from developer Conren Tramway.

It is the first time the fund has invested in Spain since it acquired the Espai Gironés shopping centre near Girona in 2005.

The two office buildings, which will be built on Carrer de Badajoz in Barcelona, will provide 13,900sqm and 9,300sqm of space, respectively.

Original story: Real Assets IPE

Edited by /Summary: Carmel Drake

Domo Activos Acquires Metro Office Building on Calle Cavanilles for €14.1 Million

30 July 2019 – Richard D. K. Turner

The socimi Domo Activos has acquired the Metro office building located on Calle de Cavanilles, 58, in Madrid’s  Retiro district, from a cooperative that had previously acquired the land where the building is located, for 14.1 million euros.

The office building has seven above-ground floors with 7,500 square meters of constructed surface area. The asset comes with a project to expand the current building, including more offices, commercial premises and parking.

Original Story: La Vanguardia

Solicius Acquires Office Building Housing BBVA in Vitoria

17 July 2019 – Richard D. K. Turner

Solicius, the socimi owned by the Mazabi Group, has acquired a property in Vitoria. The asset is a building located at Calle Eduardo Dato, 12, in one of the most consolidated areas of the city. The almost 2,500-m2 building is valued at more than 10 million euros and is currently fully leased to BBVA.

The socimi is currently building up its portfolio of properties before an intended stock market listing sometime next year. Solicius’ goal is to reach €1 billion in assets. At the moment, its diversified portfolio consists of more than twenty properties.

Original Story: Idealista

 

Goldman Sachs Sells Office Building in Central Madrid

16 July 2019 – Richard D. K. Turner

Goldman Sachs has just sold the office building located at Calle Serrano, 39, five years after it acquired the asset together with another 37 residential and office buildings from Bankia. The property is located in Madrid’s CBD, nearby the well-known Paseo de la Castellana. Goldman was reportedly paid about 8 million euros.

The four-floor building, which was once home to the Lazard investment bank, has 1,212 square meters of constructed area, including a semi-basement. The asset comes with an pre-approved rehabilitation project, as the American bank opted not to invest in the renovation itself. The main drawback to the asset is that the building’s main entrance is not on Calle Serrano, but rather in a central courtyard.

Goldman Sachs acquired the building as part of a €355-million portfolio, previously owned by Bankia.

Original Story: El Confidencial – Ruth Ugalde

Trajano Iberia Receives Offers of €60M+ For its Manoteras Business Park

2o June 2019 – El Confidencial

The Socimi Trajano Iberia has received several offers amounting to more than €60 million for the Isla de Manoteras Business Park in Madrid that it purchased three years ago for €44.3 million.

The asset, located on Avenida de Manoteras 48, in the Manoteras, Las Tablas and Sanchinarro office district of the Spanish capital, has a leasable surface area of 13,442 m2 and 274 parking spaces.

The Socimi created in 2015, which is managed and promoted by Deutsche Bank and in which the Alcaraz brothers hold a 10.55% stake, is hoping to close the operation at the beginning of July.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

ASG Homes Negotiates the Sale of 1,000 Rental Homes to Institutional Investors

19 June 2019 – Expansión

ASG Homes, the property development arm of the European manager ASG, is following in the footsteps of many of the major property developers in Spain by putting up for sale 1,000 rental homes.

The announcement comes in response to interest from institutional investors in acquiring and managing portfolios of rental homes, given the booming demand in the rental market.

Specifically, ASG Homes is negotiating the sale of 3 of its developments in San Sebastián, Madrid and Sevilla, which will be worth €200 million once finished, with investment funds, Socimis and family offices.

ASG Homes had planned to hold onto the properties and manage them itself but the strong interest from investors has resulted in a change of tack. In this way, the company is emulating the strategies of several listed property developers, such as Metrovacesa and Aedas Homes.

In total, ASG Homes has a landbank spanning 500,000 m2 with the capacity to build 5,000 homes distributed across Madrid, Alicante, Estepona, Marbella, Salamanca, Barcelona, Sevilla and Valencia. It launched its business in Spain in 2013 and invests not only in the residential sector, but also in the hotel, shopping centre and office segments.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

JLL: Foreign Investment in Catalan Real Estate Rose by 137% in 2018

15 June 2019 – La Vanguardia

According to data published by the real estate consultancy JLL, overseas investment in the Catalan real estate sector rose by 137% during 2018, despite the fact that total investment fell from €1.13 billion in 2017 to €995 million in 2018.

In fact, domestic investment plummeted by 85% to €363 million from €859 million, but almost all of that decrease was offset by the arrival of funds from overseas. Of those, investment funds deposited 57% YoY more in 2018 (€574 million) and Socimis invested 47% YoY more (€326 million).

Having overcome the political uncertainty seen in 2017, international investors showed their commitment to Cataluña in general and Barcelona in particular, not least because the city has been declared as one of the world’s influencer cities by JLL.

In the business context, the city is particularly attractive for investment in the office, logistics and commercial sectors, ranking in first place in all 3 markets when compared with its European counterparts.

Specifically, the Catalan capital’s offices generate yields of 3.75%, whereby outperforming Milan (3.6%), London, Madrid and Stockholm (all 3.5%). Its logistics assets generate returns of 5.10%, compared with 5% in Madrid, and its shops in central locations generated yields of 3.25% in Q1 2019, compared with Madrid (3.15%) and Paris (2.75%).

All of this is welcome news for the region that has been hit hard by the political uncertainty of recent years.

Original story: La Vanguardia (by Pilar Blázquez)

Translation/Summary: Carmel Drake

ING Sells its HQ in Las Rozas (Madrid) to Barings

13 June 2019 – Eje Prime

ING has sold its office building located on Calle Severo Ochoa, 2 in Las Rozas (Madrid) to the US fund Baring Alternative Investments for an undisclosed sum.

The property spans a surface area of 12,700 m2, has 350 parking spaces and is located on the Las Rozas business park with direct access to the A6 and M50 motorways, and close to a suburban train station.

The building currently houses the Dutch bank’s headquarters in Spain.

Original story: Eje Prime

Translation/Summary: Carmel Drake