The fund Hines Global Income Trust (Hines Global) has completed its first operation in the office sector with the purchase of Airbus’s headquarters in Madrid where the aerospace giant will continue as the tenant.
Transactions seem to be returning to the office sector in Spain on the first Monday in more than three months that the country is operating at full capacity after the State of Emergency came to an end. The fund Hines Global Income Trust, Inc. (Hines Global) owned by Hines has acquired the industrial and office complex in Madrid through a sale and leaseback transaction with the aerospace company.
The transaction, which represents Hines’s first foray into the Spanish office market, amounted to 29.2 million euros. The complex, which comprises six office and industrial buildings, has been fully leased to Airbus for six years.
Read the full article in Spanish.
Enquiries regarding available space gradually increased by up to 40% in May and around 16,500 square metres of office space was leased in the capital.
The office market in Madrid has registered several operations and a gradual increase in demand for conventional and flexible space, even whilst the State of Emergency is still in force, according to the consultancy Savills Aguirre Newman.
Enquiries regarding available space gradually increased by up to 40% in May compared to the average registered between 15 March and 30 April. However, activity still remains at slightly lower levels than in August, the month that usually sees the lowest level of activity of the year, according to the consulting firm’s historical records.
The Socimi owned by the Montoro family closed last year with revenues of €94.4 million and net profits of €199.5 million.
The Socimi GMP, controlled by the Montoro family and in which the Singapore sovereign fund owns a stake, closed last year with profits of €199.5 million, up by 6.8% compared to 2018.
The company, which specialises in the rental of buildings, especially offices, managed to increase its profits despite the fact that its revenues fell slightly from €106.7 million in 2018 to €94.97 million in 2019, as reported by the company to the MAB, the market on which it has been listed since 2016.
The technology company is moving its corporate headquarters to the 22@ district and the Vallsolana Garden Business Park, in Sant Cugat del Vallès.
The technology company Ekon is going to move its corporate headquarters, previously located in Barberà del Vallés, to the 22@ district of Barcelona and to Sant Cugat del Vallès (Barcelona) over the coming weeks.
Ekon, which is in the middle of a growth phase, will move its Support, Development and Services departments to a 1,200-square-metre space in the Vallsolana Garden Business Park, in Sant Cugat del Vallès (Barcelona).
After falling by 27% in the first quarter, investment in offices will recover after the summer, according to Savills Aguirre Newman.
The measures that will need to be adopted in offices to avoid contagions and the spread of the coronavirus when the de-escalation begins will increase the expenses of tenants by €0.50 per square meter per month, according to the consulting firm Savills Aguirre Newman.
These measures include the installation of thermal imaging cameras, signage in common areas to avoid crowding, and more thorough cleaning and maintenance processes, said the Head of the Offices division at Savills offices during the presentation of the consultancy firm’s market report.
A Canarian company is offering individual workspaces in tourist homes so that companies can guarantee their employees suitable places to work.
The coronavirus pandemic that has been raging in Spain since March has forced thousands of companies and employees to implement systems to work from home that, until now, were a rarity. Before the health crisis, only 7% of Spaniards worked from home. That figure is well below the European average, which stands at 17%, and that of the United States, where 20% of the working population operated in this way before the outbreak of Covid-19, according to a study by the International Labour Organization (ILO).
In the face of this challenge, some have identified a market niche with the need for new workspaces. Such is the case of the Canarian company Spases, which is offering individual workspaces in tourist flats throughout Spain so that companies can guarantee their employees safe and quiet places to carry out their activity.
The property developer led by Enrique López has managed to rent 76% of the 3,000 square metres in the unique complex designed by the Brazilian architect Marcio Kogan.
One year after its launch, the property developer Caledonian is immersed in the construction of its first office development. After years focusing on the promotion of luxury housing, the company led by Enrique López Granados decided last year to transfer its exclusive architecture model to the office segment, with the development of a business complex in Madrid. Specifically, the company chose the Valdemarín area (Aravaca) for its first venture, an enclave with high purchasing power and well known to the property developer, which has developed several residential projects there.
The project, called Caledonian HQ (HeadQuarters), represented an ambitious proposal for the company, with an estimated investment of €20 million. To this end, it decided to engage its head architect, the Brazilian Marcio Kogan, who through his studio MK27 has designed a complex spanning a constructed surface area of 9,447 square metres on a plot measuring 5,086 square metres, with 3,500 square metres of garden areas. “It will be the first office building on the A6 as you leave Madrid, with easy access from the service road of the A Coruna highway, allowing users to avoid the initial traffic jam on that highway,” explain sources at Caledonian.
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
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
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