Tag: Pamplona

Allegra & ACR Invest €130M To Construct 600+ Homes

27 September 2017 – Expansión

The construction and real estate group ACR and its partner Allegra Holding, the investment arm of the Losantos family (former owners of Riofisa) have expanded their alliance in the Spanish real estate sector, with three new operations.

The partners have recently acquired three new plots of land, one in Madrid and the other two in Pamplona, with a combined surface area of 45,000 m2. In the case of the first, the plot of land is located in Vallecas, measuring 10,000 m2, where they plan to build 100 private homes, with an estimated investment of around €19 million.

In the case of Pamplona, it represents the first operation outside of the Community of Madrid. Specifically, ACR and Allegra have acquired two plots of land in the El Ensanche area, where they plan to construct between 120 and 140 2-, 3- and 4-bedroom homes.

These latest operations follow others undertaken just a few months ago, when the joint venture between ACR and the firm led by Mario Losantos invested more than €29 million in land, also in Madrid, specifically, in the El Cañaveral district.

In total, both companies have invested €130 million to build more than 600 homes, under the brand Nature. “It is a successful alliance that is continuing to make progress and it demonstrates the strong performance of both companies in the market, which is allowing us to continue evaluating new investment alternatives in Madrid, but also in other locations such as Barcelona, Málaga and Levante”, explains David Botín, Director General of Real Estate Development at ACR Grupo.

After years focusing on international real estate markets such as London and New York, the family office led by Mario Losantos returned to Spain three years ago, to invest in plots of land for residential use and to build homes on them. In its first operation, in February 2014, and in partnership with ACR Grupo, they invested around €19 million in the construction of 96 homes on a plot in the north of Madrid. A year later, they started work on 42 exclusive homes in the Puerta de Hierro area.

Beyond the residential segment, Allegra has also invested in office buildings, logistics platforms, as well as commercial premises in Castellana.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Bankinter & Sonae Sierra’s Socimi Buys Its First Two Assets

27 March 2017 – Observatorio Inmobiliario

Ores, the Socimi created recently by Bankinter and Sonae Sierra, whose main activity is the acquisition and management of commercial assets in Spain and Portugal, has acquired two out-of-town stores in a deal that represents its first acquisition since its debut on the market.

The two commercial spaces, located in Artea, Bilbao and in the Galaria retail park, in Pamplona, have a combined surface area of approximately 8,400 m2 and are leased to Forum, a retailer specialising in sports, which has a long-term lease contract following a sale & leaseback operation signed in 2010.

Savills, the international real estate consultancy, has advised an investment fund with an extensive track record in Spain on the sale-side. On the legal side, Eversheds Nicea has advised the vendor and Cuatrecasas the buyer.

Luis Espadas, Director of Capital Markets at Savills, explains that “the out-of-town store market continues to form part of the focus of investors. It is a segment that still has significant potential for growth in terms of GLA volume and new operators entering the market and where we are seeing new interested investors, such as in this case”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Neinver & Colony Buy 2 Logistics Warehouses For c. €9M

6 February 2017 – Expansión

The joint venture created by the Spanish real estate company Neinver and Colony Logistics – which is owned by severa investment vehicles that are managed by subsidiaries of Colony Capital – has strengthened its portfolio of logistics assets in Spain, with the purchase of two new warehouses in Barcelona and Pamplona.

Market sources have indicated that these two logistics warehouses, which have a combined constructed surface area of 15,000 m2, have been sold for around €9 million.

The warehouse in Pamplona is located in the Arazuri-Orcoyen industrial area, three kilometres from the city centre, and has a surface area of 10,000 m2. The asset, acquired from Corpfin, is leased to the logistics operator Logiters.

Meanwhile, the logistics warehouse in Barcelona has a surface area of 5,000 m2.

The real estate consultancy firm CBRE advised the vendor in both cases.

Following these two new acquisitions, the joint venture that Neinver and Colony created at the beginning of 2015, with the aim of investing €200 million, now has a portfolio comprising 39 logistics and industrial centres, covering a surface area of more than 276,500 m2.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Aguirre Newman: Logistics Inv’t Totalled €413M In H1

4 August 2016 – Mis Naves

Investment in the logistics sector amounted to €413 million during the first half of 2016, a similar figure to the one recorded during the same period last year, according to the conclusions of the Logistics Market Report for H1 2016, a study conducted by the real estate consultancy Aguirre Newman. The report explains that fewer operations have taken place during this time period, but those that have been completed have been larger (in value), including the portfolio sales undertaken by Gran Europa and Zaphir Logistics.

Almost all of the profitable investments have been made in the prime markets, Madrid and Barcelona, which together accounted for 80% of the total volume bought and sold. In addition, as a result of the product shortage, investor interest is starting to move to focus on secondary markets, such as Valencia, Zaragoza, Sevilla and Pamplona.

Demand for logistics space in Madrid during the second quarter of the year decreased by 76.3% with respect to the previous quarter (Q1 2016), with just 34,233 sqm of space leased. The most significant operations, of which there were seven in total, took place in Cabanillas del Campo and Coslada, which accounted for 45% of the total space leased.

The highest rental incomes recorded in Q2 amounted to €5/sqm/month and the rents in the prime areas remained stable at between €4.5/sqm/month and €5/sqm/month, as a result of the scarcity of operations completed.

According to the report, despite the low demand for logistics space, demand for industrial assets has been dynamic with 30 operations closed during the period, corresponding to 80,829 sqm of space, half in the rental segment. In terms of sales transactions, 63.6% related to spaces measuring less than 1,000 sqm. This data indicates an improvement in terms of demand in the industrial market, with a high number of low volume operations.

Just like in previous quarters, there was a high level of activity in the market for land dedicated to industrial/logistics use, a clear indicator of the return to property developer activity and the recovery of the sector. Six operations involving land were closed both for end clients and for development through new projects. They included the purchase of more than 160,000 sqm of land in Illescas (Toledo).

In Barcelona, during Q2 2016, demand for logistics space was very positive, reaching 160,469 sqm, a very similar figure to the one recorded during the same period in 2015 and almost 80% higher than during the first quarter of 2016.

During this period, 11 operations were closed, of which four involved spaces exceeding 10,000 sqm, accounting for more than 85% of the total space leased, which focused primarily on the regions of Baix Llobregat and Tarragonès.

In terms of the most significant operations by surface area leased in Q2 2016, Aguirre Newman’s report highlights the operation closed by Amazon in Prat de Llobregat covering 60,000 sqm on the ground floor. On the other hand, in the region of Tarragonès, an operation involving 42,250 sqm of land was closed to provide services to Amazon in the performance of its activity. These two operations accounted for 64% of the total space transacted. (…).

Original story: Mis Naves

Translation: Carmel Drake

Blackstone Owns c.5% Of Spain’s Logistics Assets

28 June 2016 – Expansión

Blackstone created Logicor in 2012 and since then, has grown the company by acquiring portfolios of logistics assets, to reach its current surface area coverage of 13 million sqm.

In Spain, Logicor has been purchasing assets for three years and now owns properties covering a total surface area of 1.1 million sqm, primarily in Madrid and Barcelona, making it the largest owner of logistics land in the country, with a market share of between 5% and 7%. It is followed in the ranking by Merlin Properties and Prologis, in an otherwise very fragmented sector.

Logicor’s Director General for Southern Europe, Manel Vericat, said that the company is still looking for logistics warehouses in Madrid and Barcelona, as well as in other cities, such as Valencia and Pamplona: “We are searching for products that have may potential thanks to the management of our team; and we are able to participate in operations that have higher risk because we have experience in this segment and are capable of managing these situations.

The Spanish subsidiary is led by Alejando Rumayor, who previously worked for Aguirre Newman, Iberdrola Inmobiliaria, ING Reim and CBRE, where he worked last before joining Logicor. The team in Barcelona is led by Xavier Novell, who joined the firm from Aguirre Newman, where he led the logistics and industrial department for the last decade.

In recent years, Logicor has made some major investments in Spain, such as the purchase of a portfolio of logistics assets from CBRE Global Investments, which covered a surface area of 78,000 sqm.

It also acquired a batch of logistics warehouses covering 106,000 sqm, from the French insurance company Axa.

Similarly, it purchased a batch of logistics assets from Gran Europa with a combined surface area of 319,000 sqm. And another one from SEP investments, measuring 138,000 sqm. Finally, one of its most important acquisitions at the global level involved a batch of warehouses from General Electric, of which around 348,000 sqm were located in Spain.

Rents

Vericat confirmed that, since last year, rents in the logistics sector have recovered in Barcelona. In Madrid, “we have not detected any increases yet, but certain rent incentives have disappeared, such as grace periods.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Helvetia Sells ‘La Vasco Navarra’ Building In Pamplona To Fitbox

26 May 2016 – Noticias de Navarra

Helvetia Seguros has finally sold ‘La Vasco Navarra’ building on Avenida San Ignacio, 7, in the Second Ensanche (Urban Expansion Area) of Pamplona; the property has been on the market for eight years. The insurance company, led by José María Paagman, signed a sale and purchase agreement with Fitbox on Monday. The purchaser, which is headquartered in Navarra, has worked in the real estate management sector for the last 18 years.

Sources in the sector indicate that the consideration paid could amount to €15 million. Neither Helvetia Seguros or Fitbox revealed the amount. Nevertheless, the company led by Paagman expressed that “it was satisfied with the sale, because, otherwise, it would not have signed the deal”.

Other sources in the sector indicated that the appraisal value had amounted to around €18 million. Those figures are well below the €30 million calculated in 2007 – before the real estate bubble burst – when the Mancomunidad de Pamplona became interested in this building to use it as its headquarters.

In a joint statement yesterday, Helvetia Seguros and Fitbox announced the completion of an operation involving a building measuring 7,066 sqm, of which 1,500 sqm are allocated for commercial use, comprising five floors and the ground floor.

The new owner stated that “it is currently deciding how this iconic building will be used”. (…).

Original story: Noticias de Navarra (by Sagrario Zabaleta and Javier Bergasa)

Translation: Carmel Drake