Tag: penthouse

Aedas Homes Unveils 100-Home Development in Aljarafe (Sevilla)

27 February 2019 – Eje Prime

Aedas Homes has taken another step in its expansion in Aljarafe (Sevilla). The real estate developer has just launched its Tovar development, a housing project aimed at people looking to reposition on the housing market and young people looking to rent. The development will comprise one hundred homes in total, which will be constructed in two blocks of 28 homes and 72 homes, respectively. The project has already been granted its building permit and the first homes will be available at the end of 2020.

This development is the company’s seventh in Sevilla and its second in Aljarafe. The homes are priced from €151,437 and have a shared common room, outdoor swimming pool, padel court, games room for children and green spaces.

The project comprises two, three and four-bedroom homes, including penthouses with terraces and surface areas of up to 70 m2 and ground floors with gardens measuring up to 170 m2 (…).

Original story: Eje Prime 

Translation: Carmel Drake

Baraka Invests €60M in the Construction of 2 Skyscrapers in Torrevieja

21 January 2019 – Idealista

Trinitario Casanova is on a roll with Baraka. Baraka Properties, the group’s arm specialising property development, has invested €60 million in the construction of two skyscrapers in Torrevieja, which will house more than 130 homes and 250 tourist apartments, according to explanations provided by the company to Idealista News.

The project is going to materialise into two 26-storey towers. Whilst the first will be dedicated to housing in its entirety, the second will be dedicated to hotel use. “Right now, the approval of the project is in the evaluation phase, although our plans are to finalise this first phase during the first quarter of the year”, explain sources at the group, “and once the project has been approved, we will request the licence”.

The land on which the two towers are going to be built is located on Avenida Doctor Gregorio Marañon, on the seafront next to the Doña Sinforosa park. “It is 200 metre from the marina, and all of the homes from the first floor up will have views of the sea. The homes from the fifth floor up will have 360º views”, say sources at Baraka Properties.

According to the company, these will be the first towers in the city, and the tallest to date. The other enclave with towers of this calibre is Benidorm. “The trend for tourists in the area is to look for more unique properties, with higher quality finishes, where they can be offered services like in an American condominium, and this plot fulfils all of those characteristics, both due to its location, and its scale/volume”, they conclude.

In total, 32,000 m2 of space is going to be built in the two towers, and by way of reference, the price per m2 of the penthouse will amount to around €7,000/m2, making it one of the most expensive developments in the area (…).

Original story: Idealista (by Custodio Pareja & P. Martínez-Almeida)

Translation: Carmel Drake

Which Homes Cost More Than €10,000/m2 in Madrid?

2 November 2018 – Expansión

Canalejas (€14,500/m2)

Canalejas is undoubtedly one of the most anticipated major luxury mega-projects. Owned by OHL and Mohari Limited, the company owned by the Israeli businessman Mark Scheinberg, the central corner surrounded by Calles Alcalá, Sevilla and Carrer de San Jerónima, now known as Project Canalejas, is going to be home to the first Four Seasons hotel in Spain, with 200 rooms, as well as 22 luxury apartments costing €14,500/m2 on average. For the project, 7 historical buildings have been joined together, which used to house the headquarters of some of the most important banking institutions in the country, and in which €300 million have been invested. Of the 22 properties available, 16 have already been sold, including a penthouse for €10 million.

Lagasca 99 (€11,800/m2)

But the record for an apartment with these characteristics in the centre of Madrid is still held by the duplex that was sold on Lagasca 99 at the end of 2016. It is a penthouse duplex spanning 703 m2, with a terrace and private swimming pool, and two parking spaces, which was sold for €14 million. That building, which is currently being promoted by Grupo Lar, after suffering several ups and downs in its development history, has become one of the most exclusive buildings in Madrid, with 44 new homes in total, measuring between 300 m2 and 700 m2 each, and of which 90% have now been sold.

General Castaños 2 (€20,000/m2).

Meanwhile, the property developer Mabel Real Estate has undertaken a stunning renovation of the property at c/General Castaños, 2. Although the 11 homes that the building is going to comprise never actually went on the market (they were offered directly to private investors), the sector calculated that the prices amounted to around €20,000/m2.

José Abascal 48 (€10,000/m2)

Two years ago, the first homes in one of the best fully reformed buildings in the Castellana area, José Abascal 48, started to be handed over. Three exclusive penthouses are still available, including the so-called “duplex penthouse retreat” measuring 462 m2, with terraces spanning 100 m2, 4 parking spaces, a storeroom and an independent service room, which is on the market for €5.87 million.

The home has two main entrances on each of its floors, in such a way that you can access the rooms from the lift if you do not want to use the internal stairs. Moreover, the building has an exceptional entrance hall and an automated parking lot, an events area, a 100 m2 gym and a spa.

Original story: Expansión (by L. Ruiz-Ocaña)

Translation: Carmel Drake

Grosvenor Buys 2 Buildings In Madrid To Turn Them Into Homes

17 July 2017 – Expansión

The British real estate company Grosvenor has acquired two buildings in Madrid, which it will transform into new luxury apartments and commercial spaces. Specifically, Grosvenor, through its subsidiary Europe, has purchased one building, with a surface area of 3,000 m2, located between c/Modesto Lafuente and c/José Abascal. The property, which currently houses offices, will undergo a comprehensive renovation to create thirteen 3- and 4-bedroom homes, spread over ten floors.

Similarly, the British group has acquired another property, located on c/Santa Engracia, with a surface area of around 1,800 m2. There, the real estate company plans to create 18 homes, including two penthouses and some retail premises.

The two operations form part of the joint venture created by Grosvenor and the Asian firm Amcorp in July 2016, which has the aim of investing €70 million in Spain during its first phase.

In May, the alliance closed its first transaction with the purchase of a plot of land measuring 820 m2, at number 53 on Calle Jorge Juan, to promote seven exclusive apartments.

The British group, founded in 1677 by Sir Thomas Grosvenor, is currently one of the largest real estate owners in Great Britain.

Grosvenor is one of several major international investors that has taken the decision to back the residential market in Spain. Funds such as Kennedy Wilson, Lone Star, Greenoak, Grosvenor, Autonomy Capital, Invesco, as well as family offices and representatives of wealthy families such as Shaftesbury, the Capriles family, Stoneweg and Dazi are all currently working on residential projects in the Spanish market.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

New RE Record: 450m2 Luxury Apartment In Barcelona Sold For €10M

29 June 2017 – Expansión

The Spanish real estate market is starting to reflect clear signs of a recovery after years of decline. These first indications of revival are already a reality in some areas of the large cities, such as Madrid and Barcelona and, above all, in a particular type of product: luxury housing.

An example of this boom can be seen in the record prices that have been achieved over the last few months in the high-end residential market. “The trend in the last three years has been a gradual increase in residential prices. If we focus on prime products and areas, we see that this increase has been considerably greater. Last year, nevertheless, was a year of transition due to the political uncertainty, and so, although prices continued to rise, in general, they did so at a more conservative pace, whereby stabilising. This year, the increase is continuing to display a bullish trend”, explained Carlos Zamora, Residential Director at Knight Frank in Spain.

The latest example is a home measuring 450 m2, located in the L’Antigua Esquerra neighbourhood of l’Eixample, alongside Barcelona’s famous Paseo de Grácia. The new owner has spent €10 million to acquire this 4-bedroom apartment, which has four bathrooms and a terrace measuring 250 m2 with views over La Pedrera and Paseo de Gràcia, explained the real estate agency Coldwell Banker Prestige Barcelona.

The home, which has been completely refurbished, includes an intelligent home automation system and a Zen garden located in an inner courtyard. In addition to the habitable surface area of 500 m2, the flat comes with five parking spaces for cars, two parking spaces for motorbikes and a storeroom in the basement, according to the estate agent’s advert.

Its price per m2 amounts to: €16,500/m2. “This price is due primarily to the fact that it is a unique property, located in the most prime area of Barcelona, which has been completely redecorated and furnished”, explained François Carriere, founding partner at Coldwell Banker Prestige Barcelona, who highlights that the average price of apartments in the area stands at around €12,000/m2, whilst the price of penthouses and ground floor apartments with gardens increases to €15,000/m2.

“An apartment with these characteristics in London would be sold for around €25,000/m2”, according to Carriere.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

British Groups Invest Heavily In Spain’s RE Sector

9 May 2017 – Expansión

The Grosvenor group is embarking on its first residential project in Spain, developing luxury homes in Madrid. It is following in the footsteps of other compatriot companies such as Intu, Taylor Wimpey and Benson Elliot.

One of the latest real estate companies to show its commitment to Spain has a history that spans 340 years. The firm in question is Grosvenor, the centuries-old British firm, which closed its first investment in the Spanish residential sector about two months ago.

The project chosen by Grosvenor for its arrival in Spain is a luxury residential development on the Golden Mile of Madrid. To this end, Grosvenor, through its subsidiary Grosvenor Europe, completed the purchase of a plot of land measuring around 820 m2, located at number 53 on Calle Jorge Juan, for the development of six exclusive apartments and one penthouse with views over the Retiro Park. (…).

Grosvenor’s operation on Jorge Juan forms part of a joint venture signed by the Asian firm Amcorp in July 2016, whereby it undertook to invest €70 million during the first phase. “We hope to build a significant real estate portfolio in Spain during 2017”, said sources at the British group, which was founded in 1677 by Sir Thomas Grosvenor, and which is nowadays one of the largest landowners in the United Kingdom.

In light of this commitment to Spain, Grosvenor, which has four divisions through which it operates in Europe, Asia, America and the United Kingdom, has strengthened its office in Madrid, led by Fátima Sáez del Cano, by hiring Miguel Silmi, who formerly served in interim roles at firms such as Altamira, owned by Banco Santander. (…).

Investment

Grosvenor’s commitment to Spain is not a unique case amongst the large British groups. “Investors from the United Kingdom have always liked the Spanish real estate market and they have invested throughout the economic cycle. For example, Heron International, which is known today for the shopping centres that it built in Madrid, Barcelona and Valencia, used to hold a significant portfolio of office buildings in Madrid, in the 1990s”, said Javier García-Mateo, Partner in Financial Advisory at Deloitte. (…).

Meanwhile, Benson Elliot has been present since 2011. That fund has just closed the purchase of the Hotel Silken Diagonal, together with the joint venture between Walton Street and Highgate. Previously, BE had purchased two other assets in Barcelona, which it has now sold. “Another British firm, London Regional, has purchased hotels and offices in Spain and has also taken advantage of the cycle to sell them at a profit”, said Rafael Bou, Partner in Real Estate at PwC.

“Having invested more than €2,147 million since 2011, British funds are the second most significant international investor in the Spanish real estate market, after the United States (…)”, according to Savills. During the first quarter of 2017, British firms have already made real estate purchases amounting to €550 million, according to Deloitte.

One example of this commitment is the return of British Land to Spain, which last year purchased the Nueva Condomina shopping centre in Murcia, and the more than €120 million that has been invested by the UK & European Investment group in operations in Madrid, Barcelona and Marbella. (…).

In addition to real estate companies and investment funds, some of the large British insurance companies are also placing their focus on the Spanish real estate sector, such as the case of Prudential and Aviva, which just closed the purchase of the Tormes shopping centre in Salamanca.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Grosvenor & Amprop To Sell Luxury Homes In Madrid

20 February 2017 – Expansión

The company Grosvenor Europe, owned by the British real estate conglomerate Grosvenor, has agreed to acquire a plot of land, measuring 820 m2, on Calle Jorge Juan in Madrid, in one of the most exclusive and expensive residential areas of the city.

The operation forms part of the investment plan that Grosvenor signed last summer with the company Amprop, which is listed on the Malaysian stock exchange and which operates in the real estate, renewable energy and public construction sectors.

At that time, the real estate group, which owns more than 1,500 properties all over the world, transformed its fund Grosvenor Fund Management into Grosvenor Europe, with the aim of undertaking co-investment projects in high profile markets in Europe, such as Paris, Madrid, Milan and Stockholm.

Seven months after creating this alliance, the partners have completed their first investment, for an undisclosed sum. Grosvenor and its partner will promote an exclusive development on this plot, comprising six apartments measuring 180 m2 each, and a penthouse with views of the Retiro park. The average price per m2 of prime products in the neighbourhood of Salamanca amounts to around €8,500/m2, but some developments average more than €9,000/m2, according to the latest residential reports.

The aim is to close another two operations within the next few months. “We are studying several opportunities for residential development and value added products in the centre of Madrid. We hope to build our portfolio in a very strong way in 2017”, say sources at the group.

Original story: Expansión (by R.Ruiz)

Translation: Carmel Drake

Neinor To Build 20-Storey Residential Tower Next To Manzanares River

23 January 2017 – El Mundo

A new and unique tower is about to appear on the Madrid skyline. The property developer Neinor Homes is going to build it and it will be located on the banks of the Manzanares River, in an area that, following the transformation resulting from the Madrid Río initiative, has become one of the most attractive and dynamic in the capital.

Since June 2015, when we found out that the property developer, whose main shareholder is the US investment fund Lone Star, had closed an operation to purchase three plots of land, including this one, located at number 33, Calle Maestro Arbós, and that it had planning permission to construct a 20-storey residential tower, everyone has been very interested in finding out more about the plans. (…).

Now, two weeks before the properties in the development go up for sale (on 8 February), El Mundo has had access to the Riverside Homes dossier, the development that Neinor plans to build in Madrid Rio and for which it requested a construction permit at the end of November (…).

It is a unique residential complex, designed by the architect Julio Touza Rodríguez, and will be distributed over two buildings. The undisputed protagonist will be the 20-storey 72m tall tower, which will be accompanied by another 3-storey block measuring 12m tall. In total, the properties will have a combined above ground surface area of 6,400 m2 and another 3,870 m2 of space underground. They will house 51 two-, three- and four-bedroom homes (with surface areas of between 107 m2 and 160 m2), many storage rooms and 102 parking spaces. (…).

The homes

The price of the homes, which will be equipped with the highest quality materials and the latest innovations, will start at €370,000 for the two bedroom homes, increasing to €445,000 for the three-bedroom properties and up to €600,000 for the four-bedrooms apartments. Those amounts, which exclude VAT (10%), include two parking spaces per property and a storeroom.

In addition to these standard flats, the plans includes three penthouses, with 50 m2 terraces, located on the 16th, 18th and 19th floors, whose prices will range between €900,000 and just over €1,000,000. Given the characteristics of the development, its location and the views that these homes are going to enjoy thanks to their dual north-south orientation, the properties look set to become some of the most unique and exclusive in the capital. (…).

The tower will have a large communal garden terrace on the 11th floor, known as the Mirador del Río. (…). At street level, it will have a large garden with a swimming pool and space for urban allotments, whilst the top three floors will house a gym and other communal spaces. (…).

A lot of demand

Even though the features of the development have not been revealed yet (….), Neinor has a list of more than 750 people who are interested in acquiring the homes at Riverside Homes. “Most of the interested parties (70%) are people from the area, but we have also received a lot of interest from other people in the capital (…)”, said Ignacio Llona, Director of the Central Territory at Neinor Homes.

Original story: El Mundo (by Luis M. De Ciria)

Translation: Carmel Drake

Invesco Develops Luxury Homes On Madrid’s Golden Mile

29 December 2016 – Expansión

Invesco joins forces with the Barba Group / The partners are going to invest more than €26 million in 30 high-end apartments. The construction work will begin in 2017.

A plot of land measuring more than 700 m2, next to Paseo de la Habana and Calle Serrano in Madrid, is one of the latest additions to Invesco’s real estate portfolio in Spain. The German fund manager has invested more than €25 million to buy this plot of land, located in Plaza Valparaíso, where it will create 30 luxury homes. “We have been negotiating the purchase of this plot of land for a year now. It was owned by a family and a religious congregation. In the end, we have completed the acquisition and we have requested a licence to begin construction”, say sources at the fund.

The German fund has been one of the most active investors in Spain in 2016, and after acquiring several important retail assets such as Prada’s flagship store on Paseo de Gracia and a batch of eleven Eroski hypermarkets, it has placed its focus on the residencial segment. “Spain is one of the largest markets for Invesco. We have purchased profitable assets for several funds there, such as on Paseo de Gracia and the hypermarkets. But, in addition, we have entered the world of property development, like we have in other countries such as the USA and certain Asian markets, with funds that seek added value opportunities; Spain is one of the first countries where we have begun”, explained Tim Nalder, Head of Invesco Real Estate in Spain.

Added value

To this end, the German firm has teamed up with the real estate company Barba Group and, through a joint venture, has started to develop high-end homes in the most exclusive areas of Madrid. “Last year, Invesco told us about its plans to invest across Europe with an added value fund that offers high returns and we have already invested more than €100 million through the joint venture”, said César Barba, CEO of the Barba Group.

The latest major project is this plot of land on Paseo de la Habana, where 30 homes will be constructed and then sold for around €6,500/m2. There will be several ground floor and penthouse duplexes, with swimming pools and terraces. The most expensive home will be sold for €1.5 million. But the jewel in Invesco and Barba’s project will be a sky terrace, located on the top floor of the block, which will have a gym and swimming pool, amongst other services. The construction work at this exclusive development, which has already started to be marketed, will begin between April and May next year.

Currently, Invesco’s most advanced project in the capital is a development containing nine 3- and 4-bedroom homes, with terraces and solariums, located in the Arturo Soria neighbourhood, which will be ready for its first residents in the spring. Moreover, this joint venture recently bought the building at number 53 on Calle Serrano in Madrid, where it will create high-end homes on the upper floors and a retail store for a luxury brand on the ground floor.

In total, Invesco is working on four developments in the capital and another housing complex in Valencia. Invesco has invested more than €500 million in the Spanish market during 2016 between its residential and retail asset purchases. “Currently, Invesco has €200 million to invest across Europe and Spain is going to be one of our primary markets”, said Nalder.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Imperio Fórum Buys The Vinçon Building In Barcelona

1 December 2016 – Inmodiario

Imperio Fórum, a Spanish holding company owned by the Canadian investor Marco Fabiani, has purchased the former Vinçon building, located at number 175 on Calle Pau Claris in Barcelona, through one of his companies in which other shareholders also hold stakes. Imperio Fórum has acquired the residential part of the property, which is spread over 6 floors and covers 2,000 m2 in total, comprising 10 apartments and one penthouse.

The operation, which has been completed for €6.5 million, has been advised by Jordi Coma from the consultancy firm Think Big Capital and has received financing from CaixaBank. The renovation work will begin during the first quarter of 2017.

Six months ago, Marco Fabiani also bought another corner building with similar characteristics on El Eixample in Barcelona for €5 million. That property was located on Calle Sant Antoni Maria Claret, close to the modernist complex of Hospital de Sant Pau, where the renovation and marketing of 19 apartments, 2 penthouses and 3 retail premises is already underway. That operation was financed by Banc Sabadell.

Original story: Inmodiario

Translation: Carmel Drake