Gestilar Buys 15,000 m2 of Residential Land in Barcelona

24 October 2018 – Eje Prime

Gestilar is strengthening its commitment to Cataluña. The Spanish property developer has purchased several buildable plots of land in Badalona (Barcelona) measuring 15,644 m2 in total on which to build two new developments containing 130 homes, according to a statement issued by the company.

The project is located on Illa 3 de Marina Badalona and will be developed in two phases: a first, in which 92 homes will be built, and a second, with 38 units. The first development will be called Islas Sagres and will comprise two-, three- and four-bedroom homes. The real estate company plans to hand over the homes in 2021.

Gestilar’s commitment to Cataluña is expanding with this new development in Barcelona’s metropolitan area, the company’s fourth project in the autonomous region. “Cataluña is a market in continuous flux when it comes to real estate assets and there is still a lot of pent-up demand”, said the Director-General of Gestilar, Marta García-Valcárcel.

Before the end of this year, the property developer is going to hand over 150 new homes in Girona and Barcelona. In recent months, the property developer has also acquired new buildable plots in the Barcelona town of Sabadell, as well as in Madrid and Vigo.

Original story: Eje Prime 

Translation: Carmel Drake

Madrid to Completely Rebuild La Paz Hospital Over Next 10 Years

7 March 2018 – El Confidencial

The Community of Madrid is going to carry out a comprehensive remodelling project of Hospital La Paz. Construction work will begin in 2019 and will involve the expansion of the hospital’s existing surface area by 25% or 50,000 m2, with four new buildings and a hotel for patients’ families. The construction work is going to be performed in four phases and will begin next year, according to the President of the Community of Madrid, Cristina Cifuentes, with the aim of ensuring that La Paz “continues to be the best hospital in Spain and one of the best in the world”. The forecast investment will amount to €359 million and will be paid for by the Community.

The size of the reference hospital in Madrid will thereby be increased from 190,842 m2 to 238,198 m2 following the remodelling project, of which 205,538 m2 will be newly built and another 32,660 m2 will be reformed. New green space spanning 10,250 m2 is also going to be created and new roads will be built. (…). The first phase of work is due to be awarded to the contractor(s) in January 2019. (…). La Paz will not reduce is patient activity at any point during the construction period.

The first phase will begin following the award of the construction work in January and will involve the demolition of the North Building, the Teaching building, generators, the parking lot and the Human Resources department (29,508 m2) to build the new General Hospital and a parking lot for employees (109,967 m2), which will be operational from 2022.

The second phase involves the demolition of the General Hospital (68,680 m2) to make space for ambulatory services, day hospitals, rehabilitation and dialysis services (59,428 m2), which will be completed in 2025.

For the third phase, the General Emergency area and the Traumatology Hospital will be demolished (21,884 m2) and the new Maternity-Children’s Hospital buildings will be constructed with an area for ancillary services (38,278 m2), which will be operational from 2027.

In the fourth and final phase, part of the former Maternity-Children’s Hospital will be demolished and other spaces, such as the Maternity Tower (24,267 m2) and a service area, will be reformed. That final phase will be completed in 2029 (…).

According to the regional Government, the new hospital will provide patients and families with “more comfort, privacy and security, with more individual rooms, larger waiting rooms and the creation of recreational spaces, amongst other benefits” (…).

The Investment Plan for Hospital Infrastructures in the Public Network of the Community of Madrid is going to allocate most of its €1 billion budget to reforming the seven largest hospitals in the region: 12 de Octubre, La Paz, Gregorio Marañón, Ramón y Cajal, Clínico San Carlos, La Princesa and Niño Jesús; on which more than €700 million will be spent.

The plan also includes forecast investment of €250 million to renovate another 14 hospitals: Móstoles, Príncipe de Asturias, Severo Ochoa, Getafe, Fuenlabrada, Alcorcón, Virgen de La Poveda, Virgen de la Fuenfría, Guadarrama, El Escorial, Hospital Central de la Cruz Roja, Santa Cristina, José Germain and Rodríguez Lafora. Moreover, it plans to invest approximately €42 million to convert the former Hospital Puerta de Hierro into a new and modern hospital centre for the care and functional recovery of patients.

Original story: El Confidencial (by I. G.)

Translation: Carmel Drake

Martinsa Fadesa Puts 300 RE Assets Up For Auction

6 February 2017 – Expansión

The bankruptcy administrators of Martinsa Fadesa are getting ready to initiate successive notarial auctions of various real estate assets owned by the firm, as well as of several of the companies in the Group that have filed for liquidation.

These auctions will be carried out through the auction portal of the Official State Gazette (BOE), according to information provided by the current managers.

To this end, the administrators of the company will publish information sheets about the assets to be auctioned, with the aim of providing as much information as possible to users about the assets in question.

According to sources close to the process, the liquidation of Martinsa Fadesa may be completed in 2017 once the creditors have been returned “the present value” of the assets that they financed.

The jewels in Martinsa Fadesa’s crown included a group of buildings and plots of land in Paris, as well as assets located in Poland and Morocco.

The liquidation of the company, which was one of the largest real estate companies in the country during the boom years, involved the sale of assets at discounts of around 30% on their respective book values.

It also included the auctioning off of assets and the assignation of unsold assets to creditors so that they could choose whether to carry out “daciónes en pago” or sell the assets in return for cash.

The liquidation process, which was agreed in March 2015, was structured into three phases.

The first phase included the company’s most liquid assets, particularly those located in Madrid and Barcelona and along the coast.

During the second phase, the bankruptcy administrators put mortgaged assets on the market, whose revenues were used to repay those mortgages.

The third phase was orientated towards the repayment of debt lent by the ordinary creditors with assets not sold during the first phase. Once completed, the other assets were assigned to the creditors that so desired them through a notarial procedure.

The real estate company’s liquidation process began before the summer of 2015, after the ruling was issued by the judge in Mercantil Court number 1 in La Coruña.

And, even through on 11 March 2011, an agreement was approved for Martinsa to repay debt amounting to €7,200 million over a 10 year period, without any discounts, the company’s breaches and liquidity shortages forced it to file for liquidation.

Original story: Expansión 

Translation: Carmel Drake

Round Hill Capital Invests €250M In Luxury Homes In Málaga

1 December 2016 – Expansión

Round Hill Capital, one of the leading international real estate investment firms, has launched operations in Spain with an investment of €250 million in the luxury Palo Alto real estate development. The project that will be constructed on a plot of land measuring 50 hectares in Ojén (Málaga) and represents the entity’s first investment in Spain.

The project will be divided into six phases and reflects Ojén’s General Urban Development Plan (PGOU). The licence has already been granted for the first phase and construction will begin as soon as the tender has been awarded.  Six construction companies are currently competing to secure the bid.

Specifically, the first phase, which will be executed between January 2017 and the autumn of 2018, will involve the construction of sixty apartments and fifteen penthouses, which will be sold for between €440,000 and €1 million each.

At an event in Ojén yesterday, the architect and developer of the project, Matías Villarroel, explained that the land on which the housing development will be constructed was acquired from Sareb for €30 million. It represents one of the most important sales by the entity in the area. “The natural location is privileged and unique”, said the property developer.

According to Villarroel, Palo Alto “is going to put Ojén on the map with a development that will be talked about a lot in the future”. The urbanisation, which has panoramic views of the sea and mountains is just five minutes from the La Cañada shopping centre and thirty minutes from the Málaga-Costa del Sol airport.

Meanwhile, the mayor of the municipality, José Antoni Gómez, who also attended the event yesterday, said that a project like Palo Alto “represents a socio-economic boost for Ojén and for the coast as a whole”. Gómez said that this urbanisation will be “a balcony to the Costa del Sol and a door to the nature and mountains of Sierra de las Nieves”.

Original story: Expansión

Translation: Carmel Drake