Inditex Obtains Licence to Build a new Textile Design Building in Sabón

28 February 2019 – La Opinión A Coruña

The Local Government in Arteixo has granted a construction licence to Inditex to erect a new building at its headquarters, on the Sabón industrial estate, which will be used for textile design activity. The plot on which the new structure will be situated is located on the corner of Avenida de la Diputación with A Ponte (opposite the entrance to the ITV). The plans presented by the company to the municipality to obtain the municipal authorisation reflects that the construction work will cost €31.5 million.

The multi-national company will use this new space for “textile design activity”, according to the construction licence. The height of the new building will be 24 metres and it will sit on a plot measuring 54,300 m2. The authorisation granted by the municipality indicates that the deadline for starting the construction work is six months and for its completion is three years (…).

Original story: La Opinión A Coruña (by Iván Aguiar)

Translation: Carmel Drake

Madrid’s Town Hall Ratifies its Development Plan for SE

26 July 2018 – Observatorio Inmobiliario

The Plenary Session of the Town Hall of Madrid has approved alterations to the urban planning order in force for the Developments in the Southeast of the Spanish capital, thanks to the votes of Ahora Madrid and the PSOE. At the beginning of July, Madrid’s High Court of Justice (TSJM) provisionally suspended the Town Hall’s plan for this area.

The votes of Ahora Madrid and the PSOE were enough to approve a motion in the Plenary Session of the Town Hall of Madrid that seeks to adjust the growth of the Developments in the Southeast to the amenities, services and infrastructure demanded for the adequate development of urban life, whereby rationalising the Plan that has been provisionally suspended by the High Court.

“With this motion, we want to ratify the commitment with the criteria reflected in the document that should govern the construction of these developments”, explained the delegate for Sustainable Urban Development, José Manuel Calvo.

Meanwhile, the Compensation Boards that succeeded in getting the TSJM to stop the Plan confirm that if an amendment to the General Urban Plan is approved, then they will study the possibility of appealing and they will request the corresponding compensation.

In a statement, the same sources explain that “they lament” the path that the Town Hall is seeking to initiate. “If the modification is approved in the end, we will study the possibility of appealing the agreement and, at the same time, we will interpose the procedures of state liability to request the corresponding compensation”, they warn.

Nevertheless, they added that it is going to be “very difficult” for the Town Hall to justify the need to modify the plans, which is “a necessary requirement for its approval”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Town Hall of Barcelona to Build 150 Social Housing Flats in Former Urban Prison

7 May 2018 – Eje Prime

La Modelo is going to change its colour: it will turn from the grey of its former railings to the green of its new parks and family homes. That is the plan that the Town Hall of Barcelona wants to carry out with the urban prison that said goodbye to its last inmates last June. Since then, the Town Hall has been holding regular meetings with local residents and entities to build social housing properties on the land that has been left in disuse, amongst other aspects. The Town Hall’s current idea is to build 150 flats on a plot of land measuring 15,000 m2.

In total, the prison used to cover a plot measuring 27,657 m2, of which the Town Hall plans to use almost half, 14,000 m2 to develop a park that will add some much needed green space to the Eixample area in which it is located.

The first draft of the plans that the municipal government presented in the most recent meeting is one of three possible plans that the Town Hall is considering. It is the preferred option of the Town Hall led by Ada Colau, who will provide more details about the project in July, according to Idealista.

The work to urbanise the plot is not expected to begin until 2020, and so the plans may well undergo several iterations yet, although all three plans involve building public housing, green space and a section that will serve to preserve the historical memory of the 100-year old prison. What is known at this stage for certain is the amount of investment that the Town Hall is going to allocate to the project: €4.9 million, which has already been included in the current mandate, which ends in 2019.

Original story: Eje Prime

Translation: Carmel Drake

Merlin to Spend €250M Developing New Logistics Assets

8 May 2018 – Expansión 

The Socimi Merlin plans to spend €250 million launching new logistics assets over the next four years. “We are continuing with our ambitious expansion plan, primarily through the development of land and the construction of turnkey projects”, said Merlin’s CEO, Ismael Clemente (pictured below), speaking yesterday at the company’s General Shareholders’ Meeting.

The director explained that Merlin is going to add another 500,000 m2 of space to its existing portfolio to exceed “by far and in record time” the 2 million m2 of logistics space that it currently manages. “That will place us in a clear position of leadership with respect to our competitors”, he said.

This investment will be made in addition to the €370 million that the real estate company is going to use to reform and reposition its portfolio of offices and shopping centres.

Clemente explained that the intense investment activity in which Merlin has been immersed since its creation was obeying a “strategic vision”. “We were living through the start of the upward trend of a new real estate cycle and there was a window of opportunity open to buy some very high-quality assets and companies at very attractive prices. That quality and those prices will not be seen again until the next cycle comes around”, he said.

The director reiterated the “outstanding” return to shareholders of 21.6% in 2017. In this sense, yesterday, the shareholders approved a 9% increase in the dividend, to be charged against the results for 2018, to reach €235 million.

Clemente also revealed that his firm will be looking carefully at the real estate plans designed by Aena for the airports in Barajas and El Prat. Aena is planning to market 2.7 million m2 of buildable space for logistics, hotel and office use on land that it owns at the Adolfo Suárez Madrid-Barajas airport and another 1.85 million m2 of land at Barcelona-El Prat airport.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Valencia Puts an End to Land Speculation: Construction Work Must Start Within 2 Years

6 February 2018 – Eje Prime

Valencia is clamping down on land speculation. The reform of the Law governing Regional Planning, Urban Development and Landscapes (Lotup) which is being processed by the Ministry of Housing, Public Works and Structures (in the autonomous region of Valencia) has reduced the timeframe that owners are permitted to submit a town planning project from six to two years once they have committed to purchasing a plot.

That term may only be extended by the municipal regulations up to a maximum period of six years, according to Valencia Plaza. The legal text is being submitted to the Consell Jurídic Consultiu (CJC) for consideration.

The limit of two years will be “the supplementary or subsidiary rule” when a plan, program or municipal ordinance governing an urban development activity does not indicate any deadline for the submission of the project. In any case, the maximum term will be six years.

With the new modification of Lotup, the Law will allow private entities to urge the expropriation of plots in their favour when the owners fail to comply with the deadlines for development, a possibility that has already been considered in the past.

Original story: Eje Prime

Translation: Carmel Drake

‘Operación Chamartín’ Becomes ‘Madrid, Nuevo Norte’

31 July 2017 – Expansión

A Solomonic agreement has been reached between DCN, the Ministry of Development, the Town Hall of Madrid and the Community of Madrid to push ahead with the long-standing project, which will see the construction of 11,000 homes (including 4,100 social housing properties) and a large business centre.

But its name is no longer ‘Operación Chamartín’, ‘Distrito Castellana Norte’ or ‘Madrid Puerta Norte’….after almost 25 years since the idea was first floated by the then government of Felipe González, the development in the northern zone of the belt of Madrid’s M30, is going to be called ‘Madrid, Nuevo Norte’.

On Thursday, the Town Hall of Madrid, Adif and DCN (the property developer in which BBVA and SanJosé hold stakes) presented the strategic guidelines upon which the new project is going to be based. It reduces the buildability to 2.68 million m2, down by 20.5% compared to the 3.37 million m2 proposed by DCN, and cuts the total number of homes to 11,000, of which 20% will be social housing properties. On the other hand, the management of the plan has been handed over to the Town Hall of Madrid, which will control the timings and activities.

The players involved announced the 19 points included as the basis of the agreement, most of which are technical, and which also involve resolving the legal actions. The new plan will see a modification to the General Urban Plan (PGOU) and is divided into five areas (Chamartín Station, Business Centre, Fuencarral Malmea, Fuencarral Tres Olivos and Las Tablas) and two large zones: the South of the M30, which will constitute primarily office space and a large CBD, and the North of the M30, which will focus on housing.

A large business centre for Madrid

One of the fundamental axes of the plan will be the Chamartín station and the Business Centre, which will be located next to the new station to allow for sustainable mobility. The event on Thursday was attended by the Minister for Development, Íñigo de la Serna; the mayor of Madrid, Manuela Carmena, and the President of the company Distrito Castellana Norte (DCN), Antonio Béjar. “This initiative has solid pillars and is sustainable over time. It is an avant-garde and recognisable project, which will generate investment and create employment”, said Antonio Béjar.

Meanwhile, the mayor of Madrid, Manuela Carmena, expressed her appreciation for the capacity for “dialogue and consensus” and asked for collaboration from the other political groups to move ahead with the project. “The world is changing. From now on, in Madrid, we are going to be capable of forming part of that change”. For the Minister for Development, Íñigo de la Serna, this is a new project, born out of an agreement that unites the interests of the parties (…).

In this way, the urban planning project, which just six months ago looked to be doomed to failure, seems to be back on track in the critical areas. The property developers said that Madrid does not currently have a recognisable and compact business district. This plan, they said, is designed to fill that gap.

Original story: Expansión (by R. Arroyo, L. Ruiz-Ocaña and C. Galera)

Translation: Carmel Drake

Airbus Unveils Plans For Its New Offices In Getafe

10 November 2016 – Expansión

The Airbus group has decided to unify its offices in Madrid into one large site. (…).

The new facilities will be located on land that Airbus owns alongside its factory in Getafe. Lamela, the architecture firm that won the tender to design the site, is drawing up plans for the complex, which will have a total surface area of 54,000 m2 and which will house 1,600 staff.

According to sources at the architecture studio, the new campus will include three new spaces: two modules for the central offices, buildings for IM (Information Management) and CPD (Data Processing Centre), a canteen, with capacity for 3,000 people, and an identification centre.

According to the proposed timetable, the plans will be ready during the first quarter of 2017 and construction work will begin soon after that, with the likely completion date at the end of 2018. (…).

Original story: Expansión (by R. Arroyo and R. Ruiz)

Translation: Carmel Drake

Lidl Seeks RE Partners To Drive Growth

20 October 2016 – Expansión

Lidl is changing its expansion policy. Until now, the German chain has focused on opening supermarkets on the outskirts of urban centres. However, its new strategy will focus on identifying real estate partners to construct complexes that combine commercial and residential areas.

“We are looking for partners with whom, for example, we can open a shopping centre on the ground floor and construct apartments on the floors above”, explained David Carim, Director of Expansion at Lidl. The supermarket chain has a stand at the Barcelona Meeting Point real estate fair, which is being held from 19-23 October in the Catalan capital, to promote its strategy and look for new partners.

In this sense, the company is also offering itself as a partner to companies and funds that have unused plots of land, to develop projects together. It has not completed any of these initiatives in the Spanish market yet, but the strategy has already been applied in four shopping centres that the company manages in London. The formula will allow it to unify costs with the partners and access areas right in the heart of city centres.

Above all, Lidl is interested in plots of land measuring between 4,000 m2 and 9,000 m2, on which to build centres with a minimum surface area of 1,100 m2. The company is also looking for ground floor premises in towns with at least 16,000 inhabitants.

In addition, it is expected that this new expansion strategy will be applied to the construction of logistics centres, on plots of land measuring between 120,000 m2 and 140,000 m2.

Six hundred stores

Using this formula, the company plans to have 600 stores in less than five yers. The German chain already manages 535 supermarkets. In 2016 so far, Lidl has spent €350 million opening several new centres in Cornellà, Ripollet, Blanes, Sant Feliu and Roses (Cataluña), amongst others. The company plans to open another two new supermarkets in Badalona and Sant Boi, also in Cataluña, before February.

Lidl is not planning to create a real estate subsidiary even though it is looking to divest several of the premises and plots of land that it owns. Its owned assets include a plot of land measuring 65,815 m2 in Sant Fruitòs de Bages (Cataluña) and a 3,011 m2 farmhouse in the Catalan town of Arenys de Mar.

Lidl, which has invested €1,000 million in Spain over the last six years, is also focusing on redesigning its shopping centres. The paradigm of this new space is its centre in Ripollete, very close to the company’s central headquarters in Montcada i Reixach. The new supermarkets are characterised by their large windows, the installation of photovoltaic panels, which generate 30% of the stores’ energy, and the installation of bakeries in every supermarket.

Original story: Expansión (by Eric Galián)

Translation: Carmel Drake

The Puerto Banús Sale Runs Into Difficulties

4 May 2016 – El Confidencial

Puerto Banús (Marbella) has always been a clear object of desire. Its name is associated with glamour, parties and luxury. And it has been up for sale for several months now. The company behind this leisure and port complex in Marbella wants to generate cash. But the death of Alberto Vidiella, the Chairman of Puerto Banús, in February is making the sales process more complicated. The death of Vidiella and the harsh conditions imposed by the Andalucían Government are making the sale of the company to a Swiss/Chinese consortium, led by Credit Suisse, more difficult and theirs is the only firm offer that the company has received to date.

Several auditors analysed the balance sheet of Puerto Banús at the end of 2015. No price has been set yet, but experts in the sector calculate that the cost of the company will not exceed €100 million. (…). Is the Wanda Group behind the Swiss/Chinese consortium? The owners deny any conversations with the Asian corporate giant. (…). But according to real estate sources in Madrid, Wanda would be willing to pay up to €250 million for the company. (…).

Meanwhile, Wanda could be behind the purchase of the iconic Marbella Club Hotel, according to the ABC newspaper in Sevilla. However, an official spokesman for the luxury tourist complex denied that claim to this newspaper. “There is nothing in it. We have invested a lot of money in the hotel in recent years and there are always rumours. But we are not for sale”, said Rudolf Graf von Schönburg, advisor to the complex. (…).

The Andalucían Government is aware of the offer from the Swiss group. The Public Agency for Ports in Andalucía, led by Alfonso Rodrígeuz Gómez de Celis, confirmed to this newspaper that it received a letter on 29 January, from an international consortium interested in finding out more about the conditions for a possible expansion (of the marina) into the open sea and extensions of the concession term. The regional government is not responsible for either matter; the State is. (…).

For the time being, no other offers have been received for Puerto Banús, although conversations and interest from other overseas investors, above all high profile British and German funds, are continuing in a steady trickle (…).

One of the main problems facing all of the parties interested in buying Puerto Banús are the intentions of the Regional Government to not allow the construction of any hotels or shopping centres on the site in the future. The plans only include an increase in the number of berths, by 450, worth at least €75 million. (…).

Original story: El Confidencial (by Agustín Rivera)

Translation: Carmel Drake

Plans For The 5th Tower Begin To Take Shape

1 April 2016 – Expansión

The skyscraper, located in the heart of the capital’s financial district, will house the new headquarters of the IE University, as well as a clinic and shopping centre.

The plans for the fifth skyscraper in the Cuatro Torres complex – the new financial district in the capital, which currently comprises the Torre de Cristal, Torre Caja Madrid, Torre Sacyr Vallehermoso and Torre Espacio – are taking shape and a date has been set for the inauguration of the tower: the end of 2019, according to the IE University, one of its future tenants.

The business school will expand its facilities and open its new headquarters in the north of Madrid.

Specifically, the fifth tower will house the IE Campus in a building that will be 165 m tall and have a surface area of 50,000 m2 on the Paseo de la Castellana. In addition, this site will also be home to a clinic and a shopping centre.

The plot of land belongs to the Town Hall of Madrid, which has granted its use to Inmobiliaria Espacio. In parallel, the subsidiary of the Villar Mir Group has reached an agreement with the IE University to offer it this space under a 20-year rental agreement, which may be renewed for additional 55 years.

Details of the project

“From now on, the Town Hall of Madrid, Inmobiliaria Espacio and IE University will work together to ensure that the project meets the needs of the city of Madrid in the best possible way”, explain sources at IE. According to these sources, work will be carried out over the next three months to determine the “details” of the project.

OHL Desarrollos will be responsible for the construction of the new infrastructure, which will include auditoriums, sports facilities, green spaces and a 35-storey tower with classrooms and educational areas. Meanwhile, the studios Fenwick Iribarren and Serrano-Suñer Arquitectura will lead the design of the project.

At the new IE Campus, university degree training will be delivered in areas such as Business Administration, Architecture, Technology, International Relations, Law, Communication and Psychology.

In parallel, the IE University, which has been located on María de Molina in Madrid since it was first founded, will continue to perform activities for the business school and other post-graduate programs at its current facilities.

According to the institution, the IE Campus will have a “new, cutting-edge” design for its educational space, offering open areas dedicated to teaching, teamwork and networking between the university and business communities. The Campus will also have a vertical space, which will reproduce the working environment of companies and organisations from all over the world, as well as a horizontal space with sports facilities, large auditoriums and green areas for exclusive use by the institution’s educational community.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake