Conren Tramway Buys a 8,000 m2 Plot in 22@ to Build Offices

18 April 2019 – Eje Prime

Conren Tramway has purchased a plot of land at number 162 Calle Almogàvers in Barcelona’s 22@ technological district, on the same block as another project that the firm is already working on, at number 97 Calle Badajoz.

The company, owned by the Hugas brothers and the German manager Conren Land, plans to build an office building on the 8,000 m2 plot. Construction work is expected to start next year and be completed by 2021.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

AZA Buys a 28,000 m2 Plot of Land Next to Parc Sagunt

1 April 2019 – Expansión

AZA has acquired a plot of land measuring 28,000 m2 in Sagunto, with the aim of developing a logistics platform, which will be operated by Aza Logistics, the group’s logistics division.

In total, the company plans to invest €30 million in the development, which will comprise a temperature-controlled warehouse spanning more than 24,000 m2.

The aim is that the facility will serve sectors such as cosmetics, pharmaceutical, packaged food and similar.

Original story: Expansión (by A.C.A)

Translation/Summary: Carmel Drake

Ibosa Sells the 85 Flats on Madrid’s Most Sought-After Plot in Record Time

18 March 2019 – El Economista

Last year, Ibosa was awarded one of the most sought-after plots of land in Madrid following a closely fought battle. This year, the property developer is in the news again as it has managed to sell all of the future homes that are going to be built on the site in less than two months.

The cooperative manager was awarded the plot, located on the corner of Calle Doctor Esquerdo and Calle de los Astros, just 800m from the Retiro Park, in November 2018 after submitting the highest bid (€33.5 million) and fighting off competition from 16 other players.

The competition for the homes themselves has been just as fierce with all 85 being sold in just 50 days. That achievement is all the more impressive when you consider that the homes have an average price of €5,000/m2, including parking space and storeroom.

The development, known as Residencial Becrux, is going to comprise 85 homes with between one and four bedrooms, with constructed surface areas of between 52 m2 and 245 m2. The total budgeted investment amounts to €55 million and the homes are expected to be handed over during the first quarter of 2022.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Ten Brinke Acquires a Commercial Plot in Tarragona for €14M

13 March 2019 – Eje Prime

Ten Brinke has purchased a plot of land in the future neighbourhood of Ponent, in Tarragona for €14 million, where it plans to build a retail park.

The Dutch company, which specialises in the promotion of retail parks and residential complexes, fought off competition from the Andalucían firm Bogaris to acquire the site, which has a buildability of 68,000 m2. The vendors were a group of entities including Banco Sabadell and the Town Hall of Tarragona.

Last month Ten Brinke acquired a 50,000 m2 plot in Ciempozuelos (Madrid) for the development of a new retail park. The firm has been present in Spain for ten years.

Original story: Eje Prime

Translation: Carmel Drake

Eurofund Purchases a 140,000 m2 Plot in Lleida from Sareb

19 December 2018 – Eje Prime

Eurofund’s new macro-project in Lleida is taking shape. The group has completed the purchase from the Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) of 140,000 m2 of land in Torre Salses (Lleida). Eurofund’s plans involve investing €80 million to build a new shopping centre with a gross leasable area of 560,000 m2.

The purchase, carried out through Eurofund Parc Lleida, has been completed after Eurofund overcame Sareb’s processes, in particular, those relating to overseas investments. On 4 December, Eurofund Parc Lleida signed an urban planning management agreement with the Town Hall of the Catalan town to execute the widening and extension of Calle Víctor Torres and the modification of the urban planning order for the South 42 Torre Salses sector. The building work is scheduled to begin in the autumn of 2019, according to Eje Prime.

Grupo Eurofund

Eurofund currently owns more than €3.5 billion in commercial assets, including the centres that it has constructed and those that it has under development. The fund manager was founded in 1994 and its first major development was Parc Vallès, in Terrassa (Barcelona).

The company is the owner of complexes such as Puerto Venecia, in Zaragoza, and maintains an alliance with the British operator Intu for the construction of new shopping centres in Málaga, Valencia and Vigo. Over the last 18 months, Eurofund Capital Partners has co-invested almost €350 million in real estate operations in Spain.

Original story: Eje Prime

Translation: Carmel Drake

Conren Tramway Acquires 90,000 m2 Plot in Barcelona from Mercedes Benz

9 November 2018 – Press Release

Conren Tramway has acquired an old factory in the Sant Andreu district of Barcelona from Mercedes-Benz España S.A.U. The factory has been active for more than 100 years.

The site on which Mercedes-Benz’s manufacturing facilities were located has a surface area of 90,000 m2 in a privileged setting, between the historic centre of Sant Andreu, the La Maquinista shopping centre, the future Parc del Camí Comtal and the Bon Pastor district.

This area of Barcelona is undergoing a major transformation with the execution of the La Sagrera – Sant Andreu public investment project, which forms part of the Barcelona Metropolitan Strategic Plan to promote the sustainable urban development of 164 hectares in the city. The future real estate development of this unique site will be the subject of in-depth analysis by Conren Tramway, its architects and its urban advisors in the coming months.

Conren Tramway is a real estate investment and asset management company based in Barcelona led by the brothers Jaime-Enrique and Paco Hugas. Conren Tramway invests in real estate operations in Barcelona and Madrid, in the repositioning and development of office, residential and/or mixed-use buildings.

Original story: Press Release

Edited by: Carmel Drake

Corp Promotors Acquires Plot Next to La Sagrera Station in Barcelona for €10.4M

17 October 2018 – Europa Press

The real estate company Corp Promotors has acquired a plot of land spanning 1,512 m2 located next to the future La Sagrera AVE train station in Barcelona for €10.44 million.

The Catalan firm has fought off competition from three companies in the bid for the plot, which was opened by the public company responsible for the development of the station, an entity in which the Ministry of Development, La Generalitat de Cataluña and the Town Hall of Barcelona all hold stakes.

The plot, which is located in an area that has “great potential for growth” in Barcelona, can be used for building both homes and commercial premises.

Specifically, it has a buildability of 8,221 m2, of which 7,346 m2 will be used for homes and the remaining 875 m2 will be used for shops.

The land forms part of the plots freed up for railway use generated by the construction of the station. The amount obtained from its auction will contribute to financing the new railway.

In fact, the joint venture company that is developing the station has obtained 63% more than the estimated sales price for this plot, of €6.4 million. That was what allowed Corp Promotors to acquire the land and fight off competition from the other three firms that were also bidding for it.

The company behind the construction of La Sagrera station is owned by the Ministry of Development through its companies Adif, which holds a 37.5% stake, and Renfe, which owns another 12.5% stake. The Town Hall of Barcelona owns 15% and La Generalitat the remaining 25%.

Original story: Europa Press

Translation: Carmel Drake

Blackstone & BBVA “Inherit” Prime Plot in Sevilla for 600 Homes

21 March 2018 – Eje Prime

BBVA and Blackstone are going to be able to take advantage of the mortgage signed back in the day by Juan Rojas. The loan for forty million euros granted to the Sevillan businessman by the Basque bank and Popular, whose toxic property has been in the hands of the US fund since last year, has given them the right to now inherit some very sought-after prime plots of land in Sevilla, after the liquidation of a dozen companies that Rojas had under his control.

The Sevillan property developer owned a plot of land in Tomares with a surface area of 260,000 m2 on which up to 600 private homes may now be constructed. Moreover, the plot, known as SUS-1, is located in the town that has the highest income per capita of all of Andalucía, according to El Confidencial.

Tomares, located in the Sevilla metropolitan area, is one of the towns that has served in recent times as a breath of fresh air for the residential sector in Sevilla, where there has been practically no movement in the capital and where over the last decade, only 5% of the urban plan (PGOU) has been executed.

Spanish property developers had been making moves to take control of the management of this plot, which was owned by one of Rojas’s holding companies, Ferro Grupo Empresarial y Urbanizadora Rojas, until now. On this plot, in addition to 600 private homes, there is space available to build 400 protected status homes and a medium-sized shopping complex.

Original story: Eje Prime 

Translation: Carmel Drake

Spain’s Top 4 Property Developers Will Hand Over Just 680 Homes This Year

24 November 2017 – Cinco Días

The four large property developers that aspire to lead the residential market in Spain are going to hand over only 680 homes in 2017. The group comprises, on the one hand, two companies that are already listed, namely, Neinor and Aedas, and on the other hand, two that are likely to make their stock market debuts in 2018, namely, Metrovacesa and Vía Célere.

The real estate sector already regards these four companies as the largest in the sector; and on the stock market, they will have access to resources that many others will not. But all of them are at the beginning of the development of their businesses, in a joint bid to reactivate the residential market in Spain.

That reactivation can be clearly shown in the forecast of home deliveries to clients, which will rise from 680 in 2017 to more than 2,000 next year, according to data provided by the companies themselves. Normally, the process to sell homes off-plan and build them takes more than 24 months. And so these companies, which started to back the property development sector within the last two years, are likely to hand over the greatest number of homes from 2019 onwards.

In parallel, the sales business of the new companies is also growing. The four companies expect to sell almost 10,000 homes in total in 2018.

Moreover, for the last few months, Neinor, Aedas, Vía Célere and Metrovacesa have been creating their own land banks, making investments amounting to hundreds of millions of euros to acquire plots of land in Madrid, Barcelona and other capitals. The four companies own land sufficient to build 76,400 homes (…).

This year, work has started on the construction of 73,000 homes (versus 92,000 last year) in Spain, according to the construction permit figures compiled by the Ministry of Development. They are very modest volumes, which are still much closer to the minimum recorded in 2013 (58,740 homes) than the maximum recorded in 2006 (865,560 units).

The leaders of these four companies, which aspire to lead the sector on the stock market, have indicated on several occasions that the rate of house sales by its companies will reach 4,000 units once they are at cruising speed. That means that each one of them will have a market share of no more than 4% or 5% of a market that will exceed 100,000 new homes per year. Even the companies themselves consider those figures to be conservative and sustainable over the long term.

Neinor Homes is the most advanced in its business plan. It was the first to debut on the stock market in this new bullish cycle, in March, and now has a market capitalisation of almost €1,450 million (…). The company led by Juan Velayos plans to hand over the keys to 300 homes this year. It owns land with capacity to build up to 12,000 units, although the company is continuing to buy up plots of land. The four largest real estate companies will build around 38,000 homes over the next three years.

The next firm to debut on the stock market was Aedas Homes, which did so last month. It also has an international fund as its backer, in its case, the US firm Castlelake, which sold more than 45% of the capital in the IPO. (…). The company does not plan to hand over any homes this year, but will complete 230 in 2018. It also forecasts sales of 2,050 homes next year.

The company that is likely to be the next to make its stock market debut is the historical firm Metrovacesa (…). It is currently controlled by Santander (60% stake), BBVA (30%) and Popular (10%) (…). This year, it will hand over 160 homes and next year another 620 units, when it will also sell another 3,500 properties. It is expected to be the largest firm on the stock market and in the sector, given that it owns plots on which to build 40,000 homes.

Finally, the fund Värde Partners is working on bringing Vía Célere to the stock market (…). That company has not provided information about its forecasts, but in its annual accounts for 2016, it forecast the hand over of 223 homes this year and 201 next year (…).

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Realia & Pryconsa Buy Two Plots Of Land From Ministry Of Defence

5 October 2017 – Expansión

The incessant drip feeding of operations in Madrid involving the purchase of land on which to build homes is continuing. In this case, the stars have been the real estate companies Realia, controlled by Carlos Slim, and Pryconsa, owned by the Colomer family. The plots were put up for sale by the Ministry of Defence in July for a combined sum of €40 million.

The first is a plot for residential use, located on the outskirts of Alcalá de Henares. Measuring 14,395 m2 and with a buildable surface area of 44,755 m2, the asking price amounted to €27 million, according to the real estate portal Addmeet. In the end, Realia paid €27.524 million for the plot.

The second plot sparked even more interest. Located in Vicálvaro and measuring 13,723m2, it has a buildable surface area of 19,000 m2. The Ministry of Defence put that plot up for sale for €12.6 million. In the end, the plot was awarded to Pryconsa for more than €15.12 million, almost 20% more than the original asking price.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake