Operación Calderón: Mahou Puts First Plot Up for Sale

7 May 2019 – Eje Prime

Mahou has put the first plot of land up for sale on the site of Operación Calderón. The brewery has engaged Colliers to handle the sales process, which it hopes will close this year and generate proceeds of €60 million

Potential candidates for the purchase include the cooperative Ibosa, amongst others, which plans to build around 400 homes on two of the plots.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Habitat Acquires a Plot in Valencia for the Construction of 96 Homes

29 March 2019 – Levante EMV

The property developer Habitat has purchased a plot of land on Calle Bomber Ramón Duart in the Quatre Carreres neighbourhood of Valencia, for the construction a 96-home residential property. The company, which is backed by the US fund Bain Capital, is already building 600 homes in the Community of Valencia and plans to invest €500 million in land purchases across Spain between now and 2021.

In its latest operation, the real estate company has acquired a plot measuring more than 3,100 m2 with a buildability of 14,000 m2, which will involve a total investment, including the construction work, of €30 million. The operation forms part of the strategic and business plan that the company, chaired by Juan María Nin and led by José Carlos Saz, is carrying out.

Original story: Levante EMV (by Ramón Ferrando)

Translation/Summary: Carmel Drake

General Càrnia Invests €20M to Build a 11,000m2 Warehouse in Barcelona

21 March 2019 – Eje Prime

The meat retailer General Càrnia is investing €20 million in the construction of a building measuring 11,000 m2 on a plot that occupies the site of the former Makro store. The warehouse will be ready by the summer of 2020.

Mercabarna awarded the 20,500 m2 plot to General Càrnia for €4.7 million in 2017. The company has the right to operate the site for 20 years in exchange for the payment of an annual rental.

Original story: Eje Prime 

Translation: Carmel Drake

VGP Buys a 40,000 m2 Logistics Plot in Zaragoza

7 March 2019 – El Vigía

The European supplier of logistics and semi-industrial buildings VGP NV has purchased 40,000 m2 of buildable land in Plaza, in an operation advised by CBRE.

As a result, the logistics specialist now owns 120,000 m2 of space on three adjoining plots in Zaragoza, as its expansion continues following its acquisition of 80,000 m2 in Fuenlabrada (Madrid) and 60,000 m2 in Valencia in 2018.

Original story: El Vigía

Translation/Summary: Carmel Drake

Kronos Forces the Auction of Salvador Vila’s Star Plot in Valencia Worth €67M

20 February 2019 – Expansión

The court has approved the execution requested by the fund (Kronos), which purchased the debt associated with the plots on Avenida de las Cortes Valencianas, opposite the former Hilton hotel, from Sareb and is claiming €47 million from the Valencian property developer (Salvador Vila).

One of the last undeveloped plots on Avenida de las Cortes Valencianas has just gone to judicial auction. It is the plot of land located opposite the Hotel Meliá Valencia (formerly the Hilton), where the plan was to build a 114-metre tall tower containing homes. It was set to be a genuine icon but was never constructed because of the real estate crisis.

The land still belongs to one of the large Valencian property developers, Salvador Vila Soria, who also constructed several of the large towers located on the same avenue. Nevertheless, a change of hands appears imminent, given that the Court of First Instance number 27 of Valencia has approved the mortgage auction of the property at the request of Vistanova Developments, a company linked to the manager Kronos, which through Kronos Homes is one of the new large operators in the residential market.

Kronos acquired the debt that Salvador Vila held with Sareb and which included the mortgage secured by this land as collateral. In fact, the Managing Director of Kronos, Saïd Hejal, explained to Expansión in May his firm’s intention of starting construction on a 34-storey residential tower this year, which was going to be the tallest in Valencia, after taking over the debt from Sareb.

The legal auction officially started on 8 February and the period to submit bids ends at the beginning of March. According to the court, the debt claimed from Salvador Vila in the mortgage foreclosure lawsuit amounts to €47.62 million, of which €40 million proceeds from the principal and the rest from interest.

The value of the property for the auction is set at €67 million. The plot spans 6,926 m2 and has a buildability of 20,900 m2 (residential use) and another 3,100 m2 for tertiary use (…).

Original story: Expansión (by A.C.A.)

Translation: Carmel Drake

A 17,000 m2 Residential Plot Goes Up For Sale in Central Santander

12 February 2019 – Eje Prime

An operation is on the horizon in the heart of Santander. A plot of land spanning 17,000 m2, with planning permission to build homes up to three storeys high, has gone up for auction with a starting price of €1.3 million. The land is owned by a local family, which inherited several plots.

The objective of the sale is to divide the “proindiviso”, given that the land is currently owned by six members of the family and a third party. Nevertheless, an agreement between the owners allows the abbreviated procedure to apply to the auction, in other words, there is no need to set up a compensation board.

The plot, spanning 16,921 m2 and with a buildable surface area of 4,700 m2, is located in the urban centre of Santander, in a growth area next to the El Alisal shopping centre. The urbanisation has almost been finished and there are facilities and transport connections in the vicinity.

Following its publication on the auction website of the Official Gazette of the Mercantile Registry (BOE), interested parties have a period of twenty days to submit offers, after which a period will open for the owners to present the option to improve the bid to third parties.

The land has planning permission to build three-storey blocks with garages and storerooms, as well as a communal area with a garden and swimming pool. The land is valued at €2.15 million, according to an independent expert. That is the de facto starting price, although a discount of 60% has been established thereon. Hence, the minimum price of €1.29 million.

The same family owns another plot very nearby, spanning 9,157 m2, with a buildable surface area of 3,394 m2, which is not adjacent but which is located in the same urbanisation, according to explanations provided by sources speaking to Eje Prime.

Original story: Eje Prime (by I.P.G.)

Translation: Carmel Drake

Valenciaport Sells a Plot in Parc Sagunt to Inditex for €31M

4 February 2018 – Eje Prime

Valenciaport has made the sale of a plot of land in Parc Sagunt to Inditex official. The President of the Port Authority of Valencia (APV), Aurelio Martínez, signed the sale of this plot by ‘Valencia Plataforma Intermodal y Logística’ to Tempe, a footwear company that forms part of the Inditex group, before a notary on Monday. The plot measures almost 280,000 m2 and its price amounted to €31 million.

The APV is planning to allocate the resources obtained from the sale of the plot to promoting, activating and streamlining Parc Sagunt II, purchasing new areas to attract business investment of port interest, according to reports from Europa Press.

Tempe was the only company that submitted an offer in the tender process that was convened. As part of the sale’s terms, the company agrees not to sell or divest the plot for at least three years. Moreover, the group commits to undertake business activities within a maximum period of four years.

In January, Tempe emerged as the buyer of this asset after it was the only company to submit a bid in the tender. The company already has central offices and two logistics centres in the Elche Business Park in Alicante.

Original story: Eje Prime 

Translation: Carmel Drake

Testa’s Former CEO Buys a Plot of Land in Madrid to Build 25 Homes

23 January 2019 – Eje Prime

Testa’s former CEO is continuing to shape his new real estate project. Nidom, the property developer led by Daniel Loureda, has purchased a plot of land at number 312 Calle Embajadores in Madrid, according to Expansión. The objective is to construct a 6-story building containing 25 homes, whereby resuming the plans set out by the previous owner.

Until now, the plot was in the hands of the company Caoba Directorship, and it has been sold for above the asking price, which was set at €7.5 million. The operation has been brokered by Knight Frank.

The plot has a surface area of 1,051 m2 and is located in the Legazpi neighbourhood of the capital, in a very sought-after area, where prices are on the rise due to the shortage of land and the location. In fact, it is one of the last buildable plots inside the M-30.

Nidom is thereby continuing to increase its portfolio, after launching several developments, including at number 76 Príncipe de Vergara, 7 Duque de Pastrana and 98 Calle Ferraz.

The property developer is led by Daniel Loureda, former CEO of Vallehermoso and Testa Inmuebles.

Original story: Eje Prime 

Translation: Carmel Drake

Temprano Capital Partners Acquires Plot in Sevilla for Student Halls

5 December 2018 – Press Release

During November 2018, Temprano Capital Partners, in a joint venture with CPA®:18 – Global and Helena Rivero, acquired a prime, city centre site in Sevilla to undertake the development of a premium student residence, to form part of the TSL programme in Iberia.

TSL is currently developing 5 projects in Spain and 3 in Portugal, together with the residence in Marques de Pombal, Lisbon, which was inaugurated in January this year. The TSL programme now amounts to 3,500 beds in Iberia.

The City of Sevilla is renowned, internationally, for its unique university atmosphere, with over 80,000 full-time students, approximately 4% of whom are from outside of Spain, a percentage that is increasing annually, given the popularity of interchange programmes, such as Erasmus and European funding initiatives.

Sevilla houses multiple further education facilities, with faculties spread throughout the city centre, including the University of Sevilla, University Pablo Olavide, the International University of Andalucía UNIA Cartuja, University Loyola Andalucía and CEU San Pablo Andalucía Bormujos, in addition to multiple language academies and institutes, such as the Spanish American Institute. Sevilla has a prestigious international status, offering a wide range of courses, and qualifications in all fields of study.

Sevilla also offers students a unique, historic environment with rich culture and multiple leisure and sports options. The site acquired is located on Calle Genaro Parlade to the south of the city centre in the “El Porvenir” neighbourhood. This area of the city is exceptionally well located for students with respect to the city centre and main university campuses – by foot, by bicycle or by public transport. The site was previously used by the Antares Sports and Social Club, which recently relocated to modern facilities in central Seville. The proposed project will result in a significant urban regeneration for both the local neighborhood and the City of Sevilla.

The project, which is currently in the design phase, will provide 505 premium studios in a building measuring 15,200 sqm. The studios will be delivered with high-quality designs and finishes, with fully fitted in-room kitchens; individual, ensuite bathrooms; high speed WI-FI connections and televisions. Furthermore, the Project will offer multiple services and on-site amenities such as a fully equipped gymnasium, swimming pool, lounge, party rooms, cinema, laundry, library and study rooms. Extensive exterior areas for the students along with 24/7 concierge service are also envisaged and all included in the rent (…).

Temprano Capital Partners (Temprano) is a private European real estate investor and developer created in 2013. It is led by Neil Jones and James Preston and its current tactical focus is the Iberian market (Spain & Portugal) (…).

Original story: Press Release

Edited by: Carmel Drake

Ibosa Offers €33.5M to Acquire Most Sought-After Plot in Madrid

20 November 2018 – El Confidencial

The cooperative managed by Grupo Ibosa, Residencial Shaula Sociedad Cooperativa, has fought off competition from 16 other contenders in the auction for the most sought-after plot of land in Madrid. On the table: €33,510,000, an amount that almost doubles the minimum price of €17 million that the Treasury had set for it.

The cooperative has fought off competition in a tight bid from Desarrollos Los Astros, constituted at the beginning of November, and backed by Grupo Nozar, which placed €32 million on the table, and Arcano, which bid €31.2 million. Nevertheless, those two high offers were unable to compete with Grupo Ibosa, which has a lot of experience in this type of auction.

Expectations were high at Calle Guzmán el Bueno 139, the headquarters of the Special Delegation of the Economy and Finance in Madrid, where the auction was held. At 10am, in a room full with more than 100 people, 17 envelopes were opened containing 17 bids for the most sought-after plot of the year in Madrid. The land was owned by the National Currency and Stamp Factory (Fábrica Nacional de Moneda y Timbre), which entrusted its sale to the Heritage Service. The cooperative members will have to make the first disbursement within the next few days, equivalent to 25% of the amount offered, in other words, almost €8.4 million, and then pay the remaining 75% over the coming months, after deducting the deposit paid in order to be able to bid, which amounts to €850,000.

Vía Célere also submitted an offer (€23.7 million), exactly two years after submitting the only offer for another plot of land owned by the Treasury, in the same place, on Avenida Santo Ángel de la Guarda. The company chaired by Juan Antonio Gómez-Pintado is a familiar face in this type of action. In fact, just a few days after that auction, it was awarded the Adif and Repsol plots in Méndez Álvaro. On that occasion, its bid was also the only one.

In terms of the other names called out in the room, they included traditional property developers such as Ebrosa (€20.53 million), which submitted the most conservative bid; Grupo Premier, which put €25.16 million on the table through the company Cajandral; and Grupo Lar, which bid €30.13 million through Desarrollos Residenciales Madrid Norte. Pryconsa, another of the real estate firms that typically participates in these types of procedures, offered €23.1 million through Cogein, and Renta Corporación, with €22.15 million.

The surprise bidders included Inmo Frieria, a company backed by Manuel Jove, the former President of Fadesa, with a bid amounting to €24.7 million. And the listed company Aedas Homes, which offered €25 million through the company SPV Reoco 1, in its first major auction in Madrid. The long list of interested parties was completed by Global Nostromo (€28.5 million), Golego ITG (€22.12 million), Taz Real Estate (owned by Alza Real Estate, €24 million), Misodi Rent (owned by the Huguet family, with €23.2 million), Torre Rioja Madrid (€25.1 million) and Denoti Investment, a company owned by Irvine Alan Stewart Laidlaw, a British businessman and one of the richest people in the United Kingdom, whose bid amounted to €31 million.

A cooperative wins again

Like happened exactly four years ago, in November 2014, with the auctions of the plots on Raimundo Fernández Villaverde (owned by the Ministry of Defence) and the former metro depots in Cuatro Caminos (owned by Metro de Madrid), it is a cooperative – which saves on the property developer margin – that has managed to put the most competitive offer on the table, to fight off seasoned property developers such as Premier, Pryconsa, Ebrosa and Aedas Homes in a bid that the experts are describing as the auction of the year in Madrid. Not because of its size or its features, but because of its location, just 500m from the Retiro Park, this was one of the most sought-after plots in the capital, and its new owner may build up to 100 homes on its 4,500 m2 – 9,000 m2 of buildable space (…).

The cooperative managed by Grupo Ibosa currently comprises 60 cooperative members and its plans involve the construction of 94 homes. The 4 bedroom homes with two parking spaces and a storeroom will cost between €806,000 and €1,175,000, whilst the 3-bedroom homes will cost between €670,000 and €688,000 (…). The 2-bedroom homes will cost between €490,000 and €498,000, and the 1-bedroom homes will cost between €309,000 and €354,000. The complex will also have a swimming pool, a padel court, a gastroteque, a mini-crossfit studio, a sports pitch, a gym, changing rooms, a spa, a sauna and a jacuzzi.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake