Spain’s Ministry of Labor to Sell its Headquarters in Barcelona

14 November 2019 – Spain’s Ministry of Labor will auction off its headquarters in Barcelona, hoping to raise at least 16.75 million euros with the sale. The property has more than 5,000 m2 of surface area and is located in central Barcelona, in the neighbourhood of Eixample. The building has nine above-ground and two below-ground floors.

The asset is located at Ronda de Sant Pere 41. The ministry first attempted to sell the site in 2017, but no bidders appeared.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Portobello Capital to Sell Year’s Largest Portfolio of Hotel Assets

8 November 2019 – Portobello Capital is selling the properties where the Blue Sea Hotels & Resorts chain operates for an estimated 230 million euros. The sale, which would be the largest of the year, would separate the properties from Blue Seas’ hotel management business.

The portfolio of properties includes sixteen assets with a total of about 3,300 rooms.

Original Story: El Economista – Alba Brualla / Araceli Muñoz

Adaptation/Translation: Richard D. K. Turner

Acciona, Amenabar and Vivenio Vying to Acquire Land in Valdebebas from Ferrovial

8 November 2019 – Ferrovial has received three firm offers for a plot of land in Valdebebas, just in front of the Cercanías stop. The three firms vying for the land are Amenabar, Vivenio and Acciona.

The land has a total of 27,200 square meters of surface area, 22,700 m2 for residential and 4,500 m2 for commercial development. Ferrovial expects to pocket roughly 2,000 euros per square meter, approximately 54 million euros. The land has enough space to build about 230 homes.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Vukile Goes Quiet After Reports of Takeover Bid for Lar España

31 October 2019 – On September 9, the Spanish daily Expansión published a report stating that the South African fund Vukile, which owns Castellana Properties, was preparing a takeover bid for Lar España. News of the more than €700-million bid led the socimi’s shares to soar by 10.29%, from 6.80 euros to 7.50 euros. Since then, however, Vukile has remained mum on the subject.

Lar España is an attractive asset, with a portfolio of fifteen shopping centres with close to 600,000 square meters of gross leasable area. The portfolio is worth approximately €1.5 billion and includes the Las Huertas shopping centres in Valladolid, Portal de la Marina (Benidorm), Ànecbalu (Castelldefells), Megapark Barakaldo, As Termas (Lugo) and the Lagoh in Seville.

Original Story: Merca2 – Javier Rosell

Adaptation/Translation: Richard D. K. Turner

Meridia to Sell a Major Portfolio of Office Buildings in Madrid and Barcelona

31 October 2019 – Meridia is selling the largest portfolio of office buildings currently on the market. The portfolio, known as Project Square, is made up of a dozen real estate assets in Madrid and Barcelona. The sale of assets from the socimi Meridia III could be worth up to 200 million euros.

The assets in Madrid include the Omega Building in Alcobendas; three buildings on Calle Julián Camarillo, and the Virgilio II building in Pozuelo de Alarcón.

In Barcelona, ​​the portfolio consists of the Citypark in Cornellá; two office buildings in Viladecans; the Diagonal Business Park in Esplugues de Llobregat, and another asset at Paseo de San Joan 75.

In total, the portfolio has around 80,000 square meters of surface area, with approximately 1,200 parking spaces.

Original Story: Cinco Días – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Lone Star to Sell Portfolio of 2,500 Homes Held by Coral Homes

28 October 2019 – Lone Star is looking to sell a portfolio of 2,500 homes held under its subsidiary Coral Homes, which the fund acquired from CaixaBank. Lone Star’s deal with CaixaBank included the acquisition of a roughly €7-billion portfolio of foreclosed homes through Coral Homes, in which the fund has an 80% stake. CaixaBank owns the remaining 20%.

The sale, known as the Kingfisher Project, is in an advanced phase. Interested parties are expected to submit binding offers within the next few weeks.

Original Story: El Confidencial – J. Zuloaga & R. Ugalde

Adaptation/Translation: Richard D. K. Turner

Apax Eyes Potential €800-Million Sale of Idealista

28 October 2019 – The venture capital fund Apax has begun the process of contacting investors, looking to sell its 80%-stake in Idealista, the online real estate news and sales platform.

Apax acquired its 80% stake in Idealista four years ago for 150 million euros and is now looking to reap a potential windfall of €800 million. The company, however, had initially looked to a possible public listing, but the current state of the market convinced the firm to analyse a direct sale.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Banco Santander Mulls a Possible Sale of its Stake in Metrovacesa

28 October 2019 Banco Santander is studying a possible sale of its stake in the developer Metrovacesa. The bank currently has a 49.4% stake in the firm, while BBVA controls 20.8%. Santander sees its investment as non-strategic, while the Bank of Spain continues to pressure the country’s financial institutions to reduce their exposure to the real estate market.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Millenium Hotels in Talks to Acquire the Former Asturias Hotel in Madrid

24 October 2019 – The Millenium Hotels socimi is in the midst of negotiations to acquire the former Asturias hotel on Madrid’s Plaza de Canalejas from the Hong Kong-based fund Platinum. The property, which includes two adjacent buildings with a total area of about 13,000 square meters, is reportedly worth 80 million.

It is believed that Marriott, which intends to open its first Marriott W hotel in Spain’s capital on the site, will invest another €25 million to renovate and tailor the asset to conform to the brand’s exigencies.

The future 5-star hotel will have 136 rooms on seven floors.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner

Santander to Sell Two Portfolios of Land and NPLs Worth Nearly €6 Billion

21 October 2019 – Santander is finalising plans to sell two major portfolios of NPLs and REOs, worth a total of approximately 6 billion euros. The bank has already contacted major potential investors to prepare themselves to analyse two portfolios: €2.7 in NPLs, called the Project Atlas, and another €3 billion in land.

Santander has been analysing the portfolios since the spring of this year. The bank is looking to increase the pace at which it is reducing its exposure to the Spanish real estate market. According to publicly available data, Santander had €12 billion worth of NPLs and another €10 billion in foreclosed properties as of June.

These would be the financial institution’s largest divestments since 2017, when it sold €30 billion in assets it had inherited from Banco Popular to Blackstone. Market sources believe that the bank will only finalise the sale during the first quarter of 2020, due to its size and complexity.

Original Story: El Confidencial – Jorge Zuloaga & Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner