Tag: potential sales

Andalusian Regional Government to Sell Land and Buildings Worth €320 Million

15 October 2019 – The Andalusian regional government is preparing an auction of unused buildings and plots of land. The region’s General Directorate for Heritage has begun the process to sell, in a series of separate auctions, tens of thousands of square meters of land and of unused buildings. The public auction is expected to raise as much as 320 million euros, according to the draft budget for 2020.

The government has already announced the first sale, 22 properties with a base price of 47.1 million euros, though Andalusia hopes to raise much more. After that, the government plans to sell a batch of urban plots of land in the first quarter of 2020.

Original Story: ABC de Sevilla – Antonio R. Vega

Adaptation/Translation: Richard D. K. Turner

Andalusian Government to Sell Former Post Office Building in Málaga

14 October 2019 – The former Post Office building in Málaga will finally go on sale after a decade vacant, as the Andalusian government has approved its sale after lifting a €2.14 million embargo on the property. The sale comes at a time when the local real estate market is in an upswing, and potential investors have taken an interest in the property.

Zoning laws in the city, however, state that the property must be used as residences for students or senior citizens, or as a university centre or hospital. Market sources believe that gaining municipal approval to convert the property into use as a hotel would be a lengthy and complex process.

The Andalusian government has set a base price of just over 16.8 million euros, somewhat lower than the €19-million price a valuation gave it a few months ago. Interested parties must contact the government by November 14.

Original Story: Málaga Hoy – Sebastián Sánchez

Photo: Javier Albiñana

Adaptation/Translation: Richard D. K. Turner

BBVA Looks for Buyer to Acquire Up to €1.3 Billion in Toxic Real Estate Assets

14 October 2019 – BBVA is looking to sell off up to a third of its approximately €1.3-billion portfolio of non-performing real estate assets. The Spanish bank acquired many of the assets during Spain’s financial and real estate crisis when BBVA bought up several of the country’s failing savings banks.

The bank is looking to rid itself of the €3.6 billion in foreclosed assets and €1.345 billion in shares of real estate companies, in addition to unpaid loans from SMEs and individuals valued at about €5 billion.

Some of the groups potentially interested in acquiring the assets include Cerberus, which already bought BBVA’s real estate business in 2018, Apollo, Blackstone, Bain Capital and Lone Star.

The sale, which consists of residential, commercial and land assets is still in its initial phase. However, the bank is looking to complete any sale before the end of the year.

Original Story: Business Insider – Adrián Francisco Varela

Adaptation/Translation: Richard D. K. Turner

Naturgy to Sell Plot of Land in Central Madrid

9 October 2019 – Major players in the Spanish electricity sector are following the lead of many banks and beginning to sell off their real estate holdings. Just a few days ago, Iberdrola announced that it would sell a plot of land within Madrid’s M-30, for which it expects to receive about 30 million euros. Now, another electricity company, Naturgy, has also stated its intention to sell land. The plot of land is located just in front of the Google Campus, in the district of Arganzuela, near the neighbourhood of La Latina.

Specifically, the asset is located at the junction of the Mazarredo, Moreno Nieto and Juan Duque streets. Part of the area has an electrical substation. The plot of land on sale has a surface area of 3,191 square meters, 1,568 meters of which are occupied by the Naturgy electrical substation.

Zoning for the area would allow for a total of ​​3,444 square meters for tertiary/residential, infrastructure services, green areas and roads. Of that, 1,444 square meters could be allocated for offices, stores or residential use and 2,000 meters for public uses – 1,000 meters of green areas and another 1,000 meters for infrastructure.

Original Story: El Confidencial – Elena Sanz

Photo: Reuters

Adaptation/Translation: Richard D. K. Turner

Spain’s Catholic Church Looks to Sell La Milagrosa Clinic

3 October 2019 – The Spanish Catholic Church is looking to sell the Hospital La Milagrosa, a historic hospital on Calle Modesto Lafuente Madrid’s neighbourhood of Chamberí. According to market sources, the centre requires significant investments to renovate its facilities and the Vincentian Fathers who control the facility lack the funds to do so.

The Vithas group, HM Hospitals and the Ribera Salud group have all demonstrated an interest in a potential acquisition.

Original Story: El Economista – Alberto Vigario

Adaptation/Translation: Richard D. K. Turner

Tomás Olivo in Talks to Acquire 150,000 M2 of Land in Valdebebas

3 October 2019 –Tomás Olivo’s socimi General de Galerías Comerciales (GGC) is negotiating to acquire 145,790 square meters of commercial land in Valdebebas, where it is looking to develop the largest shopping centre in Spain.

The land is said to be worth 200 million euros, though GGC has yet to offer that much.

The future shopping centre will include 36,500 square meters of office buildings, along with more than 24,500 square meters or parks and green areas.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Merlin Offers 699 Bank Branches to BBVA in Return for Rights to Operación Chamartín

30 September 2019 – Merlin Properties has offered 699 offices that it currently leases to BBVA in return for the Spanish bank’s rights to the Operación Chamartín, a 3.3 million-square-meter new urban development in northern Madrid. Merlin is in the final stages of negotiations with BBVA to take over what will be the largest urban development in Spain and one of the largest in Europe. For the bank, the deal offers the possibility of acquiring its offices with no capital outlay and avoiding future rental payments.

Operación Chamartín encompasses land that is 5.6 kilometres in length and up to one kilometre in width. The development will consist of residences, offices, retail stores, parks, gardens and other amenities and facilities such as schools.

In November 2018, BBVA had already re-acquired 166 branches from Merlin for €252 million. Based on that sale, the remaining 699 bank branches could have an estimated total value of approximately €1.1 billion.

Original Story: El País – Íñigo de Barrón

Adaptation/Translation: Richard D. K. Turner

Spain’s Ministry of Defence to Make a Third Attempt to Auction Off Assets in Alcalá de Henares

30 September 2019 – Spain’s Ministry of Defence (MOD) will attempt to auction off a series of real estate assets for the third time, as the first two auctions failed to raise any investor interest.

The Spanish government announced the sale in its Official State Gazette and through Addmeet, a real estate auction portal the government has often used in the past.

The fifteen assets on auction include fifteen plots of land with a total of 85,000 square meters of finalist land in Alcalá de Henares, on the outskirts of Madrid. The MOD requested a total of 75 million euros in the first auction and then reduced that to €68 million in the second. That second auction failed to attract any bidders, so the MOD will attempt two additional auctions, if necessary, reducing the price by 10% and then an additional 15%. Should the sale go to a fourth auction the sales price would fall by a total of 25% to 56 million euros.

The MOD will auction the fifteen lots separately. The plots of land are located in Colonia Ciudad del Aire, next to the Parque Los Nogales urbanisation, on which a developer could build 800 to 1,000 homes.  The plots have buildable areas ranging from 3,000 to 7,500 m2, with prices between 2 and 5 million euros.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

 

 

 

Pryconsa Close to Finalising Acquisition of RC5 from Mahou

27 September 2019 – Pryconsa, the Colomer family’s real estate developer, is close to finalising an agreement to acquire the last plot of land on sale by the Mahou brewery in Madrid.  The sale, part of the Operation Calderón, is expected to go more than 55 million euros.  

Pryconsa would thus take over the plot of land known as RC5, which has a buildable area of ​​18,805 square meters. The land that makes up Operation Calderón has a total area of ​​193,804 square meters and a building area of ​​147,000 square meters and is one of the last large plots of land left in central Madrid.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Intu Properties in Talks to Sell Two Shopping Centres to ECE and Generali

21 September 2019 – The British company Intu Properties is in the final stages of negotiations to sell two shopping centres, Intu Principado and Puerto Venecia, for more than 400 million euros. The firm, which is in talks with ECE and Generali, put the assets up for sale at the beginning of the year to drive down its debt.

Intu Properties owns the two Spanish shopping centres, Puerto Venecia, in Zaragoza, and Intu Asturias, outside of Oviedo, together with the Canadian pension fund, CPPIB.

The British group is also seeking a buyer for its stake in Intu Xanadú, located in the outskirts of Madrid, in the town of Arroyomolinos.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner