Tag: potential sales

M&G Negotiating with Goodman Real Estate to Acquire Future Amazon Logistics Centre in Seville

17 September 2019 –

The British fund manager M&G is negotiating to acquire the future Dos Hermanos logistics centre in Seville. The nearly 200,000-m2 centre is under development by Goodman Real Estate and already for Amazon, with which it has signed a 20-year lease.

Goodman commissioned the Eastdil investment bank to organise and conduct the formal sales process, one which seeks a sales price of €200 million.

Original Story: El Confidencial – Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

Goodman to Sell Amazon Logistics Centre Under Development in Seville

17 September 2019 – Goodman Real Estate announced that it would sell the huge logistics centre it has under development for Amazon in Seville. The sale of what would be the largest logistics centre in Spain is expected to bring in approximately 200 million euros, providing a return below 4.5%.

Goodman, who has regularly partnered with Amazon, is taking advantage of heightened investor appetite for such assets in Spain due to consumers buying ever more online.

The cost of the development of the logistics centre is expected to reach 100 million euros or more. Goodman commissioned Dragados, the construction arm of the ACS group, to build the centre. The future complex will have a surface area of almost 200,000 square meters, spread over four floors, and should be ready next year.

Original Story: El Confidencial – Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

 

 

US-Fund TPG Looks to Sell Portfolio of Rental Flats for €75 Million

17 September 2019 – The US fund TPG announced its intention to sell nine buildings with rental flats located in Malaga, Tarrassa, Badalona, ​​Girona, Sabadell, Alicante, Valencia, Madrid and Valdemoro. The firm hopes to raise at least 75 million euros through the sale.

The nine buildings have a total of almost 400 flats and 600 parking spaces and are currently 90% occupied. TPG acquired the buildings just over two years ago through its subsidiaries Sardes Holdco and Hadley Investments.

The Catalunya Caixa Propietat FII real estate investment fund, which was liquidated, previously owned the nine residential developments.

Original Story: El Confidencial – Elena Sanz

Photo: E.S.

Adaptation/Translation: Richard D. K. Turner

Malaga to Auction Post Office Building for €20 Million

16 September 2019 – The delegate of the Andalusia Government in Malaga, Patricia Navarro, stated that the state intends to sell a building once occupied by the post office in an auction that is expected to raise more than 20 million euros. An appraisal of the building set its value at €19 million, but elevated investor interest is expected to boost that price.  The building has nine floors, 17,000 square meters of surface area and is in the centre of the provincial capital.

Original Story: Malaga Hoy – Miriam Núñez

Photo: Javier Albiñana

Adaptation/Translation: Richard D. K. Turner

Blackstone Looks to Sell Espacio León for €100 Million

16 September 2019 – Blackstone is looking to sell the Espacio León shopping centre, in the provincial capital of León, for 100 million euros. The US-based investment giant initially acquired the asset in 2015, together with another two shopping centres in Portugal.

Espacio León has an area of 37,000 square meters, with 1,500 parking spaces. In mall boasts 141 stores and receives approximately five million visitors per year.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Mahou Hires Colliers to Sell Two Plots of Land Linked to Calderón

2 September 2019

Mahou-San Miguel has commissioned the real estate consultancy Colliers to sell the two neighbouring plots of land to Mahou-Calderón.

Colliers was already in charge of the sale of the first two plots of land, in addition to the two now under consideration, plots RC1 and RC2. RC1, RC2 and RC5 have a total buildable surface area of ​​63,075 m2, according to the project. The residential component amounts to 55,823 m2, while the rest will be for retail and offices. Sources say that the average price per residential m2 will likely be around 3,200 euros, generating total revenues of close to 180 million euros to the land as a whole.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Inmobiliaria Espacio Negotiating to Sell Two Planned Apartment Buildings in Malaga

2 September 2019

Inmobiliaria Espacio, a subsidiary of Grupo Villar Mir, is negotiating to sell two projects for as yet unbuilt residential buildings in Martiricos, an urban development in Malaga. One building would have flats for direct sale, while the other would be used as rental housing.

The 460 new flats will be the target of a total investment of around 240 million euros.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

UBS Negotiating Sale of Barcelona’s Torre Tarragona to Blackstone

5 August 2019

Blackstone is currently in negotiations to buy the Tarragona Tower from UBS for between 100 and 110 million euros. UBS Global Asset Management acquired the tower in 2015 for €72 million from Omega Capital, subsequently investing another €10-million in renovations. The expected sales price would result in a capital gain of roughly 25% for the Swiss bank. Both firms declined to comment.

The tower, located next to the Sants railway station in Barcelona in a highly sought-after area, opened in 1998. The asset has ​​18,150 m2 of surface area spread over 19 floors and 250 parking spaces. The main tenants include Pepsico, Acens (a subsidiary of Telefónica), Quercus and Gentec.

Original Story: Cinco Dias – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Starwood Capital Seeks to Acquire Las Mercedes Office Park

10 July 2019 – Richard D. K. Turner

The U.S.-fund Starwood Capital is negotiating the possible acquisition of the Las Mercedes business park at Calle Campezo, 1, across from Madrid’s Barajas airport.

The 9-building office park belongs to GreenOak, which acquired the asset from Standard Life Investments for approximately 140 million euros just three years ago.

Las Mercedes has a total surface area of ​​79,000 square meters and the nine-building complex surrounds a garden area with courtyards and fountains. Occupancy currently stands at 84%, and existing tenants include Altran, Xerox and Enaire, with retail stores and food services.

According to market sources, Starwood has offered more than 200 million euros for the asset and is considered the likely winner of the sale.

Original Story: Expansion – Rebeca Arroyo

Allegra Looks to Sell Logistics Platform Nearby Amazon and Madrid

29 June 2019

The real estate group, Allegra Holding, is looking to take advantage of the substantially increased interest in e-commerce and its effect on the logistics industry to sell the Postremo project. Postremo comprises two warehouses in Villaverde, on the outskirts of Madrid, and a plot of land located in front of a facility owned by Amazon in San Fernando de Henares, just 30 kilometres from central Madrid.

Allegra mandated Knight Frank to lead the sale, which could raise 30 million euros, providing a return of approximately 5% to any potential buyer. The assets include two warehouses, with a total surface area of roughly 17,000 m2, which the logistics firm On Time is currently leasing. The 16,430-m2 plot of land has an approved project to build a 10,265-square-meter warehouse

Original Story: El Confidencial – Ruth Ugalde