Tag: prime location

Makro Puts 3 Centres in Madrid Up For Sale for €90M

12 April 2018 – Eje Prime

Makro wants to make cash in Madrid. The food wholesaler chain wants to get rid of three of the centres that it owns in the Spanish capital to raise €90 million. The intention of the company is to sell the assets under the sale & leaseback method, which means that the company would continue to occupy the premises as the tenant.

The three centres for sale are located in Barajas, Alcobendas and Paseo Imperial and will allow the company, which was founded in The Netherlands, to raise money to invest in the development of new projects. Currently, the company is owned by the German group Metro, which has already successfully signed operations of this kind in other markets, according to Expansión.

Makro has 37 centres in Spain located in fifteen autonomous regions. The food company’s list of customers exceeds 900,000 people and its total retail surface area across the country spans 241,744 m2.

This sale, under the sale & leaseback formula, is currently being used in the market by lots of operators. One example is Inditex, which sold 16 stores in Spain and Portugal under this method in January to the German investment fund Deka; it paid €400 million for the shops, some of which are located in prime locations in cities such as Madrid and Barcelona.

Original story: Eje Prime 

Translation: Carmel Drake

Triuva Wants to Spend €100M in Spain Following Its Integration into Patrizia

3 April 2018 – Eje Prime

The German fund Triuva is looking for opportunities in Spain. The company, which has just completed its integration into another German real estate company, Patrizia, is going to allocate around €100 million to the acquisition of new assets in the Spanish market. The group is currently finalising the renovation of a building on Calle Serrano, 90 in Madrid, and has already leased the 6,300 m2 of retail and office space to Maisons du Monde and Natixis, respectively.

The fund is still hungry for new assets in Spain, and so it is considering the acquisition of office buildings, commercial assets and even hotels. Currently, the Spanish arm of Triuva is fully integrated into the Spanish business of Patrizia, which has its offices on the Madrilenian street Calle Génova.

Patrizia purchased the entire Triuva business in November last year, whereby creating a real estate giant of more than €30 billion. Triuva manages some forty funds around the world and has teamed up with more than eighty institutional investors in recent years.

Triuva has around 270 assets under management, worth €9.7 billion. In Spain, the fund owns three properties in prime locations. The first, acquired during the first quarter of 2015 for €70 million, is located on Calle Preciados, 4, and is leased to the fashion chain Sfera, itself owned by the Madrid-based department store group El Corte Inglés.

Last year, the fund acquired the Adidas flagship store located on Gran Vía, 21, also in Madrid, which had been owned until then by Iberfin Capital, which is in turn, owned by Medcap Real Estate. The consideration paid for that operation was not disclosed (…).

Serrano 90, its latest project 

The Serrano 90 building, also owned by Triuva, is located in the heart of Madrid’s golden mile. 70% of its total available space is allocated to offices and the remaining 30% to commercial use; the property also has a parking lot on its lower floors. According to sources in the sector, the fund has spent around €10 million on the renovation of the asset.

At the beginning of this year, Triuva closed the rental of 6,300 m2 of retail and office space. The retail premises have been leased to the French firm Maisons du Monde, which is going to open its first flagship high street store in Madrid, to accompany the store it already has in central Barcelona.

The household furniture and accessories firm is going to lease 1,860 m2 of space in the building spread over three floors (…). Similarly, the property is going to house the headquarters of Natixis, a French corporate and investment bank, whose offices are currently located in Recoletos. Triuva and the banking institution have signed a rental agreement for 2,940 m2 of office space, as well as the terrace and 34 parking spaces in the Serrano 90 building.

Original story: Eje Prime

Translation: Carmel Drake

Two Sought-After Plots in Pamplona Awarded to ACR & Allegra Holding

26 December 2017 – Observatorio Inmobiliario

ACR Grupo and Allegra Holding are continuing to strengthen their alliance after they were awarded two sought-after plots of land known as “Salesianos” in Pamplona.

The plots, which span a surface area of more than 15,000 m2, are going to be home to the tallest two towers in the area. More than €40 million is expected to be invested in the development of between 120 and 140 two-, three- and four-bedroom homes.

The plots, located in Salesianos, one of the best locations in the city, just a stone’s throw from the Plaza de Toros and close to the Carlos III shopping area, were owned until now by the Salesianos religious order. Their public auction has sparked a great deal of interest as it represents one of the most high-profile and important projects in Pamplona in recent years.

This ambitious urban planning project will allow access to housing in an area of scarce supply and which until now did not have any new build developments. Moreover, it will incorporate services such as a civic centre, a large open square and retail premises.

Residencial Nature, consolidating a successful alliance

This development is the product of the alliance between ACR Grupo and Allegra Holding, two prestigious and solvent companies in the Spanish real estate sector, through Residencial Nature, a concept that is continuing to grow following the experience it has accumulated through the more than 750 homes managed primarily in the Community of Madrid.

“This is the first project that we have undertaken together with Allegra Holding outside of Madrid, which reflects the solidity of the concept that both companies are backing with the development of unique projects in different cities”, said the Director of Property Development at ACR Grupo, David Botín.

The success of the Residencial Nature developments allows the alliance to evaluate new investments in Madrid, as well as in other locations such as Barcelona, Málaga and Levante, with the aim of expanding its activity to other regions.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

The Riberas Family Buys Gran Vía 4 from Socimi Autonomy Spain

21 December 2017 – Eje Prime

Autonomy Spain Real Estate owns a portfolio comprising two buildings: Omega, located in Madrid, and Pallars, located in the 22@ district of Barcelona.

The Riberas family is gaining weight in the real estate sector. The owners of Gestamp and Gonvarri have acquired an office building located at number 4 Gran Vía for €43 million. The property was owned until now by the Socimi Autonomy Spain.

The price paid by the Riberas family is 40% higher than the most recent valuation of the building and more than double the amount paid by the fund, according to El Confidencial. The Riberas family has undertaken this operation through its holding company Acek Desarrollo y Gestión Industrial, with the aim of moving into the building shortly.

Through Acek, the brothers Jon and Francisco Riberas control the largest industrial group in Spain, whose flagship brands include the automobile component manufacturer, Gestamp, a listed company with a market capitalisation of €3.378 billion, and the steel company Gonvarri.

Autonomy Spain Real Estate owns a portfolio comprising two buildings, Omega, located in Madrid, and Pallars, located in the 22@ district of Barcelona. The company was created in 2012, with the aim of analysing investment opportunities in the Spanish real estate sector. The main objective of the company is the acquisition and management of the highest quality properties in prime locations.

Original story: Eje Prime

Translation: Carmel Drake

Auren Sells 3rd Floor Of Its HQ In Madrid For €10.5M

9 October 2017 – El Economista

The professional services firm Auren has sold one floor of its office building in Madrid to a Spanish foundation for €10.5 million, according to sources in the sector.

The headquarters of the consultancy firm is located in the Edificio Masters I building on Avenida General Perón, 38; Auren has operated from that multi-owner property for almost 20 years. When it first moved in, it acquired the third floor of the building and then went on to lease more space on two other floors, as the company continued to grow. Now that this asset is no longer strategic for the firm, it has opted to undertake a long-term sale & leaseback operation, which has been advised by Catella.

The transaction comprises one floor measuring 1,669 m2 and 16 parking spaces in the property, located in the Azca business district, which has established itself as a strategic enclave over the last few decades, above all for companies in the financial and technological sectors.

This operation, which has been closed at the high end of the market in terms of price per square metre, is another example of the good times that the office sector is enjoying. During the first nine months of this year, the office segment accounted for 24% of all real estate investment in Spain.

In this sense, Pablo Carvajal, Director of Capital Markets at Catella, highlights that “we are in an increasingly competitive market where it is hard to find quality assets for sale. That means that sale & leaseback operations, involving tenants of the calibre and solvency of Auren, in prime locations, are particularly attractive for investors looking for long-term stability”.

Auren is one of the largest multidisciplinary firms in Spain, with 51 offices in nine countries and more than 200 offices in 60 countries through Antea. The firm closed 2016 with a total turnover of €52.2 million, up by 4% compared to 2015. The company offers the following services: Audit, Legal & Tax Advice, Consultancy and Corporate and employs more than 1,500 people in the countries in which it has an international presence.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Generali Acquires c/Preciados, 9 For c. €100M

14 March 2017 – Real Estate Press

CBRE GI and IBA Capital have sold the building located on Calle Preciados, number 9, in Madrid for around €100 million. The property, which is currently being renovated, is leased to the Inditex brand Pull & Bear. The real estate consultancy firms JLL and Colliers have advised the sale operation.

Inditex will open a flagship Pull & Bear store in the property, which it leased on the advice of the real estate consultancy Inmored, itself part of The International Retail Network. The store will have a surface area of 2,400 m2, on one of the busiest high streets in Madrid, and is located just a stone’s throw away from La Puerta del Sol.

The former owners, IBA Capital and CBRE GI, entrusted the sales mandate to JLL and Colliers.

The property was acquired from El Corte Inglés by IBA Capital, which subsequently allowed CBRE GI to enter the deal in an operation that included the ABC Serrano shopping centre.

Generali Real Estate, the new owner, is one of the largest global mangers, with a presence across the main markets in Europe. Generali has made its first foray into the retail segment in Spain in a prime location and with one of the world’s leading retailers as its tenant.

Original story: Real Estate Press

Translation: Carmel Drake

Schauinsland-Reisen Buys Two Hotels In Fuerteventura

28 November 2016 – Real Estate Press

The German tour operator Schauinsland-Reisen has acquired Hotel R2 Río Calma and the Maryvent apartment complex, both located in Fuerteventura.

According to a statement issued by the Company, the Canary Islands represent one of the main destinations for the tour operator. For this reason, Schauinsland-Reisen has invested in two very well-known and well-regarded tourist complexes in the Canary Islands. The two buildings are located on the Costa Calma de Fuerteventura and are very popular with the German market, according to the company. The group has acquired 100% of the superior 4-star Hotel R2 Río Calma, which has 416 rooms, and has become the majority shareholder of the Maryvent apartment complex, which is also a 4-star property.

Gerald Kassner, CEO at the company, appeared very happy with the success of the agreements and the incorporation of these hotels into the firm’s portfolio. “We are very happy to be acquiring these two beach-front hotels for the German market and for our clients. Both tourist complexes fit perfectly with the Schauinsland-Reisen portfolio in terms of quality and location”, he said.

The group highlights that the Maryvent apartment complex has a “prime location” right on the beach front at Playa de Costa Calma. Guests stay right next to the 1km-long, shallow beach. (…).

Within the R2 hotel chain complex, the tour operator Duisburgo also exclusively operates the 5-star R2 Romantic Fantasia Suites Design de Bahía Playa, the 4-star R2 Design Hotel Bhía Playa and the 4-star R2 Romantic Fantasia Dream.

In June, the German tour operator bought its first hotel in Mallorca, the Bahía Cala Ratjada, a 4-star property, formerly known as Eva Park.

Original story: Real Estate Press

Translation: Carmel Drake

Axiare Buys McKinsey & Co’s HQ In Madrid For €41.8M

24 November 2016 – Inmodiario

The Socimi led by Luis López de Herrera-Oria has completed the acquisition of McKinsey & Co’s headquarters in Spain, involving an investment of €41.8 million. This is one of the properties that Axiare Patrimonio had included in its pipeline, according to an announcement made by the firm on 15 November. The acquisition has been completed in an off-market operation, in line with the Socimi’s strategy to purchase assets at competitive prices and with strong potential for appreciation in value.

The historical property, which has been converted into offices, has a gross leasable area (GLA) of 7,054 m2 and 93 parking spaces. It is located in the Calle Almagro area of Madrid, close to the offices of Cuatrecasa Gonçalves y Pereira, Ramón y Cajal, Linklaters and the headquarters of Innovación de BBVA.

Luis López de Herrera-Oria, CEO of Axiare Patrimonio, said: “With the purchase of this property, Axiare Patrimonio continues to push ahead with the fulfilment of its business plan and approaches the end of 2016 with a strong outlook”. López de Herrera-Oria added: “The unique building, located in the Plaza de Alonso Martínez, fulfils all of our pre-requisites: it is a prime product, located in the capital’s financial centre and it has great potential to create value. (…).

So far this year, Axiare Patrimonio has signed 24 lease contracts covering a GLA of more than 100,000 m2. (…). The Socimi now owns real estate assets worth €1,100 million, with great potential to generate value: it forecasts that its rental income will increase by 77% over the next year and a half, from its current level of €42 million per annum to €76 million by 2018. (…).

For this transaction, Axiare Patrimonio has been advised by EY (legal), PwC (technical) and Cushman & Wakefield (commercial). The seller has been advised by Tenigla Real Estate and Aiga Investments.

Original story: Inmodiario

Translation: Carmel Drake

Deutsche Bank Buys Diagonal Mar For €495M

2 August 2016 – Expansión

Yesterday, Deutsche Bank completed the purchase of the Diagonal Mar shopping centre from Northwood for around €495 million, making it the largest shopping centre transaction in the history of the Spanish market.

In this way, although the final price has been adjusted downwards with respect to the non-binding offer presented by the entity (which valued the asset at €505 million), it still exceeds the €451 million that Intu Properties paid for Puerto Venecia (Zaragoza) and the €375 million that Klépierre spent on the acquisition of Plenilunio (Madrid).

The operation also generates significant capital gains for Northwood, which acquired the property from the Irish bad bank Nama for €150 million in 2015. CBRE has advised this operation on the sell-side, whilst Deloitte advised the buy-side.

Background

The shopping centre, located in district 22@ in Barcelona, has passed through many hands since the real estate company Hines was awarded the mixed use project at the end of the 1990s. The project included a residential area, offices, hotels and a large shopping centre, with a constructed surface area of 100,500 sqm and a gross leasable area (GLA) of 87,000 sqm, as well as 5,000 parking spaces.

In 2002, the German investment fund Deka paid around €240 million for the property, which, was subsequently sold, in 2006, to the Irish investment group Quinlan for €300 million, in its first operation in Spain. Nevertheless, following the burst of the Irish bubble, the asset was taken over by the banks.

Three years after that operation and in a very different economic environment, the property has generated a lot of interest. Specifically, 18 candidates submitted non-binding offers for the property, including Axa, Invesco, Hines, Unibail, the Singapore sovereign fund GIC, Blackstone and the Socimi Merlin, which was the only Spanish company that submitted an offer, for less than €450 million. Only four candidates participated in the final phase: CBRE Global Investment, ECE, Henderson TH and Deutsche Bank.

In order to reposition the asset, Deutsche Bank plans to invest €30 million over four years in a project that includes restructuring the top floor of the shopping centre to create more space for high-end fashion brands (€15 million), refurbishing the other floors with a budget of around €8 million and renovating the centre’s exterior façade for almost €7 million.

With this renovation, the purchaser expects to strengthen Diagonal Mar’s competitive position and increase its gross operating profit (EBITDA) over five years from €20 million in 2015 to more than €26 million.

Impact

The shopping centre, opened in November 2001, was designed by Jean-Louis Solal and the architect Robert A.M. Stern. Diagonal Mar is located in a prime spot, approximately five kilometres north east of the city centre. With more than 200 outlets dedicated to fashion, restaurants, leisure, a bowling alley and other services, the centre has 4,800 parking spaces and an outdoor space: La Terrassa del Mar. Diagonal Mar received 16.7 million visitors last year, up by 2.3% and generated net sales – excluding Alcampo (which falls outside of the transaction perimeter) – of €210 million, up by 8.5%. (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake