Nyesa Raises Capital with New Investors & an Office Portfolio in Cádiz worth €22M

30 October 2018 – Eje Prime

Nyesa is continuing with its plan to capture investors and increase its share capital and portfolio. The Spanish real estate company has agreed to a capital increase, which will allow the company Olaf y Rubí to become one of its shareholders. Following the operation, Nyesa’s new shareholder will introduce into the company’s portfolio 95 offices in Las Torres De Hércules, in Cádiz, worth €22 million, according to a statement filed by the company with Spain’s National Securities and Markets Commission (CNMV).

The investment, which will see Olaf y Rubí acquire a 21% stake in the real estate company, is conditional upon Nyesa’s largest shareholders (the US group Gaber, the Russian investors Eldarov, Ivanov, Samodurov and the company Fanumceo) considering that the assets in question will pass an urban planning, legal, tax and financial review.

Olaf y Rubí’s portfolio is associated with a mortgage amounting to almost €4.8 million. The new shareholder of the real estate company will subscribe to a line of credit to cover all of the costs relating to the mortgage (…).

Las Torres de Hércules, located in the Bay of Algeciras, were designed by the prestigious Spanish architect Rafael de la Hoz. Their tenants include companies such as the Danish logistics giant Maersk, which houses its headquarters for Southern Europe in the complex.

Standing 126 m above the city, the building was the tallest in Andalucía for several years, until the completion of Torre Sevilla, owned by CaixaBank. The property, which comprises two towers, spans a surface area of almost 20,000 m2 and was acquired by the Socimi Brickstock in September.

Original story: Eje Prime

Translation: Carmel Drake

Lladó Buys Uría y Menéndez’s Future HQ From Hispania

16 May 2017 – El Confidencial

In the same way that Amancio Ortega is using the juicy dividend that he receives from Inditex to build his real estate empire, another successful home-grown businessman, José Lladó, President and majority shareholder of Técnicas Reunidas, is also investing the bulk of the money that he receives from his infrastructure group into iconic buildings.

Last year, Lladó reportedly received €29 million and he has used those funds to acquire the new headquarters of the law firm Uría y Menéndez. As circumstances would have it, that was the only building that Hispania had left out of the sales mandate that it awarded to CBRE and JLL, when it appointed them to find a buyer for its entire office portfolio. Sources at the Socimi have declined to comment.

According to three sources in the market, the reason is that the Lladó family has put a juicy offer on the table that limits the yield on its investment to 3.5%. It is a classic move by this kind of family office, which tend to prioritise the best assets and tenants possible, even if that means securing lower returns, given that their strategies are typically aimed at acquiring good properties, with stable and guaranteed returns.

Uría y Menéndez is the second largest law firm in Spain by turnover and last October, it signed a 17-year lease contract for the building located on Calle Suero de Quiñones 42 in Madrid, and it is obliged to fulfil at least half of that term.

Currently, Hispania is immersed in the comprehensive renovation of the property, in a project worth €5 million, which is expected to be completed at the end of this year. The law firm will rename the new headquarters, which will be complementary to the property it already owns at nearby Príncipe de Vergara, 187, as the “Aurelio Menéndez Building”: its new design is the handiwork of architect Rafael de la Hoz.

This acquisition follows the pattern applied by Lladó last year, involving investing areas on the rise, where the value of the asset itself promises to increase significantly over the coming years. On that occasion, the owner of Técnicas Reunidas purchased a building on Calle Marqués de la Ensenada 2, located just a few metres from Plaza de Colón, for €6 million.

In the summer of 2014, it made another significant acquisition on Paseo de Recoletos, 15 from Vía Célere, the property that houses Catalunya Caixa’s headquarters in Madrid, for almost €20 million, to join the neighbour at number 33 on the same thoroughfare, which is also owned by Lladó. (…).

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake

A Peak Inside The Luxury Homes On Juan Bravo, 3

12 March 2015 – Expansión

The Socimi and the North American management company are investing €120 million to rescue the most exclusive residential project in the city. Designed by Rafael de La-Hoz, its 50 apartments will cost around €4 million (each).

Three months ago, the Socimi Lar España and the North American management company Pimco agreed to purchase the company Juan Bravo, 3. The agreement will result in the revival of one of the most exclusive residential projects in Madrid, which has suffered from the full force of the real estate crisis.

“It was a transaction that was in the market and we were not the only interested party. Nevertheless, many funds dropped out when they saw the complexity of the project. There were lots of stakeholders: from the judge overseeing the bankruptcy process to the former owners of the company and its creditors”, explains Jorge Pérez de Leza, who heads up Lar España.

The Socimi proposed that the company be brought out of bankruptcy, rather than be liquidated, through the purchase of the remaining loans from its main creditor (Santander). In total, both partners invested €120 million in the land and (associated) loans, as well as in a residential building adjacent to the plot, which used to belong to the former owners of Juan Bravo 3. “The existing creditors are going to be paid, which is the innovative part (of the transaction), and we hope that the bankruptcy proceedings will be lifted within the next few days”, said Pérez de Leza.

The investment has been made through a company whose share capital is owned split 50:50 between Lar and Pimco, one of the largest fund managers in the world. “When Pimco joined the Socimi as an ‘anchor investor’, it suggested that we make a number of joint ventures in the Spanish market. Pimco wants to continue investing in Spain and we think that the next wave of investment will be in the residential market”, predicts the director. With this project, Lar does not exceed the threshold set for Socimis (that no more than 20% of the assets in their portfolio may not generate returns) and therefore it does not rule out continued investment in the premium residential sector.

After closing the acquisition of this land, Lar España hired the architectural firm Rafael de La-Hoz, which had also been appointed by the former managers to design the project. “Juan Bravo 3 offers the opportunity to construct a new building concept with four façades. The homes, from the garages to the bedrooms, will be completely new. As such, we will have almost total freedom in terms of the form (it takes) and we will be able to do without elements such as common areas and patios”, says Rafael de La-Hoz.

This architect will be responsible for designing the block of homes, which will contain between 50 and 55 units, on a plot of land measuring 26,203 square metres. “Last summer, we conducted a study in the market to see what type of project would fit best and we identified that there is room for luxury (properties) in this area. Therefore, each home will measure at least 250 square metres and on average, will measure between 400 and 450 square metres, as well as having three parking spaces”, says Jorge Pérez de Leza.

The homes will have an average price of €10,000/m2 (prices will range from €8,000/m2 to €12,000/m2 depending on the floor). “It will be different to anything else that exists in the area. There will be common areas with a gym, spa and a space for events. We are going to customise the product and for that reason, we have created a specific team of technical architects to advise clients in their choice of materials and the distribution of their homes, as well as on implementation costs and timings”.

Buyers

The sale of these homes will begin this summer, although the developers have already received a number of requests. “We expect 60% of the homes to be sold to foreigners; and the remainder to be sold to people who live in the area and want a new home, or who have a home in La Moreleja or Somosaguas and now want to move to the centre”. The construction work will begin at the start of 2016 and will be completed in mid-2018. “Some of the below-ground work has already been completed, but we will have to improve it because it is somewhat dilapidated”.

In addition to fifty homes, the property will also have a shop space measuring around 1,000 square metres, which will be rented out.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake