Whiteni RCajal Acquires Two Buildings in Madrid for its Co-Living Business

24 October 2019 – The socimi Whiteni RCajal, which is listed on Paris-based stock exchange Euronext, announced that it had acquired two buildings in Madrid. The firm intends to redevelop the properties for use in its co-living business.

Construction is set to begin in the middle of next year and finish by 2022. The building, located on Calle de Fomento and Calle del Rio, have a total surface area of 2,000 m2.  Whiteni RCajal will build and operate fifty flats and studios, in addition to 330 m2 of common areas, with meeting rooms, study and leisure areas.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

FTI Group to Convert Former Stella Canaris into Major Eco-Resort

14 October 2019 The Pájara City Council granted the FTI Group authorisation to start the renovation and conversion of the six hotels that make up the former Stella Canarias complex in ​​Solana Matorral, the Canary Islands. The FTI Group will invest approximately 200 million euros in converting the 4,000-bed complex into an eco-resort while creating some 600 jobs in the process. The needed infusion of capital into the island’s economy and its municipal coffers comes after the area has taken a series of hard hits, including the bankruptcies of Thomas Cook, Air Berlin and Germania Wings.

The municipal permits give the FTI Group twelve months to begin the construction though the firm announced that it would already begin in 2020. The FTI Group plans on turning former Stella Canaris, which is located in front of one of the best beaches in Jandía, into a major eco-resort.

Original Story: Canarias 7 – Catalina García

Adaptation/Translation: Richard D. K. Turner

Merlin Acquires Old Warehouse in Barcelona’s 22@ District for New Loom Co-Working Office

30 July 2019 – Richard D. K. Turner

Merlin Properties, the socimi managed by Ismael Clemente, has acquired an old warehouse located at Calle Pere IV, 128, in Barcelona’s 22@ district. The developer plans to demolish the existing structure and construct a new building for use by its co-working subsidiary, Loom. Merlin expects Loom’s first office in the city to be ready by 2021.

Original Story: Eje Prime

Barcelona’s Palau Moxó Will Be Converted into a Luxury Apartment Building

23 March 2018

It is a unique building. Not for being an architectural jewel of the Baroque period, though it is that too. The property has been in the same family since 1770 when the Moxó family built it. The property was finally sold by the marquises of San Mori at the end of 2017 to Eduardo Rallo (a Mexican investor) for 7.3 million euros. Now it has been discovered that, after conversion by the Trias de Bes architectural studio, luxury apartments will be sold in the property by the Vivendex real estate agency.

The palace was sold in June of last year. An example of Baroque architecture, the building was classified as a Cultural Asset of Local Interest (BCIL) for the city in 2000. It quickly began generating controversy within the municipality. The building is located at 4 Plaza Sant Just, in the Gothic Quarter, became the focus of numerous conflicts due to its sale and cultural value.

Both the ERC and PdeCat demanded that the municipal government (BenComú) provide “explanations” for not considering a potential acquisition of the property through its right of first refusal, something which the owners of buildings classified as having historical interest are obliged to do. Now, the PdeCat criticises that the possibility was rejected twice, according to PdeCat, and that luxury apartments are being built on the site.

The government, meanwhile, stated that there is a limit to acquisitions through the right of first refusal since the price that the owners were requesting initially stood at 7.15 million euros. That was in December 2015, but the district of Ciutat Vella (to which the property belongs) declined to acquire the palace, stating that the purchase exceeded the district’s financial capacity and “the state of conservation of the interior was unknown,” sources within the municipal government explained.

The second occasion that the municipality rejected its right of first refusal was in January of 2017 when the price has risen to 7.33 million euros, and the district once again declined to pursue a possible acquisition.

During the last years, the palace had been used as a multipurpose space for dinners and events for aristocrats in Barcelona. The heir, Inés Moxó, currently lives in Seville, where she moved the furniture that until recently decorated the house.

The building will have up to six luxury apartments and three stores on its four floors. The main floor, measuring almost 600 m2 will be preserved intact: the architectural and decorative elements that are under the protection of cultural property will be respected. The third and fourth floors will receive five duplex apartments, all with private terraces and sizes ranging from 130 to 250 m2. The renovation, Trias de Bes estimates, will conclude in mid-2019, although the City Council still has to grant a building license to the company.

Original Story: Idealista – Natalia Bravo

Photo: Wikimedia Commons

Translation: Richard Turner