Tag: residential asset

Sareb Sells a Residential Asset in Barcelona for €2M

23 January 2019 – Idealista

Sareb is divesting more assets in Cataluña. The company, in which the State owns a 45% stake, has sold a residential building in Hospitalet de Llobregat, in Barcelona, for €2 million. The buyer is a Catalan family office and the operation has been financed by La Caixa.

The building, located in Collblanc, used to be occupied illegally, but has subsequently been renovated and fitted out to house residential homes. The operation has been brokered by Mercat Inmobiliari.

The building has a surface area of 1,800 m2 comprising housing and parking distributed over four above-ground floors plus a basement, ground floor and mezzanine level. In recent months, Mercat Inmobiliari has also closed the sale of two buildings in Palma de Mallorca to the fund Mediterranean Capital for their conversion into holiday homes. Those two assets also used to be owned by the public-private entity (Sareb).

Sareb is finalising several options to get rid of its assets. One possibility includes the creation of a fund with a property developer, to which it would contribute land worth more than €800 million for the development of new build homes.

Moreover, the company is sounding out the market to sign agreements with specialist companies to convert its plots into buildable sites. Sareb owns land in Spain worth €5 billion, but almost half of the plots lack building permission.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

Quonia Sells an Asset on c/Balmes in Barcelona for €13.2M

12 October 2018 – Eje Prime

Quonia has divested one of its assets in Barcelona. The Catalan Socimi has sold a property comprising twenty-six residential units and two commercial premises located on Calle Balmes. The operation has been closed for €13.2 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The residential block comprises eight storeys, spans a surface area of 2,536 m2 and is located at number 166 Calle Balmes. In addition, the property has one commercial premise on the ground floor, which is linked to a second unit located at number 164 on the same street.

The company, which acquired the asset for almost €7.2 million, has obtained a gross accounting profit of more than €6 million. Following the operation, Quonia’s portfolio in the Catalan capital comprises one property in the Barceloneta neighbourhood, a hotel-use building on Rambla Catalunya and another mixed-use residential and commercial asset on Calle Balmes at number 45.

Quonia, whose average investments amount to between €10 million and €13 million, is looking for opportunities in Spain to continue growing its portfolio. With Barcelona and Madrid as the on-going targets, the company’s preferred destinations include other cities such as Málaga, Sevilla and Palma, as well as País Vasco.

The Socimi was created in 2014 by two Mexican investors Divo Milán and Ana Saucedo, but it did not debut on the MAB until July 2016. In the spring, Quonia completed a €3 million capital increase, although the company had approved the possibility of raising up to €26.5 million. Before the end of the year, the company expects to obtain an additional €1 million by capitalising loans from investors.

Original story: Eje Prime 

Translation: Carmel Drake

Lar Acquires Vistahermosa Shopping Centre For €42.5M

20 June 2016 – Efe Empresas

The real estate investment company LAR España Real Estate (LRE) has acquired the Vistahermosa shopping centre, in the province of Alicante, for €42.5 million, as reported to Spain’s National Securities Market Commission (CNMV).

The Vistahermosa shopping complex has a gross surface area of 33,550 sqm and is home to several high profile brands including Alcampo, Leroy Merlin and Media Markt.

The Chairman of Lar España, José Luis del Valle, highlighted that the purchase of the shopping centre “strengthens the quality of Lar’s portfolio” and increases its presence in the Mediterranean region, “one of the most attractive areas in Spain”.

Forecasts show that by the end of this year, the complex will receive 6 million visitors per annum.

Following the acquisition, the value of Lar España Real Estate’s assets amounts to €1,003 million, spread over ten autonomous regions. Of the total, €728 million relates to the acquisition of thirteen retail premises; €150 million to the purchase of four office buildings in Madrid and one in Barcelona; €70 million relates to four logistics assets in Guadalajara and one in Valencia; and €55 million corresponds to a residential asset in Madrid.

Original story: Efe Empresa

Translation: Carmel Drake

Lar España Completes Acquisition of ‘Portal de la Marina’

4 April 2016 – Mis Locales

The Socimi, which already owned 59% of the asset and the hypermarket, has completed the acquisition of the remaining 41% stake for €14.58 million.

The Socimi Lar España Real Estate has acquired 41% of the company Puerta Marítima de Ondara, which, in turn, owns the Portal de la Marina de Ondara shopping centre in Alicante.

The Socimi had already acquired 59% of the company in October 2014, and it acquired the hypermarket in June 2015, in such a way that, following the recent acquisition, it now owns the entire Portal de la Marina shopping complex, worth €94.5 million.

Figures relating to activity at Portal de la Marina in 2015 clearly reveal its appeal, given that it recorded a 13% increase in sales compared with the previous year and a 6% increase in the number of visitors, to 3.76 million.

José Manuel Llovet, Director of Retail, said that “with this acquisition, we have consolidated 100% of Portal de la Marina, an excellent regional shopping complex, and this allows us to accelerate the decision making process and drive our ambitious management and value creation plans.

The shopping complex has a leasable surface area of approximately 40,000 m2, spread across 120 stores over two floors. It has eight cinema screens, with brands such as Cortefiel, H&M, Mango, C&A, Tien21 and eight brands from the Inditex Group, as well as 1,600 parking spaces.

Following this purchase, Lar España has now acquired assets worth €961 million, of which €686 million has been spent on the purchase of twelve retail premises located in Madrid, Valencia, Sevilla, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; €150 million on the purchase of four office buildings in Madrid and one in Barcelona; €70 million on the acquisition of four logistics assets in Guadalajara and one in Valencia; and €55 million on the acquisition of a residential asset in Madrid.

Original story: Mis Locales

Translation: Carmel Drake