CaixaBank Sells Office Building in Valencia to Bancalé

9 March 2018 – Levante EMV

The Aragonese holding company Bancalé has just acquired an office building measuring more than 7,300 m2 on Avenida del Puerto in València. And it seems that the firm, which owns the electronic goods chain K-tuin, has put the building up for rent, as evidenced by the enormous sign that has been hanging from the façade for several weeks now.

According to sources at the company, the building was acquired from CaixaBank a few months ago, in an operation whose economic consideration has not been revealed. The property used to belong to Banco de València, which used to operate some of its services from there. However, the seven-storey building has been empty since 2012.

With the sale of the historical Valencian entity to CaixaBank for €1 in 2012, the building was taken over by Building Center, the real estate subsidiary of the Catalan bank. In 2017, it was finally sold, after it was put on the market and Bancalé made the best offer.

Sources at the group, which is headquartered in Zaragoza, and which comprises a family office linked to the businessman Juan Ramón Fabre, believe that they will be able to let the entire building to a single tenant. The offer includes the ground floor, which is currently occupied by a branch of CaixaBank. “The feeling we have is that there are no products like this in Valencia, with 7,000 m2 of office space available and concentrated in a single space”, say sources at the company. The new owners intend to invest in the building and will do so to adapt it to the needs of the client that rents it out.

With this operation, Bancalé has made its first incursion into the real estate sector in Valencia. The holding company has a real estate division, with offices in Madrid, Barcelona and Zaragoza. It is also a majority shareholder in a hotel investment vehicle that has a presence in Washington, New York, London, Brussels, Berlin and Cologne, according to its website.

Student halls of residence are another focus for the firm’s investment, as well as the logistics sector, where it owns assets in the Plaza de Zaragoza platform. In recent times, the group has also been positioning itself in the renewable energy field with projects in Aragón.

All in all, one of the most well-known facets of the Aragonese group is its chain of electronic shops K-tuin. Bancalé owns the network of 17 establishments in Spanish regional capitals, which sell Apple products and generate a global turnover of more than €150 million.

In addition, Bancalé has also had interests in the social healthcare field, specifically in Valencia. Fabre’s firm had a fleeting experience in the retirement home sector, as the owner of the La Seu nursing home, an establishment with 155 beds on Calle Gobernador Viejo in the old town. The Aragonese firm sold that building to Sanitas at the end of 2016, after experiencing problems with the management of the centre.

Original story: Levante EMV

Translation: Carmel Drake

CBRE: Madrid Is 6th Most Attractive City For RE Investment

19 May 2015 – Expansión

Madrid is the sixth most attractive city in the world for real estate investors, behind London, Tokyo, San Francisco, Sydney and New York, according to the Global Investors Intentions Survey, compiled by the real estate consultancy CBRE, based on responses from 700 international investors.

Thus, the Spanish capital is more attractive that most other major cities, including Paris and Los Angeles, thanks to a 98% increase in the volume of real estate investment in 2014 with respect to the previous year; the second highest increase after San Francisco, which rose by 126%.

The study notes that optimism has returned to the international investment market thanks to improvements in the economic outlook and in confidence, although it underlines the intense competition that exists when it comes to acquiring assets and the doubts that still exist about the weakness of the economy.

Thus, 53% of international investors expect to increase their exposure to the real estate sector.

Moreover, it seems that demand exceeds supply and that there is significant interest in trans-regional transactions, with Western Europe being the most favoured region, followed by Asia Pacific.

By sector, offices are the assets of choice for 33% of investors, whilst retail sales have experienced the largest decrease.

It also notes the increased interest in logistics warehouses, up from 14% last year to 17% in 2015.

The acquisition of real estate debt is another option that investors are seeking, as well as student accommodation (halls of residence), assets relating to the health sector and retirement homes.

International investors seem to be willing to take on increasingly more risk, in search of higher returns. 51% of those surveyed said that this year they will focus on opportunistic and value added assets, whereas last year only 43% were interested in such assets.

This increase has been observed above all in the United States and in the regions of Europe, the Middle East and Africa. By contrast, there seems to be greater interest in prime assets in Asia-Pacific.

Original story: Expansión

Translation: Carmel Drake