8 October 2019 – The Abarca Cidón family, the owner of HM Hospitales, has finalised the sale of the properties where two of its main healthcare centres, HM Sanchinarro and HM Torrelodones, are located for approximately 150 million euros to an unnamed US fund.
The Abarca family sold the assets in a sale & leaseback operation whereby the family is seeking to reduce its total exposure to the healthcare sector. At the same time, the family’s fund, patrimonial ACCT 2010 Management Initiatives, has just inaugurated a hotel in Lisbon and they are finalising work on another in Porto. Casual Hotels, the Valencian chain of themed urban establishments, will operate the two hotels.
Original Story: El Confidencial – Víctor Romero / Carlos Hernanz
Adaptation/Translation: Richard D. K. Turner
13 June 2019 – Expansión
The Swiss fund Swiss Life has purchased the Hotel Senator Parque Central in Valencia from Grupo Senator for €24.5 million in a sale and leaseback operation.
The 4-star hotel, which has 192 rooms, spans 12,851 m2 and is located in a central area of the Mediterranean city where a large urban park is planned once the nearby railway tracks have been moved underground.
Grupo Senator acquired the property from Sareb in 2017, which itself took ownership after the Valencian property developer that constructed it filed for bankruptcy in 2010.
Original story: Expansión (by Rebeca Arroyo)
Translation/Summary: Carmel Drake
4 May 2019 – Expansión
Telefónica is on the verge of selling its headquarters in Barcelona for more than €150 million in a sale and leaseback operation that will see the group continue to occupy 8 floors of the property, but on a rental basis.
The 16-storey skyscraper, known as Diagonal 00, has a surface area of 34,000 m2 and is located next to the Fòrum on the edge of the 22@ district. The property was constructed by the Consortium of the Zona Franca in Barcelona (CZF) as a turnkey project for Telefónica, which moved in in 2011.
The telecommunications giant went on to purchase the property from CZF in 2014 for €107 million plus VAT (€129.4 million) and is now selling it as part of its debt reduction process, which has already seen it divest businesses in Central America and the insurance company Antares.
Original story: Expansión (by M. Anglés & I. del Castillo)
Translation/Summary: Carmel Drake
12 July 2017 – Eje Prime
Family offices are continuing to gain prominence in the real estate business with the help of their chequebooks. In the latest deal, the Revoredo family, which owns the security company Prosegur, has purchased an office building located at number 17 on Madrid’s Calle Alcalá from the family office Casticapital. Until about a year ago, the property housed the headquarters of BBVA Seguros.
The sale, executed through Gubel, the Revoredo family’s real estate company, was closed for a price of approximately €23 million, according to Expansión. Casticapital has sold off the asset just seven years after purchasing it. One of the projects that the group was considering before selling the property was the conversion of the building into a hotel.
The asset in question has eight floors plus a ground floor, with a total above ground surface area of around 3,000 m2. The Casticapital family office acquired the building from BBVA in a sale and leaseback operation (sales contract and subsequent lease) for around €18 million.
The property, which is located a stone’s throw from La Puerta del Sol and close to the Canalejas Complex, was home to the headquarters of the insurance company Hércules Hispano for many years.
Nevertheless, the building has been empty for approximately one year, after BBVA moved its insurance subsidiary to the bank’s central headquarters in Las Tablas (Madrid). That move came shortly after the end of the term that the bank was obliged to occupy the property for, according to the terms of the sale and leaseback contract signed in 2010.
Original story: Eje Prime
Translation: Carmel Drake