Amro Real Estate Acquires Land in Valencia for New Student Residence

4 December 2019 – Amro Real Estate has finalised the acquisition of a plot of land in Valencia where it plans to build student housing. The residence, the firm’s fourth in Spain, will have 5,000 square meters of constructed surface area, with 170 beds.

The project, which includes a rooftop pool and gym, will be located a short distance from the Catholic University of Valencia (UCV). Construction is set to begin in 2020 and open to students in the summer of 2022.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

General de Galerías Comerciales to Acquire 146,000-M2 Plot of Land in Valdebebas

2 December 2019 – The Valdebebas Compensation Board has approved the sale of a 145,790 square meter plot of land to the socimi General de Galerías Comerciales (GGC) under its Urban Action Program (PAU) for the district in Madrid. Details of the transaction, however, were not announced, though it is believed that the socimi would have paid over 200 million euros.

GGC plans on building a new commercial complex on the site, including 36,500 square meters of offices and more than 24,500 square meters of green areas and parks.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

ASG Homes to Invest €40 Million in New Rental Flat Project in San Sebastián de los Reyes

25 November 2019 – The Spanish subsidiary of the German developer ASG, ASG Homes, through its Fund VI investment vehicle, has finalised a deal to acquire enough land in San Sebastián de los Reyes (Madrid) to build more than 300 loft-style homes. The new rental housing project will involve a total investment of approximately 40 million euros.

With the acquisition, ASG Homes now boasts a 1,500-unit portfolio of rental flats, which it has built up in roughly a year and a half.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner

VGP Acquires a 15,000-m2 Plot of Land in Cheste

19 November 2019 – The logistics developer VGP has acquired a more than 15,000-m2 plot of land from the Generalitat Valenciana’s Circuito del Motor y Promoción Deportiva (CMPD). The state-owned firm put the asset up for sale in August at an initial price of 2.7 million euros. VGP was the only bidder.

The land is located near the A3 Valencia-Madrid highway and is a part of the Cheste Circuit Business Park sub-division project. The public company currently has no plans to sell its second plot of land in the area, located near to the Ricardo Tormo Circuit. The company has been the only one to present an offer.

Zoned as urban land for commercial or industrial use, the plot of land has an area of ​​15,360.66 square meters and a buildable area of ​​9,984.43 square meters.

Original Story: Valencia Plaza – Begoña Torres

Adaptation/Translation: Richard D. K. Turner

Amenabar Wins Bidding for Ferrovial’s Land in Valdebebas

8 November 2019 – Amenabar won the bidding for a plot of land put on sale by Ferrovial in Valdebebas, just in front of the Cercanías RENFE stop in Madrid. The firm won out over Vivenio and Acciona, offering 56 million euros for the developable land. Amenabar has thus consolidated its position as the largest developer in the region, where it will build a total of nine developments, with approximately 1,000 new homes.

The sale fell in line within Ferrovial’s expectations, which had been around €2000/m2. The land measures a total of 27,200 m2, 22,700 m2 for residential development and 4,500 m2 for commerce, enough for roughly 230 new homes. Knight Frank provided Ferrovial with advice on the transaction.

The region of Valdebebas has seen several major transactions in recent months. A few months ago, Acciona also paid about €2,000/m2 (63 million euros) for a 31,700-m2 plot of land from Celteo. The land, which is located nearby Amenabar’s new asset, has enough land for about 260 homes.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Acciona, Amenabar and Vivenio Vying to Acquire Land in Valdebebas from Ferrovial

8 November 2019 – Ferrovial has received three firm offers for a plot of land in Valdebebas, just in front of the Cercanías stop. The three firms vying for the land are Amenabar, Vivenio and Acciona.

The land has a total of 27,200 square meters of surface area, 22,700 m2 for residential and 4,500 m2 for commercial development. Ferrovial expects to pocket roughly 2,000 euros per square meter, approximately 54 million euros. The land has enough space to build about 230 homes.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Aliseda Offering Finalist Land With Just a 5% Down-Payment

6 November 2019 – Aliseda, the real estate company controlled by Blackstone and Santander, has launched a new campaign aimed at both local developers and individuals looking to build new homes but currently, lack access to the necessary financing. The firm announced that it would allow potential buyers to buy land with just a 5% deposit from now until the end of the year.

After that point, those buyers would have 12 months to raise the rest of the cost of the land and finalise their purchase by the end of 2020. Investors would lose their 5% down-payment if they are unable to raise the rest of the funds.

The developer is currently listing 2,115 plots of land on its website. That land bank represents about 30% of Aliseda’s entire portfolio of finalist land, worth an estimated 300 million euros. The firm expects potential buyers to reserve 15% -20% of that by the end of the year.

Original Story: El Confidencial – Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

Merlin Properties Acquires 14.4% of Operation Chamartín from San José for €168 Million

1 November 2019 Merlin Properties has acquired a 14.46% stake in the Operation Chamartín urban development from the San José construction group for 168.89 million euros.

The socimi has thus become the second major investor in the mega-project, through its acquisition of part of San José’s 24% stake in the development. BBVA, in turn, owns the remaining 74%.

The operation includes a loan to San José. Currently, Merlin has a portfolio of land, residential properties, shopping centres and logistics platforms valued at €12.375 billion. Merlin, the largest socimi in Spain, is coming into the development at a time when construction is finally set to take off, after twenty years of negotiations.

Original Story: La Vanguardia – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Neinor Homes Reaches Reduced Delivery Targets and Pursues Further Growth

1 November 2019 – Neinor Homes, one of the principal Spanish developers, is set to reach its reduced target after issuing a profit warning in April. The firm released its accounts for the third quarter of 2019, stating that it would deliver a total of 1,200 homes by the end of this year.

The homes have all already been completed, and the developer had delivered 572 by the end of September.

The results were the first since the French fund Orion became the developer’s largest shareholder. Neinor Homes announced a turnover of €242 million in the first nine months of 2019 and, as a result, an Ebitda of €44 million, compared to a projection of approximately €70 million for the year.

After noting a fall in price expectations for developable land, Neinor has thus also begun to acquire more land to build new homes. The developer finalised two deals to build up its land bank in the north of Spain. Neinor invested about 10 million euros in the acquisitions, enough for 174 homes.  The firm has perceived that there is a total of about 300 million euros of land available in the markets in which it operates.

Original Story: Vozpópuli – Joaquín Hernández

Adaptation/Translation: Richard D. K. Turner

Ibosa Looks Set to Acquire Prime Land in Central Madrid from Iberdrola

30 October 2019 According to market sources, Iberdrola has chosen to sell one of the last major plots of land available within Madrid’s M-30 ring road to the Spanish developer Ibosa.

The plot of land is located on the corner of Calle Mayor Sáinz de Baranda with Juan Esplandiú, in Retiro, and once housed an electrical substation. The land will reportedly go for around 24 million euros, just under 3,000 euros per square meter of constructed surface area.

The land measures ​​1,337 square meters and has a buildable area of ​​8,500 square meters, enough for roughly 80 flats.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner