Tag: San Sebastián de los Reyes

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

SB Hotels Acquires Hotel NH Sebastian de los Reyes from HIP

24 June 2019 – Preferente.com

The Catalan hotel chain SB Hotels acquired its first hotel in Madrid, buying the 99-room San Sebastian de los Reyes, currently operated by NH. SB bought the hotel from HIP, a subsidiary of Blackstone, for an estimated 12 million euros.

NH’s lease ends in November and SB Hotels is already planning renovations after the summer of 2020. This is SB Hotels’ eighth unit in Spain. HIP has 62 assets and more 18,000 rooms.

Original Story: Preferente.com

Translation/Summary – Richard D. Turner

The Losantos Family Puts Neinver Up for Sale for €500M+

26 December 2018 – Cinco Días

One of the historical names of Spanish real estate, the Losantos family, is putting its real estate firm Neinver up for sale for more than €500 million. Neinver specialises in building and managing retail outlets and is the company that manages shopping centres such as The Style Outlets and the Factory. It has a presence in several countries.

The company, chaired by José María Losantos del Campo, has engaged the bank Credit Suisse to search for interested parties in this multi-national firm that started life in La Rioja, according to four financial and real estate sources familiar with the operation. The financial entity and the company declined to comment about this operation.

The founder of the company, born in 1936, started out in the sale and purchase of tinplate, together with his brother Mario, and later founded Neinver in 1969. Mario would go on to found Riofisa, one of the large real estate empires in Spain (…).

José María Losantos grew Neinver, which is now headquartered in Alcobendas (Madrid), specialising in turnkey projects, for example, in several wineries, and which has opted for shopping centres over the last two decades. His son, Daniel Losantos, serves as the firm’s CEO. The real estate company has, in turn, been controlled by the company Teckel Gestora since 2016, which also owns rural estates in Ciudad Real and which is owned by the patriarch of the family.

Neinver manages 600,000 m2 of commercial spaces, across almost 2,000 stores and in 15 outlet centres under the brand The Style Outlets and Factory, which span a commercial surface area of 300,000 m2.

The company has a joint venture to share ownership of some of these assets with TH Real Estate, the real estate arm of TIAA, the US teachers’ pension fund. Neinver controls a lot of these properties through 23 companies, according to reports from Insight View based on property registry data.

In addition to the centres in Spain, it owns assets together with TH Real Estate and other partners in France, Germany, Italy, Poland, Portugal, the Netherlands and the Czech Republic.

In Spain, it owns The Style Outlets – which are dedicated to the off-season sale of well-known brands – in Las Rozas, San Sebastián de los Reyes and Getafe (all three in Madrid), A Coruña and Viladecans (Barcelona), as well as the Madrilenian shopping centres Alegra and Nassica.

This search for buyers entrusted to Credit Suisse comes at a critical moment for investment in the Spanish real estate market, which is featuring many international funds and Socimis. So far this year, until the middle of December, a record investment figure of €18.719 billion has been registered, according to CBRE, up by 45% compared to 2017, boosted above all by the acquisition of companies. In the case of retail, €4.279 billion has been invested to date this year.

Original story: Cinco Días (by Alfonso Simón Ruis & Pablo Martín Simón)

Translation: Carmel Drake

Land Shortage Causes House Prices to Soar in Madrid

5 November 2017 – El Mundo

House prices are on the rise in Madrid, due to the shortage of available buildable land and the high pent-up demand (the Spanish capital is capable of absorbing around 10,000 new homes per year and just as many second-hand homes). That was one of the main conclusions from the meeting organised last week by El Mundo in collaboration with Distrito Castellana Norte (DCN) to analyse the likely impact of the 11,000 new homes that are being planned as part of Madrid Nuevo Norte, the official name for the project more commonly known as Operación Chamartín.

According to Luis Corral, CEO of Foro Consultores, Madrid Nuevo Norte is an “absolutely essential project for that area of Madrid”, because both of the existing urban developments, namely, Valdebebas and Arroyo del Fresno, as well as the neighbouring municipalities, Alcobendas and San Sebastían de los Reyes “have run out of land”. In his opinion, “anything that places this part of Madrid on the market is a good thing, even if it causes price inflation, as seen in Valdebebas, where homes now cost more than €3,000/m2″.

Beyond its importance from a residential perspective, “Madrid Nuevo Norte also involves a major urban regeneration project, which offers a golden opportunity to position Madrid as one of the greatest capital cities in Europe”, according to Carolina Roca, Vice-President of the Association of Property Developers in Madrid (Asprima). In this sense, the final plans – which will probably be approved during the course of next year – include the construction of a large business centre, as well as a major refit of Chamartín station (which will house the future headquarters of Adif and Renfe).

Although this is an ambitious project from every perspective, “the area to the north of Madrid has capacity to absorb much higher figures than the 11,000 homes currently forecast”, says Samuel Población, Head of Residential and Land at the consultancy firm CBRE. “The absorption rate that we have seen in Valdebebas in just five years serves as an example”, he adds.

Moreover, the current rates of house building confirm that demand is continuing to grow right across the Community of Madrid. Based on the number of construction permits granted, the region is currently building 22,000 properties per year, a figure that contrasts with the 80,000 properties that are going to be built in Spain as a whole in 2017. According to Roca, “property development is performing well in Madrid, but the same dynamism is not being replicated across the country and so, we are still a long way off the 150,000 homes per year that need to be built”. That means that the region “has doubled its weight, something that is not positive because Madrid cannot cope with the real estate business of the whole of Spain”.

But the main problem, according to the head of the Madrilenian property developers, is that the municipal authorities are not responding to this increase in demand by offering new plots of land. “The available buildable land will have been used up in three or four years and no one is performing the repositioning that is necessary for after that period”. (…).

The main consequence of the shortage of raw material in the hands of property developers “is a significant rise in the prices of plots, which end up being passed on in the form of more expensive house prices”, explains Población (…).

In this context, Corral also stressed the need to promote new urban developments as “generators of homes for the most disadvantaged households, as shown by the more than 2,200 social housing units included in Madrid Nuevo Norte (…).

Original story: El Mundo (by Rubén G. López)

Translation: Carmel Drake

Internos Leases 3,000m2 Of Office Space In Its La Marina Property (Madrid)

30 October 2017 – Cushman & Wakefield

INTERNOS Global Investors (INTERNOS) has leased more than 3,000 m2 of office space to a leading digital and media solutions company in the La Marina Business Park in San Sebastián de los Reyes, Madrid.

The building, which is owned by INTERNOS Spezialfondsgesellschaft Mbh branch in Spain (part of the ICE Balanced fund) is located in a business park that comprises 11 office buildings and which is characterised by the high quality of its facilities. The asset is home to other high-profile tenants such as Telepizza, Kaelis and P&G.

La Marina Business Park has several services in the area and excellent communications, both in terms of public and private transport. The area is also home to the headquarters of Atresmedia.

Cushman & Wakefield, the global leader in real estate services has advised the operation, which takes the occupancy rate of the building to 85%.

Santiago Neira, Senior Asset Manager at INTERNOS, said: “This is a great achievement for INTERNOS. We have managed to sign two important rental agreements for our property in San Sebastián de los Reyes, covering a GLA of almost 9,000 m2. This provides further evidence of the good quality of our assets and our vocation as proactive managers.

Jaime Ibáñez from the Business Space department at Cushman & Wakefield added: “This is an excellent and modern building that has certainly appreciated in value following the recent improvements carried out by Internos”.

Original story: Cushman & Wakefield

Translation: Carmel Drake

Drago Capital Acquires Plaza Norte 2 Cinemas

18 May 2016 – Expansión

The real estate investment and management company Drago Capital has acquired the Plaza Norte 2 cinemas, located in the shopping centre of the same name in San Sebastián de los Reyes (Madrid), together with a private Spanish investor. The asset, with a total surface area of 6,034 m2 distributed over two floors measuring 3,017 m2 each, has 14 screens in total and 2,600 seats. The cinema is operated by Yelmo Films, which was recently acquired by the Cinépolis Group cinema chain.

Original story: Expansión

Translation: Carmel Drake