Tag: Sarria-Sant Gervasi

Eurostone Buys 2 Mixed-Used Buildings in Barcelona

21 May 2018 – Eje Prime

Major operation in the prime area of Barcelona. The Luxembourg-based fund Eurostone, managed by Grupo Mina, has purchased two entire buildings in the Sarrià-Sant Gervasi district of the city from a local family office for €50 million. The properties span a combined surface area of more than 12,000 m2.

The larger asset is located on Calle Aribau and measures 7,461 m2. Constructed in 1918, the property is designated for residential use, for living in as well as for tourist rental. In the internal patio, there is also an office building called La Farinera.

Meanwhile, the second building acquired by Eurostone, which has been advised in this operation by the consultancy firm BNP Paribas Real Estate, is located on Calle Tuset. The asset, constructed in 1944, has a surface area of 4,786 m2 and a commercial premise on the ground floor. The rest of the property is made up of homes.

“This operation highlights the interest that the Catalan real estate sector is sparking amongst the funds and other international players, who still see Barcelona as a priority market in which to invest”, says Francisco López, Director of BNP Paribas Real Estate in Cataluña.

Original story: Eje Prime

Translation: Carmel Drake

Optimum III Buys Residential Building In Barcelona For €6.6M

6 July 2017 – Eje Prime

Optimum III, the residential Socimi created by BMB Investment Management and the US fund Bluemountain, is continuing to grow its portfolio of assets with new purchases. In its latest deal, the company has acquired a residential building in the neighbourhood of Sarrià-Sant Gervasi, in the upper area of Barcelona. The purchase of this property has seen the group invest €6.6 million.

The property is located at number 46 on Calle Calaf, in one of the most expensive districts in the Catalan capital. Until recently, Sarrià-Sant Gervasi was the most expensive neighbourhood in the country in which to buy a home, according to data from Tinsa’s IMIE Local Markets index. During the fourth quarter of 2016, the upper area of Barcelona became the most expensive in Spain, with an average house price per square metre of €3,901/m2, up by 8.6% compared to the fourth quarter of 2015.

Nevertheless, during the first three months of this year, the boom in Madrid saw the tables turn, with the neighbourhood of Salamanca becoming the most expensive in the country, exceeding €3,800/m2 (up by 6.8% compared to a year earlier). Meanwhile, Sarrià-Sant Gervasi was ranked in second place, with an average price of €3,778/m2 during the first quarter of the year.

Optimum III is continuing to increase its portfolio of assets (…), however, its business is different in several ways to that undertaken by its predecessor Optimum Real Estate. Firstly, due to the reactivation of the real estate market, the average price of acquisitions will now be approximately €2,500/m2 in Barcelona and €2,800/m2 in Madrid, according to the group. Secondly, the capital of Spain will play a greater role in the portfolio; the city accounted 20% of the total assets owned by the previous Socimi, whereas it will now account for 30% of the total, with Barcelona accounting for the remaining 70%.

Moreover, taking advantage of the work already performed by BMB for Optimum Re Spain between December 2016 and February 2017, Optimum III has now acquired five properties in the two cities. In Barcelona, it purchased buildings located on Avenida Diagonal at the intersection with Calle Girona, and on Calle Bruc at the junction with Calle Aragó, amongst others. BMB’s intention is to invest €100 million through the new vehicle, in the form of both acquisitions and improvements. In this way, Optimum III’s portfolio will comprise more than twenty buildings.

Optimum Real Estate, the older sister  

In parallel to Optimum III, BMB and Bluemountain are continuing to fatten up their other Socimi in Spain, Optimum Real Estate. Currently, the asset portfolio of that Socimi, which was created following the success of two vehicles constituted in 2007 to purchase residential buildings in Berlin (Germany), comprises fifteen assets located in Barcelona, in central areas such as El Eixample, Gran Vía, El Born and Ramblas, as well as one in Madrid, located at number 8, Calle San Bernardino. Optimum’s portfolio is currently valued at €63.7 million (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

ST: New House Prices Rise By 4% In MAD & BCN

30 June 2016 – El País

According to ST Sociedad de Tasación, the average price of new homes grew by 4% YoY in June in the cities of Madrid and Barcelona. They were the two provincial capitals with the highest new home price rises in the last year. These price increases, which are not being seen in other capital, have been driven by the shortage of new home stock, explain sources at ST. “Our analysis of this data and of the increasing trend observed since June 2015 allows us to predict that Barcelona and Madrid are going to act as the drivers of the recovery process for new house prices, albeit at a slow pace”.

Barcelona is the provincial capital that recorded the highest new house prices, with an average of €3,390/sqm. Prices grew there by 2.2% during the first half of 2016. The YoY price increase in Barcelona was 4.1%, the highest of all of Spain’s provincial capitals.

By district, Gracia recorded the highest increase in new house prices, with a rise of 7.72%. It was followed by the neighbourhoods of Sarria-Sant Gervasi, with 6.94% and Sant Marti, with 6.38%. At the other end of the spectrum, the districts with the lowest YoY price increases were Ciutat Vella (1.33%), Sant Andreu (1.93%) and Nou Barris (2.33%).

And not only did the district of Sarria-Sant Gervasi in Barcelona record one of the highest price rises, it also registered the highest average price per constructed square metre, at €5,672/sqm. The districts of Les Corts and L’Eixample were ranked in second and third place, respectively, in terms of average prices, with values of €4,610/sqm and €4,511/sqm. By contrast, the districts with the lowest average prices were Nou Barris (€2,721/sqm), Sants-Montjuic (€3,024/sqm) and Sant Andreu (€3,062/sqm).

In Madrid, a new home costs €2,886/sqm on average

In the case of Madrid, new house prices have grown by 4% with respect to the previous year and by 2.1% during the first half of 2016. That takes the average price of new homes in Madrid to €2,886/sqm.

The ranking for the YoY variation in new house prices is headed by Ciudad Lineal, which saw growth of 5.8%. It was followed by Barajas, with 5.7% and Arganzuela, with 5.4%. At the other end of the spectrum, the neighbourhoods with the lowest YoY price variations were Hortaleza (0.8%) and La Latina (1%), followed by Tetuán (1.8%).

In terms of the average price of new homes, Salamanca was once again the most expensive district in the capital, with an average price of €4,799/sqm, followed by Chamberí (€4,626/sqm) and the Centre (€3,939/sqm). By contrast, the neighbourhoods of Vicálvaro, Villaverde and Villa de Vallecas registered the lowest average new home prices, of €1,856/sqm, €1,883/sqm and €2,203/sqm, respectively.

Original story: El País (by S.L.L.)

Translation: Carmel Drake