Tag: Sarriá

Mif Capital Expands its RE Business with 3 New Projects in Barcelona

14 May 2018 – Eje Prime

The property developer founded by Carles Maurí and Gregorio Ferrer Cervera will begin three new projects this year in the districts of Eixample and Sarrià. During its five year life, the real estate company has generated revenues of €20 million with developments completed exclusively in the Catalan capital.

Mif Capital will fulfil its annual objective in 2018: to start between two and three residential projects in Barcelona. The real estate company, founded in 2013 by Carles Maurí and Gregorio Ferrer, will start work on the renovation of a residential building in the Eixample district after the summer, and will also launch “two more projects at the end of the year”, both located in the Catalan capital, according to Maurí speaking to Eje Prime.

The executive, who has two decades of experience in major real estate companies, and his partner, together lead this property developer, which is finalising the handover of its latest project, in the heart of the Gràcia neighbourhood. The six renovated homes will be added to the two apartments that the company finished refurbishing recently on Avenida Diagonal. All of them are located in Barcelona because “we are based here, we like the city and we believe that it is a good location in which to develop real estate”, says the businessman.

Mif Capital’s new projects will adopt the same style as the five developments undertaken to date and will involve the renovation and sale of properties in prime locations. “In some cases, the homes are destined for rent and in others for sale”, explains Maurí, who has built up the company from nothing alongside Ferrer, and who says that “Between the two of us we take care of all the acquisitions and management of the assets” (…).

 “We want to grow organically” 

“We purchase buildings in which we would like to live”, responds Maurí to a question about what type of properties that most interest both him and his partner. In this sense, most of Mif Capital’s projects go up for sale, although the real estate company has also constructed some homes for rent. “Nevertheless, we are not interested in, nor do we own any tourist apartments”, says the businessman.

The founding partner of the real estate company knows the Barcelona real estate market well. He began his career in 1998 on the Diagonal Mar shopping centre project, when he was the Director of Business for Hines for five years. Subsequently, Maurí worked for Copcisa, the construction group owned by the Carbonell family, and then for Layetana Inmobiliaria, which built the iconic Torre Glòries, now owned by Merlin.

That experience led the co-founder of Mif Capital to Servihabitat, the servicer of La Caixa. After three years as the National Director of the bank’s real estate arm, during a time of deep recession in the sector, he decided to set up a new company with Ferrer (…).

The first asset that entered the property developer’s portfolio was a building located at number 42 Rambla Catalunya (…).

After two “very good” years, the objective of the real estate company for the next few years is “to continue with the same business plan”, with the aim of “continuing to grow organically”. With a clear focus on the city of Barcelona.

Original story: Eje Prime (by J. Izquierdo)

Translation: Carmel Drake

Bonavista to Invest €100M in Luxury Homes in Barcelona

5 December 2017 – La Vanguardia

The property developer Bonavista Developments will invest €100 million over the next three years in luxury housing in Barcelona. It will focus on both new-building developments and renovation projects, primarily in the upper area of the Catalan capital, as well as in El Eixample.

Specifically, the company has recently started work on the renovation of a building at number 34 Calle Girona in Barcelona. It has also launched two new build developments on the beachfront in Gavà Mar (Barcelona) and Calle Saüc in the Barcelona neighbourhood of Sarrià, according to a statement issued by the company on Tuesday.

Until now, the most iconic project carried out by Bonavista Developments has been the renovation of the modernist Casa Burés building, which involved an investment of €40 million and which is expected to be completed in 2018.

Bonavista Developments, associated with the British fund Europa Capital, focuses on both domestic and international clients and has identified the figure of a new buyer who spends periods of between two and three months in Barcelona.

The partners of Bonavista Developments, founded in 2014, are Jacinto Roqueta, Àlex Miquel and Marcus Donaldson, and the company manages the investments of Europa Capital, a British manager controlled by the Japanese group Mitsubishi Estate, which channels investments from institutions, such as insurance companies and pension funds, from Europe and the USA.

Original story: La Vanguardia 

Translation: Carmel Drake

Some House Prices Have Risen By 20% Since Q1 2015

10 October 2016 – Expansión

Money is seeking refuge and returns in the real estate sector once again. Real estate assets, which experienced such significant gains at the beginning of the century and which, shortly thereafter, generated so many problems, represent one of the main options for investors in Spain once again. The significant instability that we are seeing in the stock markets; the absence of attractive investment products from the banks; and the many doubts hanging over the global economic recovery, mean that many investors are now backing the security being offered by the, until recently, maligned Spanish real estate sector.

“In the current economic climate, characterised by market volatility and negative interest rates, the real estate sector, and in particular, the luxury residential segment, is becoming the safest choice for investors”, explained sources at the real estate consultancy firm Knight Frank.

These data are corroborated by the evolution of prices in some of the main areas of Madrid and Barcelona. According to data published by the appraisal company Tinsa, since Q1 2015, which is when it is considered that prices in the sector hit rock bottom, prices in the centre of Madrid have soared by more than 10%. Specifically, in the neighbourhood of Salamanca, the increase has been almost as high and the price per sqm now amounts to €3,500/sqm. The increase in the Cataluñan capital is even more pronounced and in the Ensanche de Barcelona area, prices have risen by 20%, from €2,717/sqm at the beginning of 2015 to more than €3,200 at the end of Q3 2016. Moreover, prices rose by more than 15% in the Gracia neighbourhood and by 13% in Sarriá.

This situation is the result of the economic recovery in the country, but also the apepal that the real estate sector has for overseas investors. According to Knight Frank, Latin America and European investors are being very active in their purchases, given that prices fall well below those seen in cities such as Paris, London and Milan.

This good image of the Spanish property sector overseas is going to be maintained over the next few years. That is according to Deutsche Asset Management, which reaffirmed its advice to “buy” in the real estate sector in Spain in a recent report.

“We expect significant returns to be generated (…), well above those being offered in other European markets”, it said.

The only problem that both the manager of Deutsche Bank and Knight Frank are concerned by is political instability. In fact, the real estate consultancy said that “we cannot avoid the situation of political uncertainty that Spain has been living for the last 10 months (…). Activity has been good in the sector but with a stable Government, the growth rate could have been exponential”.

Nevertheless, this obstacle is not likely to outweigh the attractive returns being offered by the sector. According to forecasts from the consultancy CBRE, real estate investment between now and the end of the year is expected to amount to almost €3,000 million, taking the total for the year to between €8,500 million and €9,000 million.

Original story: Expansión (by Daniel Viaña and César Urrutia)

Translation: Carmel Drake

Optimum RE Debuts On MAB With A €50M Residential Portfolio

28 September 2016 – Idealista

Optimum Re Spain is set to debut on the Alternative Investment Market (MAB) today (28 September). (…).

According to its market entry document, Optimum currently owns a portfolio of 14 residential buildings located in prime areas, which also receive high numbers of tourist visits. 13 of the buildings are located in Barcelona and the other one is in Madrid. The Socimi has also signed a purchase commitment to add another property to its portfolio on 31 October, located in the Catalan capital. These buildings comprise 186 flats in total and 30 commercial premises.

The document also reveals that the Socimi has paid €57 million net for those 14 properties, although their market value is estimated to amount to €108.4 million, using prices per sqm from specialist online portals such as Idealista as the benchmark. Moreover, their average occupancy rate is 75%.

The company’s strategy is to acquire entire residential buildings and then to sell them off subsequently, flat by flat, to obtain greater profits. “The company’s aim is to offer profitable investments with controlled risk and an absolute return based on a rising market driven by economic recovery: rental income and capital appreciation are being generated on the basis of selective acquisition and active management of the residential properties in Barcelona and Madrid”, said sources at the company.

The company added that, “we are diversifying our property portfolio, focusing on central areas, with a special emphasis on prime areas such as Sarriá, Eixample and Ciutat Vella in Barcelona. Similarly, we invset in mid-range areas with high demand and in tourist areas, such as the popular Gracia area in Barcelona”.

The company also admitted that its main business involves buildings, which are leased out partially or in their entirety, and that it has a limited exposure to commercial premises. “Optimum’s approach involves seeking out purchase transactions at below market prices, obtaining discounts of approximately 20%, acquiring entire buildings and, after making an investment to optimise the homes and after leasing them for 3-4 years, selling them flat by flat in order to increase the sales price”, it added.

Who are its shareholders?

This Socimi is backed by several companies, such as BMB Investment Management, Anangu Grup, Orca Invest, Finicon and Body of Knowledge, along with more than fifty minority shareholders.

And those companies are in turn owned by Catalan investors and businessmen, such as for example, the Gallardo family, owner of the pharmaceutical firm Almirall, and Ángel Javier Mirallas, Head of Prosegur in Cataluña and Chairman of the Brazilian Chamber of Commerce in the autonomous region. Other shareholders include: Joan Plensa, a relative of the Catalan sculptor Jaume Plensa, and Marc Sabe Richer, Director of Fujitsu in the UK. Josep Borrell Daniel is the Chairman and CEO of Optimum Re Spain – he is a professional investor who leads the firm BMB Investment Management.

With Optimum’s debut on the MAB, there are now 24 listed Socimis in Spain, with the Socimi Keka expected to join the ranks soon. That company manages a portfolio of commercial premises and garages in Madrid, Barcelona and Sevilla, worth €14 million and is owned by two members of the Borbón family.

Original story: Idealista

Translation: Carmel Drake