M&G Negotiating with Goodman Real Estate to Acquire Future Amazon Logistics Centre in Seville

17 September 2019

The British fund manager M&G is negotiating to acquire the future Dos Hermanos logistics centre in Seville. The nearly 200,000-m2 centre is under development by Goodman Real Estate and already for Amazon, with which it has signed a 20-year lease.

Goodman commissioned the Eastdil investment bank to organise and conduct the formal sales process, one which seeks a sales price of €200 million.

Original Story: El Confidencial – Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

Metrovacesa to Invest Up to €1 Billion in Four Major Developments

17 July 2019 – Richard D. K. Turner

Metrovacesa, a real estate developer owned by  Banco Santander and BBVA, expects to build a total of 6,000 homes, along with office buildings, hotels and commercial premises around Madrid, Barcelona, ​​Sevilla and Valencia over the coming six years.  The firm is forecasting a total investment of one billion euros.

The project that is furthest ahead is 67-hectare complex in Palmas Altas, Seville. Metrovacesa is investing 400 million euros to develop 2,189 homes.

Original Story: EjePrime

Syllabus Will Build a New 220-Room Student Residence in Sevilla

10 July 2019 – Richard D. K. Turner

Syllabus, a subsidiary of Urbania specialising in student residences, will invest fifteen million euros in a new dormitory in Sevilla. The new project will consist of 220 rooms, with a surface area of ​​6,150 square meters. The residence is expected to open to students for the 2021-2022 school year.

Syllabus is looking to manage up to 2,500 beds in in Spain and Portugal’s main university cities, attempting to partially fill the current lack of supply. In parallel, Urbania recently signed a contract for the US group Greystar to manage the Syllabus residences in Spain.

Original Story: Eje Prime

 

Moonlake Capital Launches a Vehicle to Invest €600M in NPLs

27 May 2019 – Eje Prime

Moonlake Capital is going to launch a vehicle to invest €600 million in large portfolios of non-performing loans in Madrid, Barcelona, the Costa del Sol, the Balearic Islands, Valencia and Sevilla.

The new vehicle will operate as a servicer for the fund and so will manage and divest the portfolio of properties that the banks were left with after their owners were unable to keep up the repayments on their mortgages.

As such, the investment group created in 2016 and headquartered in Madrid will enter the market to compete with the likes of Servihabitat, Altamira, Solvia and Haya Real Estate, amongst others.

In parallel, Moonlake is also planning to create a joint venture with an as yet unidentified investor to develop a 2.5 million m2 project in Málaga’s technology park, involving the construction of 5,000 homes, 110,000 m2 of industrial warehouses and 30,000 m2 of commercial premises.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Málaga Leads the Construction Sector in Andalucía with an Occupancy Rate of 88%

10 May 2019 – Expansión

Málaga is leading the ranking of house sales in Andalucía with 32,438 transactions and a market share of 32%, almost doubling that of its nearest rival, Sevilla (17.4%).

According to the participants of the round table organised by the Association of Property Developers and Construction Companies in Málaga (pictured above), the province is currently the driving force behind the construction sector and is home to some of the highest employment rates in the country (88.5%). That means that the sector now employs 62,700 people of the 70,200 surveyed in the Active Population Survey (EPA) when just five years ago, that figure amounted to just 57%.

In terms of the challenges facing the sector, the most important ones are rising rental prices and the generation of buildable land. In this context, the General Secretary for Housing at the Junta de Andalucía, Alicia Martínez, took advantage of the round table event to announce a new housing plan called ‘Plan Vive Andalucía’, which includes a greater commitment to affordable housing, the reactivation of obsolete urban areas and the promotion of R&D in the sector, amongst other initiatives.

Original story: Expansión (by Juan A. Gómez)

Translation: Carmel Drake

AENA Activates its RE Plan in Palma, Málaga, Valencia & Sevilla

23 May 2019 -. ABC 

AENA is going to become the largest property developer in Spain over the next few years, having launched four real estate mega-projects at its airports in Palma de Mallorca, Málaga, Valencia and Sevilla, in addition to those already underway in Madrid and Barcelona. The airport manager is now looking to engage a consultant to help it decide the uses that will be assigned to the land that it owns in the vicinity of the four airports.

According to sources, AENA and the private partner will identify which plots are “potentially marketable” and will plan their development together. This process will take around a year, with AENA planning to dedicate the first six months to the development of the airports in Palma de Mallorca and Málaga-Costa del Sol, and the second six months to the airports in Sevilla-San Pablo and Valencia.

Madrid and Barcelona

These projects will join those already announced by the company led by Maurici Lucena for the vicinity of Barajas and El Prat airports in Madrid and Barcelona, respectively. There, AENA is planning to build offices, hotels and logistics hubs. In the Spanish Capital, the company is planning to develop up to 2.2 million m2 of land, whilst in the Catalan capital, that figure amounts to 1.1 million m2.

Original story: ABC (by Guillermo Ginés)

Translation/Summary: Carmel Drake

Aena Reduces its RE Plan for Barajas & El Prat and Plans to Add 4 Other Airports

9 April 2019 – El Economista

Aena has decided to reduce the surface area to be included in its real estate plan for development at Barajas and El Prat. Following the publication of its strategic plan for 2018-2021, the airport manager has chosen to reduce the amount of land by 73 hectares (or 12%) to 549 hectares. As such, 349 hectares will be developed in Madrid and 200 hectares in Barcelona.

In addition, the company chaired by Maurici Lucena (pictured above) is also considering extending the plan to include four other airports: Valencia, Sevilla, Palma de Mallorca and Málaga, although no final decisions have yet been made.

The real estate plan will be developed in phases and plots of land will be put up for tender in accordance with demand. The first lot will comprise logistics space at Barajas.

Aena also plans to dedicate some of its facilities to solar panels, with the objective of generating 70% of its annual energy consumption through its own photovoltaic plants by 2026.

Original story: El Economista (by África Semprún)

Translation/Summary: Carmel Drake

Ybarra y Compañía to Invest €7M in the Construction of a 105-Room Hotel in Sevilla

5 April 2019 – ABC Sevilla

Ybarra y Compañía is going to invest €7 million in the construction of a 4-star hotel in Sevilla, which will have a total surface area of 5,000 m2, comprising 4 storeys and 105 rooms.

The company has already submitted a request for the building permits for the establishment, which is going to be built on the corner of Avenida de la Palmera and Calle Cardenal Bueno Monreal, on the city’s golden mile.

The property developer plans to inaugurate the hotel in the Spring of 2021, ahead of the Easter and Feria celebrations, which attract thousands of tourists to the city each year.

Original story: ABC Sevilla (by María Jesús Pereira)

Translation/Summary: Carmel Drake

Property Developers are Building 18,000+ Homes in Andalucía

18 March 2019 – ABC Sevilla

The real estate market in Andalucía is booming, and in a good way. According to the latest figures from the Ministry of Development, 12,363 permits were granted in 2017 for the construction of new homes, compared with the record before the burst of the bubble of 156,483 in 2006. Construction activity is responding to real demand in the market and is featuring some new players that are planning to build thousands of new homes in the region over the next three years.

Two markets

The investors, which include international funds and local property developers alike, differentiate between two markets – the eastern (Málaga) and the western (Sevilla) – the former accounts for 70% of new developments.

Aedas Homes currently leads the regional ranking by number of homes planned and investments forecast in the autonomous region. The property developer controlled by the US fund Castlelake plans to invest almost €1.3 billion in the region in the construction of 5,150 homes, primarily in the provinces of Málaga (2,600 homes) and Sevilla (1,800).

It is followed by Neinor Homes, which owns a portfolio of 29 plots for the construction of 3,628 homes; Metrovacesa, which has 2,300 homes in its Andalucían portfolio at various stages of completion; and Vía Célere, controlled by another US fund Värde, which is building 1,975 homes across 21 developments.

Meanwhile, ASG Homes has buildable land in Andalucía for the construction of 1,700 homes; Habitat Inmobiliaria, owned by the US investment fund Bain Capital, is working on the construction of 15 developments containing 1,621 homes; and the Sevillan property developer Insur is working on 17 residential developments comprising 1,136 homes at various stages of completion.

Finally, Q21 Real Estate, the property developer created from the alliance of the US fund Baupost and the owners of the former Pinar group, is also constructing almost 500 homes in the region, bringing the total number of homes under construction to more than 18,000.

Original story: ABC Sevilla (by Encarna Freire)

Translation: Carmel Drake

Brexit Deters Brits from Buying Homes in Andalucía

17 March 2019 – ABC Sevilla

The residential market in Andalucían is booming, despite the slowdown in demand from British buyers. The regional market is split into two clear segments – the market for second-hand homes for holiday use along the Costa del Sol, centred around Marbella and Estepona – and the market for primary residences across the rest of the autonomous region, where Málaga, Córdoba and Sevilla stand out with the most activity.

In the former, despite the decrease in demand from British purchasers due to Brexit, there has been a notable increase in buyers from the north of Europe, especially from Belgium and the Nordic countries.

In the latter, the local population, which primarily comprises families aged between 45 and 55 years old, with savings and stable incomes, is driving demand. For example, house sales in Córdoba grew by 16% in 2018, according to INE.

Original story: ABC Sevilla (by E. Freire)

Translation/Summary: Carmel Drake