UK Fund Shaftesbury Buys Plot Of Land In 22@ District

31 March 2017 – Eje Prime

The UK fund is satisfying its investment appetite in the Spanish market by making acquisitions. In this vein, it has just added a plot of land in the 22@ district of Barcelona to its portfolio of assets. The plot is located at number 66 on Calle Cristóbal de Moura, according to Frédéric Mangeant, the Director General of the fund in Spain. Following this purchase, the group plans to construct an office building on the site.

Although the company did not want to make a statement about the amount of the operation, sources close to the deal say that the fund must have paid around €10 million. According to the same sources, Shaftesbury has purchased the plot of land from “a bad bank”, and is now waiting to receive all of the necessary licences from the Town Hall of Barcelona before it starts construction of the property.

Shaftesbury is thereby committing itself to one of the areas that is expected to grow by the most in the Catalan capital. The 22@ district is attracting a large number of companies, both from within Spain as well as from overseas, wanting to open offices in Barcelona. In the same way, a large number of real estate companies are committing themselves to the construction of new office buildings to satisfy demand (…).

Shaftesbury’s purchase of this plot of land forms part of the group’s plans to grow in the Spanish market. Headquartered in Luxembourg, the fund’s leader in Spain is Frédéric Mangeant, an executive who previously served as a managing partner of the international real estate consultancy Knight Frank and who is a member of the Board of Directors of Real Valladolid Football Club.

Shaftesbury’s Spanish subsidiary began its expansion in Spain in 2014, with the purchase of a building at number 48 on Calle José Abascal in Madrid, which it acquired from Sareb for €26.5 million. The fund has converted that property into a luxury residential building. According to sources in the sector, the 17 homes cost around €8,500/m2, and are set to become a benchmark for the multiple high-end projects that are currently underway in the capital (…).

The Shaftesbury Asset Management group manages more than €1,700 million of real estate assets and created the fund Shaftesbury Real Estate Partners 1 in 2015 with the objective of investing approximately €300 million.

Original story: Eje Prime

Translation: Carmel Drake

17 Luxury Homes Go Up For Sale In Madrid

7 October 2016 – El Economista

The luxury housing market in Madrid is booming, however, the supply of newly built homes is very limited. In fact, José Abascal 48, located in the sought after Madrilenian neighbourhood of Chamberí is marketing itself as the only luxury development in the centre of the capital with an occupancy licence.

Knight Frank and Lucas Fox will be responsible for marketing the 17 homes that comprise this exclusive development. The properties will go on the market priced at between €600,000 and €5 million.

“Four units have already been reserved and we have 65 visits booked for the next few days”, explained Humphrey White, the CEO of Knight Frank in Spain. Given the product shortage and the high quality of these apartments, both consultancy firms expect that these homes will be sold very quickly.

The project, which comes onto the market today, is not what was originally designed for this nine-storey property, which was initially going to contain twice as many homes. “We have adapted the building to the current needs of the market, given that the previous plans were designed during the real estate boom”, explained Frédéric Mangeant, Director of Shaftesbury Asset Management in Spain. The fund is the owner of this property, which was constructed in the 1940s and will now set the bar for prime house prices in this area of Madrid.

The properties in José Abascal, 48 will be sold for between €6,000/sqm and €12,000/sqm following a comprehensive renovation, carried out by the architect firm Touza. It contains apartments ranging from 100 sqm properties with one bedroom to two- to five-bedroom attics and duplexes measuring more than 400 sqm in some cases, as well as some four-bedroom homes.

Behind the protected, neo-classical façade, which represents the bourgeois scenery of the street, the homes contain living rooms measuring between 70 sqm and 100 sqm, with large terraces, bedrooms with en suite bathrooms, dressing rooms and large kitchens with islands.

The common areas represent a particularly important part of this project. The building has a gym and 160 sqm of water, with a spa comprising a jacuzzi, sauna and Turkish bath. The new residents will also have a very large atrium with natural light, thanks to the skylight, and events may be held there on the ground floor.

The luxury of this development is also evident in the garage. With a robotised parking system, managed by the company Integral Park Systems (IPS), the residents of this building will not have to park their own vehicles and may also request their cars from their living rooms, because the homes are all automated.

(…). In this way, the software records the activity of each car and if several users tend to pick up their cars at 8am, the system will move the vehicles so that they are as close as possible to the pick up point at that time.

That is the icing on a cake that has already whetted the appetite of many potential buyers of luxury homes in Madrid.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake