Operación Calderón: Mahou Puts First Plot Up for Sale

7 May 2019 – Eje Prime

Mahou has put the first plot of land up for sale on the site of Operación Calderón. The brewery has engaged Colliers to handle the sales process, which it hopes will close this year and generate proceeds of €60 million

Potential candidates for the purchase include the cooperative Ibosa, amongst others, which plans to build around 400 homes on two of the plots.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Twin Peaks Buys Plot of Prime Residential Land in Pozuelo (Madrid)

4 June 2018 – Eje Prime

Pozuelo de Alarcón has land for sale and nobody wants to miss out on the chance to acquire a slice of it. The Madrilenian town, the richest in Spain in terms of income per capita, has had a large portfolio of land up for sale for a few months now, and the family office Twin Peaks has opened the bidding in the flurry of purchases that are expected to be signed soon. The family office has acquired a plot of buildable land owned until now by Banco Santander.

The plot in question is included in the Arpo Partial Plan, the name given to the whole portfolio. Definitive approval is expected to be given for the reparcelling and urbanisation of the plots soon, which will allow investors to start building the first homes on the site. As such, the operation by Twin Peaks comes as it tries to position itself ahead of the great appetite from international funds, which are already working on buying plots on this site, according to El Confidencial.

In fact, Oaktree is already very close to sealing two operations with Iberdrola for the acquisition of plots located on the perimeter of Arpo. For Twin Peaks, the land attached to its real estate portfolio will allow it to continue growing in the luxury market in Madrid. In Barcelona, the other major Spanish city in which the firm has a presence, it acquired an asset on the central Paseo de Gracia last November for €25 million.

Pozuelo is a prime and very attractive market for property developers and funds in the residential boom that the Spanish capital is experiencing. Its high rents and ability to generate high yields are a showcase for luxury in the sector, which has seen how in just two and a half years, land prices in this municipality have risen by 20%, boosted by demand and, above all, by the shortage of buildable land available for development in Madrid.

Property developers such as Metrovacesa, which owns land spanning 46,000 m2 in Pozuelo alone worth €25 million, Vía Célere and iKasa already have important projects in place in this prime area of the Spanish residential market.

Original story: Eje Prime

Translation: Carmel Drake

Jevaso Buys 41,000 m2 Plot in Zaragoza from Porcelanosa for €10M

30 May 2018 – Eje Prime

Real estate operation in the logistical heart of Spain. The logistics operator Jevaso, which works for groups such as Inditex, has acquired a plot of land measuring 41,000 m2 in the Logistics Platform of Zaragoza (Plaza), which had belonged to Porcelanosa until now. The company has disbursed ten million euros for the land and will invest another €3 million on the renovation and expansion of the warehouse, which will span 13,000 m2.

Following the construction work, which will be completed in August, Jevaso’s facilities in Zaragoza will span 25,000 m2. Porcelanosa acquired the plot in 2005 and invested €22 million in the project.

Jevaso is going to use these facilities primarily for returns, ironing and drop-shipping, and initially, its main client is going to be Inditex. Over the medium term, the company plans to add another 12,000 m2 of space. Jevaso has three other warehouses, one that it owns and two that it leases. The aim of the group is to centralise its operations on the new site and hold onto just one of the existing assets, which is connected with Inditex.

At the end of last year, the company acquired another plot measuring 25,600 m2 in Meco (Madrid) with a warehouse spanning 9,000 m2 for €5 million. The group has budgeted an investment of €1 million for that renovation and is considering expanding it to 48,900 m2 over the medium-long term. Jevaso’s new site in Madrid is just 300 m away from the former, located close to Inditex’s operations.

In the cases of both Zaragoza and Madrid, the plots still have scope for more construction, whilst in A Coruña, the group has had to grow with new independent warehouses that have a surface area of 103,000 m2.

In total, Jevaso has six plants in A Coruña, Zaragoza, Madrid, Parets del Vallès (Barcelona) and Braga spanning 200,000 m2. The group employs more than 1,500 workers, moves 120 million garments per year and irons up to 350,000 pieces of clothing a day. The group generates revenue of around €60 million and expects to grow by between 10% and 15% this year.

Jevaso’s history dates back to 1983. Jesús Vázquez, whose family also worked in the textile industry, started his professional career in Samlor, one of Amancio Ortega’s first companies. In the beginning, Jevaso was a clothes manufacturing company dedicated to serving large Galician businesses, which expanded to offer ironing and labelling services. With the industrial relocation, the company turned its business on its head and integrated the logistics activity.

Original story: Eje Prime (by P. Riaño & I. P. Gestal)

Translation: Carmel Drake

Sevilla: Town Hall Unblocks Land for 3,000 Homes

16 February 2018 – Eje Prime

Sevilla is creating land for new homes. Last Thursday, the board of the Urban Planning Department at the Town Hall of Sevilla unblocked urban development projects that will allow the construction of 3,000 homes.

According to ABC, the three areas of the city where these projects are located include: the plot of the former Cruzcampo and Abengoa factory in Nervión (land owned by Heineken); the plot of the former glass factory in Miraflores; and several unused plots on Avenida de las Ciencias in Sevilla Este.

According to the forecasts set out by the Town Hall, work may start on the first developments at the beginning of 2019. The main plot corresponds to the former Heineken site where 1,900 homes are going to be built (800 of which are going to be subsidised properties).

Original story: Eje Prime

Translation: Carmel Drake

Inmobiliaria Espacio & Gingko to Build 800 Homes & 1 Hotel in Málaga

1 February 2018 – El Economista

Inmobiliaria Espacio, part of Grupo Villar Mir, is entering the Malagan urban development of La Térmica with a bang, in partnership with Unicaja and together with the investment fund Ginkgo. The three actors are going to carry out a reconversion project in that industrial space, where they are going to build more than 800 homes, as well as shops and a hotel.

The real estate firm has taken the step through the company Espacio Medina, in which it controls a 70% stake, whilst the remaining 30% is owned by Acinipo, part of the Unicaja group. That company has been working in property development in Málaga for 10 years and is now strengthening its commitment to the city by participating in the project to regenerate La Térmica, a site that used to house the old thermal power plant for the city of Málaga.

Specifically, Espacio Medina has acquired 20% of the company Nueva Marina Real Estate (NUMA), owner of the rights over these plots. The remaining 80% is owned by the fund Ginkgo, which acquired the entire project at the end of 2017 through its subsidiary Ginkgo Participations II, after reaching an agreement with Endesa, the main shareholder of NUMA at that time.

Regeneration project

NUMA, which has entrusted the management of the planning and the subsequent development and marketing to Espacio Medina, is going to create more than 800 homes on the La Térmica site, alongside plots for other tertiary uses such as commercial space, offices and a hotel, on a site that has a total surface area of 115,944 m2.

The real estate consultancy Catella, together with Ginkgo’s law firm, Zaforzeta & Romero Rey, and PwC, on the side of Espacio Medina, have advised the operation.

With this new investment, Ginkgo, Inmobiliaria Espacio and Inmobiliaria Acinipo are all consolidating their commitment to Málaga, which they regard “as one of the best European cities on the Mediterranean Coast with the best expectations for development and quality of life for investment over the next few years”, explain sources at the company.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Torreblanca Golf Attracts Swedish, Belgian & Chinese Investors

18 October 2017 – El Periódico Mediterráneo

Swedish, Belgian and Chinese investment funds have all expressed an interest in developing the Doña Blanca Golf de Torreblanca project, whose foundations were initially approved again by the Town Hall (of Torreblanca) last Tuesday, during an extraordinary plenary session. The expectation is that the project will be awarded at the beginning of 2018 and may become a reality in 2022.

In fact, the government’s team says that even before launching the tender for the program, it already has half a dozen companies and investors on the table, who have registered their interest in the urban planning project. Three of them are backed by foreign capital.

In the opinion of the councillor responsible for Town Planning, Rosana Villanueva, that fact reflects the interest that the golf project has sparked. The plan is to maintain intact the characteristics of the initial program, created in 2005, and for the project to be put out for tender for around €58 million, which will represent a saving of €3.5 million with respect to the initial plan, which exceeded €61 million in total.

The PAI (‘Programa de Actuación Integral’ or Comprehensive Action Program) is considering extending the site by 1,910,254 m2, with 600,000 m2 allocated to the 18-hotel golf course and an urbanised area spanning 1,233,255 m2, with 4,410 homes, as well as hotels, tennis courts, a football pitch, shopping centres, 125,000 m2 of green space, a promenade and a coastal park measuring 80,000 m2. And the companies have expressed their interest in the complete development.

In fact, the PAI is one of the Town Hall’s priorities. That has been highlighted by the socialist mayor, Josefa Tena, since the beginning of her term and, now past the half-way point, she is continuing to back the golf course as a generator of employment and driver of tourism in the municipality. Its launch would represent one of the highest aspirations of the local government, “along the creation of employment”.

“Moreover, it would foster tourism and develop a coastal space with green, sustainable and controlled urbanism. Given its location and proximity to the airport “the seasonality of local tourism could be evened out; moreover, it will be the only beachfront golf course (in the country), which makes it a very attractive prospect indeed”, said the mayor.

The document to be presented to the plenary session will include an appendix with the foundations for the tender work for the construction firms, in order to speed up the process and ensure that the megaproject is given the green light as soon as possible.

Original story: El Periódico Mediterráneo (by Merche Martinavarro)

Translation: Carmel Drake