La Generalitat Resumes the Auction of Various Rental Homes in L’Hospitalet de Llobregat

12 June 2019 – El Confidencial

La Generalitat de Cataluña is resuming the public auction of a rental home portfolio for which it hopes to obtain proceeds €6.2 million, having applied a discount of 20% to the asking price last year (€7.7 million).

The assets in the portfolio are all located in L’Hospitalet de Llobregat (Barcelona) on Calle Ciencies 15-23, next to Plaza Europa and the Gran Vía 2 shopping centre. They comprise 16 homes, 2 commercial premises, 23 parking spaces with storerooms plus 3 terraced single-family homes located in the urbanisation behind that building on Calles Mileva Maric 33 and 49 and Hanna Arendt, 3. In total, the assets have a combined surface area of 2,448 m2 and are leased almost in their entirety, with just one home and the commercial premises vacant.

The assets are owned by Fira 2000, in which the Catalan government holds a 50%, alongside the Town Halls of Barcelona and L’Hospitalet de Llobregat.

The deadline for bids is 22 July and the online auction will be held on 29 July through Addmeet.  

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake

The Government Puts the Eurocis Complex in Central Madrid up for Sale for c. €196M

16 March 2019 – Crónica Global

The Spanish Government has authorised the sale by public auction of a set of offices, storerooms and garages in central Madrid, known as the Eurocis complex. The complex, which comprises 94 registered assets spanning an office surface area of 45,937 m2, plus 396 parking spaces, 1 commercial premise and seven underground storerooms, is located in the Salamanca district in the block bordered by Calles María de Molina, Núñez de Balboa, General Oraá and Castelló.

The asking price is €196 million and candidates have two months to submit their offers in closed envelopes. Until last year, the complex used to house several departments of the Ministry of Finance, but its urban planning classification means that it could be used for private purposes in the future. The future buyer is expected to completely renovate the building and convert it into modern offices or a large shopping centre.

Original story: Crónica Global 

Translation/Summary: Carmel Drake

Socimi Vivenio to Invest Another €142.5M to grow its Portfolio

11 March 2019 – Idealista

The Socimi Vivenio, owned by Renta Corporación (3%) and the Dutch fund APG (95%), has approved a capital increase amounting to €142.5 million, as it seeks to continue to grow its portfolio. The company will use the funds to buy new residential assets to incorporate into its portfolio, which is worth €470 million, according to the Alternative Investment Market (MAB).

Vivenio’s portfolio currently comprises 24 residential properties (containing more than 2,000 homes, 2,020 parking spaces and 1,600 storerooms) spanning a surface area of 185,500 m2, located mainly in Madrid and Barcelona. It also owns some assets in Valencia and Palma de Mallorca. The Socimi was created in April 2017 and has been listed on the MAB since the end of 2018.

Original story: Idealista 

Translation: Carmel Drake

El Corte Inglés Negotitates the Sale of its Logistics Assets to KKR

1 February 2019 – Expansión

The US investment fund KKR, together with the British firm Round Hill, has launched a bid for the logistics portfolio of El Corte Inglés, which includes around thirty assets distributed all over Spain, with a surface area of more than 500,000 m2.

According to explanations provided by market sources speaking to Expansión, although there are other interested funds, KKR and Round Hill have now taken the lead in the bid for the assets, with an offer of between €150 million and €170 million. Other players that have expressed interest in this portfolio so far include the US giant Blackstone, and even the Socimi Merlin, which confirmed very preliminary conversations.

In terms of the most attractive assets in the batch for sale, there is a package of six warehouses in Móstoles (Madrid), with a total surface area of 88,000 m2, as well as a plot in La Bisbal del Penedès (Tarragona), with a gross surface area of almost 41,000 m2, which serves to support its large centre in Cataluña, located in Montornès del Vallès and which provides services to the rest of the Mediterranean arc.

Batch of warehouses

In addition, the portfolio includes warehouses, storerooms and distribution centres in logistics nuclei in Sevilla, Málaga, Valencia, Valladolid, Alicante, Murcia, La Coruña, Vigo, Palma de Mallorca, Murcia, Teruel, Cáceres and Zaragoza. On the other hand, the batch for sale does not include any of the group’s logistics gems, such as the logistics centre in Valdemoro or the platform in Montornès del Vallès (Barcelona), both of which are strategic for the company (…).

Original story: Expansión (by Rebeca Arroyo & Víctor M. Osorio)

Translation: Carmel Drake

Lennar Corporation Sells 30 Homes for €14M

22 January 2019 – Eje Prime

Lennar Corporation is continuing to squeeze its Socimi. Since October, Al Breck has sold thirty assets from its portfolio for €14 million. The operations have generated an accounting profit of approximately €5.8 million, according to a statement filed yesterday with the Alternative Investment Market (MAB).

This series of sales follows that of another 41 assets that the Socimi divested between June and October, whose volume amounted to €26 million and which generated a profit of €10.5 million.

The bulk of the divestments have been homes, together with storerooms and parking spaces. The plan forms part of the MAB entry strategy, which the company established when it made its debut. Then, the real estate firm owned around 639 rental homes, all located in the centre of Madrid. The Socimi formed its asset portfolio through a purchase operation from Segurfondo Investion in December 2014.

Original story: Eje Prime 

Translation: Carmel Drake

Cerberus & Blackstone Compete to become Largest RE Firm in Spain

16 October 2018 – Expansión

The US funds Cerberus and Blackstone are battling it out for first place on the podium in the Spanish real estate sector. Cerberus, which has just completed the purchase of 80% of BBVA’s real estate business, has invested more than €10 billion in real estate transactions in the country over the last year. Specifically, Cerberus will now control 80% of Divarian Propiedad, the company to which BBVA has transferred its real estate business and in which the bank will retain the remaining 20%. The groups have not disclosed the price of the transaction or the value of the assets included in Divarian, although the bank did indicate at the time that its intention was to transfer assets with a gross accounting value of approximately €13 billion at an estimated price of around €4 billion.

Anida’s workforce

Divarian, which is going to be managed by Cerberus, will incorporate the specialist staff from BBVA’s former real estate platform, Anida, comprising 400 professionals, into its team.

In addition to this operation, known as Project Marina, Cerberus reached an agreement with Santander in the middle of September to purchase a portfolio of residential properties for around €1.535 billion comprising 35,700 properties, including parking spaces and storerooms. This transaction followed Project Jaipur – a portfolio of property developer loans also acquired from BBVA -; the portfolios Challenger and Coliseum, with a combined gross value of around €9.1 billion, acquired from Sabadell; and Ágora, the portfolio that Cerberus purchased from CaixaBank.

In addition to the purchase of real estate portfolios, Cerberus is the owner of: Haya Real Estate, the largest independent Spanish servicer with €40 billion in assets under management; the property developer Inmoglacier; the online real estate agency between individuals Housell; and Gescobro, the debt recovery company.

The fund, which has not specified how much it has invested since it arrived in the country, has become, together with Blackstone, one of the most active players in the purchase of doubtful debt portfolios (NPLs) and foreclosed assets (REO) with real estate collateral, and has closed more than 30 transactions in Spain over the last five years, even before the recovery of the sector.

Testa

Meanwhile, Blackstone has acquired around €20 billion in property since 2012, to which the Socimi specialising in residential rental assets, Testa, must be added, given that the US fund now controls 70% of that firm’s share capital. The fund marked a milestone last year when it purchased 51% of Banco Popular’s real estate business from Santander, with a book value of around €10.3 billion. To group together the assets, Blackstone and Santander created Project Quasar Investment, a company that includes Aliseda.

The fund is also the largest owner of hotels in Spain through HI Partners and Hispania, one of the leaders in the logistics and office ownership market in Spain.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Tauro Real Estate Buys Torre Ámbar in Madrid

3 July 2018 – Eje Prime

The new Tauro Real Estate is rearing its head in the Spanish residential market. The fund, which is now under the mandate of Globe Invest, the Israeli company that acquired the firm in April by paying €180 million to its former shareholders, has recently purchased Torre Ámbar in the centre of Madrid.

In the middle of May, Globe Invest, owned by the multi-millionaire Teddy Sagi, acquired the rights to purchase the residential block from the Inveriplus group. The tower comprises 64 prime homes very close to Paseo de la Castellana, according to confirmation from sources involved in the operation. The amount of the transaction has not been revealed. The vendor in this operation, Inveriplus, is a group dedicated to investment in real estate assets for their subsequent management and value generation. The company, which is headquartered in Madrid, is led by Óscar Bellette.

The asset has been acquired after the clean-up that Inveriplus conducted of the tower. It, in turn, had purchased the homes during the crisis from several merchants of the Proinlasa real estate group. For the last few years, the manager has succeeded in leasing the block in its entirety.

Torre Ámbar is one of the skyscrapers that comprises the residential area of Isla Chamartín, located to the north of Madrid. The building, whose first homes were handed over in 2009, was designed for sale, but the change in economic cycle forced a change in the objectives and it was put up for rent in 2014.

The sale was signed “at market price”, according to sources close to the operation speaking to Eje Prime. “The returns that the property could generate are of much greater interest than the purchase opportunity”, say the same sources.

Torre Ámbar comprises luxury one and two bedroom homes, as well as several studios. The urbanisation is private and has security gates, a swimming pool, garages and storerooms, a padel court and private green spaces, according to Proinlasa’s corporate website.

The owner of the property has real estate assets for sale and rent in Madrid, Valladolid, Palma and Córdoba. In its property development plan, the group says that, in addition to residential land, it is also backing the tertiary and industrial market.

The owner of Camden Market’s commitment to Spain

Teddy Sagi is an Israeli multimillionaire and owner of the renowned Camden Market in London. The businessman, through Tauro Real Estate, has acquired 600 homes spread between Madrid and Barcelona.

Tauro has fattened up its portfolio in less than four years with the purchase of assets, primarily from banks, involving the investment of up to €160 million. In Madrid, it owns 350 homes and in Barcelona, it has another 250 properties. In the Catalan capital, it owns tourist apartments, which comprise 30% of the assets that Tauro owns in the city (…).

Original story: Eje Prime (by J. Izquierdo & P. Riaño)

Translation: Carmel Drake

Teleno Real Estate Buys a Residential Building in Madrid for €16M

12 June 2018 – Idealista

The real estate consultancy firm BNP Paribas Real Estate has advised on the sale of a residential building in the north of Madrid, worth €16 million. The property comprises 59 homes, 42 storerooms and 96 parking spaces. Teleno Real Estate is the company that has acquired the asset; it has been advised by Jesús Segado and Javier Escudero, partners of Smart Invest.

The asset is located in the north of Madrid. The firm that has undertaken the purchase, the former Tauro Real Estate, invests in the purchase of real estate assets and is led by José María Xercavins. Tauro Real Estate was acquired in April by the Israeli millionaire, Teddy Sagi (pictured above), who paid €180 million for the company. Currently, it owns 600 flats in Madrid and Barcelona.

David Forteza del Rey, Head of Residential Investment at BNP Paribas Real Estate, explains that “these types of operations confirm the continued dynamism of the residential market, which is still offering attractive returns for investors in a low-interest rate environment”.

Last month, the consultancy firm also advised the investment fund Eurostone on the purchase of two real estate assets, in that case in the upper area of Barcelona, on Calle Tuset and Calle Aribau. Those properties have surface areas of 4,786 m2 and 7,461 m2, respectively. The first is a residential asset with a commercial premise on the ground floor. The property on Calle Aribau contains homes for residential use and tourist rental (…).

Original story: Idealista 

Translation: Carmel Drake

Catella Acquires 3 Residential Assets in Pamplona for €26M

7 June 2018 – Eje Prime

Catella Asset Management Iberia (Cami) is on a roll in Spain. The Swedish fund has taken another step forward in its strategy to grow its residential business in Spain with the purchase of three buildings in Pamplona for €26 million, according to explanations provided by sources at the company speaking to Eje Prime.

The latest operation signed by the fund in Spain is the acquisition from a local property developer of three residential buildings for their operation as long-term rental properties. “The vendor is going to continue to take care of the day-to-day management of the buildings”, explain the sources.

Two of the three assets are located in Plaza Puerta de Badostain, in the town of Sarrigueren, located to the west of Pamplona. Those two assets contain 168 homes, 187 parking spaces and 173 storerooms, covering a total constructed surface area of 15,080 m2.

The third building is located on Calle Paseo de los Donantes de Sangre, in the neighbourhood of Ezcaba, in the north of Pamplona. This residence has 67 homes, 69 parking spaces and 67 storerooms, which together span a constructed surface area of 7,100 m2.  The operation has been brokered by the real estate consultancy JLL.

Moreover, Catella has recently signed agreements with developers for the construction of two developments in Madrid containing 362 homes and which will form part of its portfolio in operation in the next 18 months.

The first development, whose delivery is scheduled for December 2018, is located in the expansion area of Villaverde in Madrid. It is a development with 171 homes, garages and storerooms, with a combined constructed surface area of 13,035 m2.

Meanwhile, the second development comprises 191 homes, garages and storerooms, spanning a constructed surface area of 13,800 m2 and located in the south of Madrid, which will be handed over at the beginning of 2020. With these acquisitions, Catella Asset Management Iberia has four residential assets: four in Madrid, one in Barcelona and three in Pamplona.

Roadmap in Spain

This operation forms part of the new roadmap that Catella is going to follow in the Spanish market. The Swedish manager, which is going to focus on its objective of growing its asset portfolio in the residential and office sectors, plans to own up to 1,000 flats for rental by the end of this year, doubling its current figure, which stands at around 400 homes.

Present in Spain since 2015, Catella has signed five purchases in recent years in the residential segment, where it has spent around €85 million. The group has €300 million more to spend to continue growing through purchases in the country.

In addition to the residential business, Catella is also very present in the retail sector, where it has recently undertaken operations, such as the purchase from Axiare of the Planetocio shopping centre in Madrid, alongside AEW. The company closed 2017 with a portfolio of assets under management in Spain worth €200 million.

In addition, through its fund specialising in student housing, Catella European Student Housing Fund, the investment company is backing the star alternative asset in the real estate at the moment.

In 2017, it purchased the La Campana hall of residence in Pamplona and, this year, it is analysing possible new acquisitions in the large capitals such as Madrid, Barcelona, Valencia and Sevilla, but also in another city with a notable presence of university students: Granada.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

La Generalitat to Auction c.20 Homes in Barcelona for €6M

29 May 2018 – Eje Prime

La Generalitat is going to auction off inhabited homes in Barcelona. The Catalan government is going to sell around twenty homes in L’Hospitalet de Llobregat for an asking price of €7.7 million in the first auction and €6.2 million in the second, according to information provided in La Generalitat’s Official Gazette.

The residential portfolio for sale comprises 16 homes and three detached houses, all of which are rental properties and all of which are currently occupied. The auction will be conducted in blocks in order to prevent the tenants from using the right of first refusal over their own homes. Nevertheless, the future owner of the homes is going to have to subrogate the lease contracts.

The apartments for sale are located opposite Plaza Europa and the Gran Vía 2 shopping centre in L’Hospitalet, at numbers 15-23 Calle Ciencies. In those blocks, in addition to the homes, La Generalitat is going to auction off two premises and 23 parking spaces with storerooms. With regard to the detached family homes, they are located on another urbanisation, on Calles Mileva Maric and Hanna Arendt.

The current tenants of the apartments pay between €800, in the case of the homes with the oldest rents, and €1,600 per month for the detached family homes. Each home has a surface area that ranges between 78 m2 and 120 m2 and has two, three or four bedrooms.

The auction, which will see the deadline for the presentation of offers close on 9 July, will be held on the 19th of that same month through Addmeet, the online real estate platform that has already managed other large public sales in other Spanish cities.

Original story: Eje Prime

Translation: Carmel Drake