Invesco Sells a Logistics Warehouse to M&G Investments for €32M

21 June 2019 – Expansión

The global investment manager Invesco has completed the sale of a logistics warehouse in Getafe (Madrid) to the British firm M&G Investments for €32 million.

The warehouse, which was constructed in 2018, has a surface area of 29,536 m2 and 36 loading docks. It is located on the Los Gavilanes industrial estate, by the junction of the A4 with the M-50.

The property has an occupancy rate of 85% and is leased to a number of tenants including the supermarket chain Mercadona and the specialist transport company Acer. It is certified as a sustainable building with a LEED Silver rating.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Amro Plans to Invest €500M to Reach 5,000 Beds in Spain & Portugal in 3 Years

18 June 2019 – Eje Prime

Amro Real Estate Partners is planning to invest €500 million to grow its portfolio of student beds in Spain and Portugal to 5,000 over the next 3 years.

The British company, which specialises in investing in and managing student halls is going to undertake the investment in partnership with a family office whose name has not been disclosed. It plans to accumulate between 10 and 15 halls of residence by 2022.

In this vein, the company has just purchased its third asset in Spain, a plot of land with a buildable surface area of 6,000 m2, which will house 229 beds, in the Teatinos neighbourhood of Málaga. Work will start on the construction of that hall of residence in Q1 2020 with completion scheduled in time for the academic year commencing September 2021.

Amro’s two existing assets in Spain are under development and include a hall of residence in Granada, which will contain 354 beds with a buildable surface area of 11,300 m2, and a student hall in Sevilla, which is going to have 341 beds and a buildable surface area of 9,172 m2.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Emesa Sells a 32,000 m2 Warehouse to Blackstone for €18M

17 June 2019 – Eje Prime

Emesa has completed the sale of a logistics warehouse spanning 32,000 m2 located in Valls (Tarragona) to the US fund Blackstone for €18 million, as part of its mission to divest its non-strategic assets.

The warehouse does not currently have a tenant and will have to be renovated before being put up for rent.  

Original story: Eje Prime

Translation/Summary: Carmel Drake

Aberdeen Buys Torre Auditori from Iberdrola for €98M

14 June 2019 – Expansión

The real estate division of Iberdrola has sold the Torre Auditori office building located in the BcnFira District of Barcelona to the fund Aberdeen Balanced European Property Fund for €98 million.

The property has a surface area of 22,899 m2, distributed over 10 floors, and more than 300 parking spaces. It was constructed in 2013 and is currently home to more than twenty tenants.

This operation represents Aberdeen Balanced European Property Fund’s first in Spain. The fund, which is managed by Aberdeen Standard Investments, now has more than €1 billion under management and is seeking to diversify its portfolio by asset type and geography.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

Colonial Finalises the Sale of its Logistics Centers Worth €480M

14 June 2019 – La Vanguardia

Colonial is finalising the sale of a portfolio of 15 logistics centres worth €480 million that it inherited from Axiare. The assets span a surface area of 574,462 m2 and are located on the outskirts of Madrid, Barcelona and Sevilla.

The Socimi led by Pere Viñolas hopes to complete their sale within a maximum of two months as it seeks to take advantage of the strong demand for these types of assets thanks to the boom in online commerce.

Colonial’s core portfolio comprises office buildings located in the centres of Madrid, Barcelona and Paris, with a market value of around €11.4 billion. The firm is also working on fourteen new projects located in its three key markets, which have an associated investment of €1.3 billion.

At its recent General Shareholders’ Meeting, Colonial approved the appointment of two new independent directors and ratified the distribution of a dividend amounting to €0.20 gross per share, up by 11% YoY.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake

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

Mercadona Buys Another 136,000 m2 of Land in Parc Sagunt for €16.6M

13 June 2019 – Valencia Plaza

Mercadona is continuing to buy up land in Parc Sagunt (Valencia). The supermarket company has formalised the purchase of 6 more plots of land spanning 136,000 m2 on the industrial and logistics park for €16.6 million.

The aim of this purchase is to expand the logistics facilities that the company led by Juan Roig is currently building on the largest plot in the complex, which spans more than 350,000 m2.

The latest plots to be acquired are located next to the other plots that the supermarket giant purchased in 2017 and will house auxiliary services.

Original story: Valencia Plaza (by Xavi Moret)

Translation/Summary: Carmel Drake

Blackstone Finalises the Purchase of Torre Tarragona from UBS

5 June 2019 – Cinco Días

The US fund Blackstone is negotiating the purchase of Torre Tarragona in Barcelona from UBS, according to several sources in the sector. The deal looks set to become the third major operation in the city’s office market this year after Naturgy sold its headquarters to Colonial and Telefónica sold its Diagonal 00 property to Emperador.

UBS Global Asset Management acquired Torre Tarragona in 2015 for €72 million from Omega Capital, the family office owed by Alicia Koplowitz. Now, having invested €10 million in a comprehensive renovation, the Swiss bank is hoping to sell the property for between €100 million and €110 million.

Torre Tarragona is located close to the Sants train station in the Catalan capital and spans a surface area of 18,150m2 spread over 19 floors. It has 250 parking spaces and its main tenant is Pepsico, together with other companies, such as the technological firm Acens (a subsidiary of Telefónica), Quercus and the laboratory Gentic.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake

Starwood Finalises the Purchase of 5 Buildings from Oaktree for €150M

4 June 2019 – Eje Prime

Starwood is finalising the purchase of four office buildings in Madrid and one in Barcelona from Oaktree and the German company Freo for €150 million in total.

Together the five buildings span a surface area of 78,428 m2 and have 1,323 parking spaces. They are currently leased to a number of companies, such as Indra, BBVA, Air France KLM and Hoist Finances, amongst others.

Specifically, the properties are located on Calle Julián Camarillo, numbers 4 and 6, Avenida de Manoteras, 44 and Valportillo Primera, 13 in Madrid; and on Calle Samontà in Sant Joan Despí in Barcelona.

The US fund is teaming up with the Spanish real estate company Drago Capital, as it continues to strengthen its position in Spain. In recent months, the alliance has purchased assets worth €400 million.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Savills: Spain willl have 260,524 m2 of New Innovative Commercial Space in 2019

3 June 2019 – La Vanguardia

According to the latest edition of the Retail Report Spain, compiled by Savills Aguirre Newman, Spain will see the addition of new innovative commercial space spanning 260,524 m2 this year, where 10 new shopping centres are going to be developed.

In addition, the real estate consultancy forecasts that shopping centres worth up to €2.5 billion could be put up for sale, including Intu’s portfolio comprising four shopping centres, which are worth c. €1 billion. The pipeline also includes other non-prime shopping centres and portfolios of supermarkets and hypermarkets.

Nevertheless, the report forecasts that investment levels in 2019 will be lower than in the previous two years, as many overseas investors, particularly those from the UK and USA, adopt a ‘wait and see’ approach to the Spanish market in light of the slow-down in the world economy and the boom in e-commerce.

In this way, demand is expected to focus on small convenience centres, particularly those linked to supermarkets, and prime and secondary retail parks that are not so affected by e-commerce.

Original story: La Vanguardia

Translation/Summary: Carmel Drake