Silicius Sells an Office Building in the Centre of Madrid

3 June 2019 – Eje Prime

Silicius has taken another step in its strategy to debut on the stock market. The Socimi owned by Mazabi has sold an office building in the centre of Madrid to an investment vehicle created by Tenigla Real Estate for more than €9 million. The property spans a surface area of 3,648 m2 and is leased in its entirety to several tenants.

To undertake this purchase, Tenigla has created an investment vehicle together with several private investors. Following the operation, the company now has €90 million in assets under management.

Ahead of its debut on the MAB, Silicius is planning to create a portfolio worth €740 million by the end of 2019. Currently, the Socimi owns 17 assets worth €160 million, which generate annual income of more than €8 million.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Grosvenor Buys its First Office Building in Spain

3 June 2019 – Expansión

The British real estate firm Grosvenor has made its debut in the office market in Spain with the acquisition of a building in the La Moraleja business park (Madrid) for an undisclosed sum. The property is located on Avenida de Europa, 19 and spans 22,000 m2.

Grosvenor returned to the Spanish real estate market in 2017 with the purchase of an 820 m2 plot of land on Calle Jorge Juan, 53 (Madrid) on which it is constructing a luxury residential development with views over the Retiro Park.

Since then it has been expanding its residential portfolio and is currently working on four projects in Madrid: La Esquina de General Arrando, Modesto Lafuente 26, García de Paredes 4 and Jorge Juan 53.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

Navarra’s Regional Gov’t Invests €15M in the Purchase of Industrial Land

23 May 2019 – El Español

The Regional Government of Navarra is going to invest €15.2 million in various industrial estates across the autonomous region, through the public company Nasuvinsa, with the aim of “supporting several companies that need to develop land to expand their production capacity”.

The action plan will involve the development and marketing of 309,123 m2 of industrial land in seven areas, specifically, in the Pamplona region as well as in the towns of Arakil, Arguedas, Cascante (or Monteagudo), Lodosa and Lumbier. It will also see the construction of an industrial warehouse in the Sakana area for its subsequent rental.

Industrial reactivation

The Navarran Government is going to develop the land and infrastructure necessary for all seven projects through Nasuvinsa, with a cash injection that will not only encourage the economic reactivation of the areas and the creation of employment, but which will also represent a return to making public investments economically viable.

Original story: El Español 

Translation/Summary: 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

VGP Invests €22M in 2 Logistics Platforms in Cheste (Valencia)

15 May 2019 – Levante EMV

The Czech group VGP has announced that it is going to invest €22 million in the construction of two latest-generation logistics platforms on plots spanning 75,000 m2 in Cheste. The logistics platforms will span 15,000 m2 and 26,000 m2, respectively, and the projects are expected to create around 400 new jobs.

The logistics industrial estate in Cheste is enjoying a boom in recent times driven, in particular, by the Lidl logistics platform. It sits within the first logistics ring of Valencia and has direct access to the Manises airport, as well as to the Port of Valencia.

VGP will add these assets in Cheste to the other sites that it is already developing in Spain, including VGP Park San Fernando de Henares, VGP Park Lliçà d’Amunt, VGP Park Fuenlabrada and VGP Park Zaragoza, which together span 360,000 m2.

Original story: Levante EMV (by Ramón Ferrando)

Translation/Summary: Carmel Drake

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

Árima Makes its Logistics Debut with the Purchase of a Warehouse for €16.4M

7 May 2019 – Expansión

Árima Real Estate has made its debut in the logistics sector with the purchase of a warehouse spanning 26,000 m2 in San Agustín de Guadalix from an institutional fund for €16.4 million. The property is occupied in its entirety by the supermarket chain Eroski.

For the operation, the Socimi led by Luis Alfonso López Herrera-Oria, has been advised by Catella, EY Abogados and Savills Aguirre Newman as its real estate, legal and technical experts, respectively.

Following this operation, logistics assets account for 12.7% of Árima’s portfolio, with the remainder comprising offices in Madrid. The Socimi’s main shareholders include Bank of Montreal (10.4%); the British fund Pelham (9.984%); UBS (9.164%); Luis Alfonso López Herrera-Oria, (7.791%) and Morgan Stanley (5.122%).

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Haya Real Estate Manages the Sale of Bankia’s Branch on Calle Serrano for €59M

6 May 2019 – Eje Prime

Haya Real Estate has managed the sale of Bankia’s former premises on Calle Serrano, 64, to the Prada group for €59 million. The premises have a surface area of 908 m2 and are distributed over three storeys.

Bankia will have to vacate the property within six months of the transaction being formalised and will be replaced by one of the Prada group’s brands: Miu Miu, Church’s, Car Shoe, Prada and Pasticceria Marchesi.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Vicasol Invests €26M in its Fourth Logistics Platform

22 April 2019 – Mis Oficinas

The cooperative Vicasol is investing €26 million in its new logistics platform. The facilities will be located in El Ejido (Almería) and will house an urbanised surface area spanning more than 125,000 m2.

This will be the cooperative’s fourth logistics centre as it already owns facilities in La Puebla de Vícar, La Mojonera and Níjar (all in the province of Almería).

The warehouse will have a surface area of 20,000 m2, with a semi-basement spanning another 20,000 m2 and a loft spanning 3,000 m2.

Original story: Mis Oficinas

Translation/Summary: Carmel Drake

Socimi Lar Sells its Last Office Building in Madrid to Swiss Life for €40M

24 April 2019 – Idealista

Lar España has sold the last office building left in its portfolio as it continues its strategy to specialise in the retail sector.

The Socimi has sold the property located at number 27 Calle Eloy Gonzalo, in the centre of Madrid, to the manager of the Swiss insurance company Swiss Life for €40 million. The building spans a surface area of 6,300 m2, distributed over 9 floors with various retail premises on the ground floor. The upper floors are leased in their entirety to the US coworking specialist WeWork.

Lar España acquired the property, which was constructed in the 1960s, for €12.7 million at the end of 2014.

Following this sale, the Socimi can now focus on the 14 assets in its retail portfolio (shopping centres and retail parks), which will become 15 after the summer, once the Lagoh shopping centre has been opened in Sevilla.

This represents the Swiss manager’s second purchase in Spain, following its acquisition of 13 retail premises from Corpfin Capital Prime Retail Assets in July 2018 for more than €83 million.

Various high-profile consultancy firms participated in the operation, with Cushman & Wakefield advising on the buy side and JLL and Knight Frank on the sell side.

Original story: Idealista (by Ana P. Alarcos)

Translation/Summary: Carmel Drake