Socimi Vivenio Invests More than €30M in 3 New Operations

11 June 2018 – Europa Press

Vivenio, the Socimi created by Renta Corporación and the Dutch pension fund APG, has closed the purchase of three residential complexes, involving a combined investment of more than €31 million, according to the company.

The properties are located in Madrid, Barcelona and Valencia, thus expanding its geographic diversification, since until now the Socimi had closed operations exclusively in the Spanish capital.

The complex that Vivenio has purchased in the capital is located in Móstoles, 20km to the southeast of Madrid, in a residential and well-connected area, which also enjoys abundant industry. The building, constructed in 2011, contains 102 rental homes with parking and storage rooms, and has an occupancy rate of almost 100%.

In terms of the first operation in Barcelona, the asset comprises three residential buildings located in Teià, to the northeast of the Catalan capital. The complex has 42 homes with two parking spaces and one storeroom each, and excellent common areas with garden areas and three swimming pools.

The third purchase made by Vivenio is located in Valencia, in a building located in the Torrefiel district, to the north of the city. The property comprises 68 homes, 110 parking spaces, 25 storerooms and two commercial premises, and is located in a well-connected area with a great deal of commercial activity.

Original story: Europa Press 

Translation: Carmel Drake

Tiuna Invests €50M in the Luxury Residential Segment in Madrid

22 May 2018 – Eje Prime

Tiuna is adding new projects to its prime portfolio. The Spanish property developer, which specialises in luxury residential projects, has just finished the first of two phases of a residential development in Madrid. It is going to invest around €50 million in the project in total, according to sources speaking to Eje Prime.

The real estate company has placed twenty homes on the market located in one of the most exclusive areas of the Spanish capital, Parque Conde de Orgaz. At number 27 Avenida de los Madroños, the architecture studio Bueso-Inchausti & Rein has designed four floors of a building constructed on a plot of land measuring 7,341 m2.

The property developer has created three types of homes inside its latest project: ground floor homes with private gardens and individual swimming pools; homes on the intermediary floors with terraces; and triplex penthouses with gardens and swimming pools connected spatially by huge panes of glass. The private area of each home starts from 250 m2 upwards and they all have four ensuite bedrooms and terraces.

Similarly, the common areas of the urbanisation also comprise the typical garden areas, individual storerooms, between two and four parking spaces per unit, a gym and sauna with changing room.

The involvement of Bueso-Inchausti & Rein in this project is no coincidence. Not in vain, the three founding partners of the studio, Jorge Bueso-Inchausti, Alejandro Bueso-Inchausti and Pablo Rein, have been shareholders of the property developer since 1989, together with Germán Toro, founder of the real estate group in 1964, and his daughter Elisa. During its fifty-year life, the real estate company has built around forty developments.

The second phase of the project begins 

With 95% of the homes in this first phase sold, according to sources at Tiuna, the property developer is now starting work on the second phase of the project: a twin building located at number 29 on the same avenue, and expects to finish the work in 2020 (…).

Moreover, the property developer, encouraged by the strong performance of the residential sector in Spain, is currently holding negotiations to close the acquisition of two plots of land in prime locations in the Spanish capital (…).

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

British Fund Behind Purchase of Benidorm’s Kronos Building for €20M

21 March 2018 – Alicante Plaza

A British fund is behind the purchase of most of the apartments in the Kronos building in Benidorm. According to local sources, of the more than 150 homes that are owned by Sareb, 136 are going to be taken over by a British fund. The operation is worth more than €20 million and just needs to be signed, something that should happen within the coming days.

As Alicante Plaza published on Tuesday, the so-called “bad bank” has managed to sell the properties that it owned in the city’s skyscraper in just one year. Around 20 homes have been sold to individuals, whilst the remainder will end up in the hands of a British fund.

But that is not the full story. It would seem that, at the end of last year, Sareb sold the storerooms and garages that it also owned in the building, the fifth highest skyscraper in Benidorm, and one of the tallest in Spain.

The tower has 41 storeys and was conceived as a luxury residential property: the structure occupies less than 20% of the plot. The remainder is used for common areas and recreation with two swimming pools, one for adults and one for children, a gym, a football pitch, padel and tennis courts, as well as extensive green areas.

The building was constructed by the Valencian property developer Grupo García Ojeda in 2005, and the keys were handed over three years later. But the crisis hit the sale of the apartments and ten years later almost all of the flats were still on the market

In this way, Sareb is getting rid of one of the skyscrapers that was hit the hardest by the “bursting” of the real estate bubble. It is worth remembering that Sareb rescued nine savings banks, including properties and loans to property developers. The latter was an operation that saw the skyscraper awarded to the “bad bank, whose debt used to belong to one of the companies owned by Grupo García Ojeda. Kronos has more than one link to Valencia, given that it was designed by the architecture firm MAPRC, which is also from that city.

Original story: Alicante Plaza (by Alba Mercader)

Translation: Carmel Drake

Tauro Real Estate Purchases 200 Flats In Madrid

25 April 2017 – Expansión

The real estate fund Tauro Real Estate now has more than 700 homes in its portfolio, located in Madrid and Barcelona, after it completed the acquisition of a building containing 200 apartments in San Sebastián de Los Reyes (Madrid). The complex, which is leased in its entirety, is located at number 11, Avenida Juncal and has a car park with 200 parking spaces, as well as a sports area with swimming pools and tennis and padel courts.

Tauro’s objective is to close the fund when its real estate portfolio contains 1,000 rental homes, including, in the case of Barcelona, tourist apartments. The cumulative investment will amount to between €200 million and €250 million.

Tauro’s investors include the Drago family, owner of the Italian publishing group De Agostini, and the firm is led by José María Xercavins (pictured above).

Original story: Expansión (by J. O.)

Translation: Carmel Drake

Riu Rules Out Buying 25% Of Edificio España

3 April 2017 – ABC

Edificio España’s foundations are starting to wobble again. The project backed by the Murcian group Baraka, which announced its plan to buy the skyscraper in July last year, has been hit by two serious setbacks in the last few days.

The first, a problem with Wanda’s documentation, put the brakes on the completion of the sale of the building to the company chaired by Trinitario Casanova. Initially, the two parties had agreed to meet at a notary’s office in Madrid to close the operation, after months of comings and goings, but the Chinese group went to the meeting without the deeds or the annual accounts for the financial year 2016, and so the SPA could not be signed.

According to Baraka, that setback will lead to a delay of three months – at least – in the start of the construction work (which is how long it will take the Chinese group to prepare all the necessary paperwork). Nevertheless, the Murcian company has now suffered an even more important setback. According to sources in the financial and real estate sectors, the hotel chain Riu has decided against investing in the project. The Mallorca-based company was going to acquire a 25% stake in the skyscraper, for which Baraka has agreed to pay Wanda €272 million in total.

700-room hotel

In return, Riu was going to manage the five-star hotel, which would occupy the vast majority of the property. The building was going to have 700 rooms, two swimming pools (one outdoor pool on the roof and another indoor pool on the 16th floor), independent conference rooms and themed restaurants. The rest of the building – four floors – was going to be allocated to retail space and according to Casanova, firms such as El Corte Inglés, the French companies Galerías Lafayette and Printemps, amongst other international brands, had already expressed interest in occupying the space.

However, the whole project is now up in the air following the Riu chain’s decision to not contribute the €68 million that it had committed. The decision will force Baraka to look for a new partner if it is to go ahead with its plans. (…).

Sources in the real estate sector do not rule out the possibility that the “failure to sign” last week was a manoeuvre by the Chinese group to try to thwart Baraka’s purchase of Edificio España and win more time to continuing benefitting from the appreciation in value of the skyscraper. (…).

Meanwhile, the questions surrounding the operation and the project itself are the main reasons that led Riu to decide against acquiring 25% of the complex. However, the Mallorca-based company, which does not have any financing problems, has not ruled out continuing as the tenant of the building and paying a rent in exchange for managing the hotel. (…).

Original story: ABC (by Miguel Oliver and Marta R. Domingo)

Translation: Carmel Drake