Oaktree Joins Forces with Sabadell to Promote Iberdrola Land

17 May 2018 – El Economista

Oaktree and Sabadell, through its subsidiary Bitarte, have requested permission from the European Commission to constitute a joint venture through which they will dedicate resources to residential development in Spain. Most of this new joint venture’s portfolio, at least initially, will comprise land that the US fund is going to buy from Iberdrola Inmobiliaria, which has declined to comment in this regard.

According to experts in the sector speaking to this newspaper, Oaktree is going to close the operation to acquire at least five plots of land worth approximately €100 million during the course of this month. As soon as the US fund’s alliance with Sabadell has been approved, the land will be integrated into the new company, whose purpose is going to be to continue growing through new land acquisitions.

Sabadell has chosen its subsidiary Bitarte, an instrumental company dedicated to the world of real estate, to carry out this association with Oaktree, although its stake in this new company is going to be managed by Solvia Desarrollos Inmobiliarios, the arm of the bank that is responsible for property development. The entity constituted that firm, which owns land worth around €1.2 billion when it completed the carve out of Solvia Servicios Inmobiliarios.

According to explanations from the same sources, Sabadell’s role in its alliance with Oaktree will be that of industrial partner with experience in the property development market, and so the fund will have a financial role, contributing the majority of the capital.

Assets

At first, the possibility was raised of an alliance between all three parties, which would see Iberdrola not only contribute assets, but also hold onto a stake in the company, and for that deal, the figures that were bandied around at the time amounted to around €130 million.

In the end, the alliance will be signed between the fund and Sabadell, and so the electricity company will contribute somewhat fewer plots. Of the chosen sites, in the absence of the definition of the final plots to be transferred, one in Móstoles (Madrid) stands out, where Iberdrola has already started work on a residential development project: Villas del Sur 2. This development comprises 22 terraced homes with three and four bedrooms and a private garden.

The other plots selected are located in Salamanca, the Costa del Sol, Pamplona and Pozuelo de Alarcón. This is a small part of Iberdrola’s land portfolio, which owns assets with a buildable surface area of 3.5 million m2. Specifically, the real estate company is working on the construction of more than 330 homes located in different places around Madrid, Murcia, Santander and Valencia.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Taylor Wimpey & La Cala Resort Invest €11M In New Project In Mijas

27 September 2017 – Inmodiario

The collaboration between the Spanish subsidiary of the British property developer Taylor Wimpey Plc and the Irish hotel chain FBD Hotels and Resorts is pushing ahead. On Thursday 21 September, Taylor Wimpey España and La Cala Resort convened media and real estate agencies to unveil the new show home, which represents the launch of the sale of the 2nd and 3rd phases of the Horizon Golf development in La Cala de Mijas. This new initiative between the two large companies will involve an investment of approximately €11 million.

It is worth remembering that the strategic alliance signed between the two companies will result in the construction of more than 600 homes over the next ten years, with forecast investment of more than €125,000,000.

Currently, Taylor Wimpey España is selling 2- and 3-bedroom homes in the 48-unit Horizon Golf Apartments development. Asking prices start at €280,000 and the first phase of properties, which have all been sold already, is expected to be ready by March. The second phase, comprising 18 apartments, is currently being sold.

Similarly, also in Horizon Golf Adosados in the La Cala Resort in Mijas, Taylor Wimpey is selling 55 terraced homes. The first phase has been completely sold and those homes will be handed over to their owners before the end of the year.

The second phase is currently up for sale and has been since March, with asking prices starting at €410,000. Those homes are expected to be finished by June 2018. The third phase was the one presented last week.

Through this alliance with Taylor Wimpey, La Cala Resort is not only consolidating its position as a unique golf and leisure destination in Spain, with three 18-hole golf courses, an exclusive 4-star hotel with 107 rooms, a spa measuring 1,300 m2, tennis, paddle and squash courts and a football pitch; it is also positioning itself as a leader of international residential tourism, with one of the best and most varied offers of residential homes in low-density complexes, with panoramic views over the golf courses, sea and mountain, and all this just 5 km from the city centre and Mijas Costa’s beaches, and just 30 minutes from Málaga airport (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

Taylor Wimpey & La Cala To Build Largest Golf Complex In Southern Europe

31 July 2017 – Inmodiario

The Spanish subsidiary of the British property developer Taylor Wimpey Plc and the Irish hotel chain FBD Hotels and Resorts have signed a strategic alliance for the development of more than 600 homes over the next ten years, with a planned investment of more than €125,000,000.

The collaboration between Taylor Wimpey España and the hotel chain FBD Hotel and Resorts, which manages La Cala Resort, took its first steps back in 2014. As a result of that joint venture, Taylor Wimpey completed the first batch of residential properties (60 contemporary apartments called Miraval) in 2016. Now, it is promoting the project Horizon Golf comprising 48 apartments and 55 terraced houses, some of which will be completed this year and the rest of which will be handed over to their owners in 2018.

Through this alliance, La Cala Resort is consolidating its position as a unique destination for golf and relaxation in Spain, with three 18-hole golf courses, an exclusive 107-room 4-star hotel and a 1,300 m2 spa, tennis, padel and squash courts, and a football field. It also leads the ranking in terms of international residential tourism, with one of the best and most varied supplies of residential housing in low-density complexes, with panoramic views over golf courses, sea and mountains and all just 30 minutes from Málaga airport.

The complex brings together the best facilities demanded by the European public, not only for lovers of golf, but also for those who want to live in an environment that respects the environment, with perfectly kept roads and gardens and a 24/7 security service, just 5km from the town centre and beaches of Mijas Costa (…).

Project Horizon Golf offers two housing formats from potential buyers to choose from. On the one hand, it has terraced houses measuring more than 300m2, with three bedrooms and two bathrooms, plus 90 m2 of terraces and solarium spread over four floors. Owners have the option of installing a private lift for easy access from the underground private car park to the panoramic solarium.

On the other hand, the complex has large apartments and penthouses with two and three bedrooms, and simple lounges leading onto spacious terraces measuring more than 30 m2. The penthouses are duplex spaces with solariums measuring more than 65 m2 (…).

The terraced houses currently have asking prices starting at €399,000 and the apartments are going for €280,000 (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake