Tag: tertiary

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

Junta de Andalucía Puts 33,000 m2 of Land Up For Sale in Córdoba

4 February 2018 – La Vanguardia

The Junta de Andalucía’s Ministry of Development and Housing has launched its first regional land sale of the year in the province of Córdoba, comprising 15 residential and industrial plots, which span 32,989 m2 in total and with an asking price of €5.8 million.

In this regard and in statements to Europa Press, the delegate for Housing and Development at the Junta in Córdoba, Josefina Vioque, said that “with this initiative, we are continuing our strategy of selling some of the land owned by the Agency for Housing and Rehabilitation in Andalucía (AVRA), which obtained such good results in 2017, with the award of almost 22,000 m2”.

The objective, according to Vioque, is “to generate revenues that allow us to strengthen the promotion of our activities of a social nature in terms of housing, especially the promotion of subsidised housing”.

This new tender for the sale of regional land includes seven plots classified as industrial and tertiary, measuring 10,871 m2, and eight units classified as residential, with capacity for 238 homes.

Of the latter, four are reserved for the construction of 188 social housing properties, on a surface area of 17,374 m2, whilst the other four, spanning 4,743 m2, have capacity for 50 private homes.

According to the delegate, the industrial plots are located in the municipalities of Adamuz, Cabra, El Carpio and Córdoba, whilst the social housing plots are located in the provincial capital and in Rute, and the private housing plots are also located in the capital and in the municipality of Obejo.

The tender, which will be open for the presentation of proposals until 1 March, and which will be resolved after the envelopes are opened, scheduled for 12 March, at AVRA’s central headquarters in Sevilla, also includes nine retail premises and 19 parking spaces in Córdoba, Lucena and Rute.

According to Vioque, “the drive to manage AVRA’s owned properties has become a priority since the start of this legislature, give our aim to put these assets on the market at the service of business initiatives, to promote economic development and the generation of employment in the construction sector, one of the hardest hit during the crisis”.

Josefina Vioque said that “with this initiative, the Junta also seeks to reactivate the construction of VPO homes, to facilitate access to housing for families in most need, since these operations are going to allow us to resume, once again, the promotion of these types of subsidised homes, which are more affordable for people with fewer resources”.

Land sold in 2017

This tender follows others carried out during 2017, which saw the award of a total surface area of 21,946 m2  and the generation of revenues amounting to €6 million (…).

Original story: La Vanguardia

Translation: Carmel Drake

Echegoyen Explains Sareb’s Performance 3 Years After Its Creation

4 November 2015 – Europa Press

Sareb was created in 2012 and has been granted a period of 15 years to manage and sell all of the assets transferred to it, almost 200,000 in total. It has until 2027 to liquidate them. (…).

Sareb’s President, Jaime Echegoyen, has acknowledged that the company’s progress is “quite slow” in terms of the divestment of assets, but he is confident that sales will be “greater” in the future. “The market is not ready and so, we have to wait”, he added.

Since its creation, Sareb has managed to reduce its volume of problem assets by €7,420 million, which in percentage terms represents 14.7% of its total assets.

Nevertheless, it is now waiting for the right moment to make further write-offs, according to the management team at the organisation.

Evolution of the portfolio

When it was created, the ‘bad bank’ received around 200,000 real estate and financial assets and 400,000 collaterals valued at €50,781 million.

Sareb stresses that its portfolio has transformed since then, with real estate assets gaining in weight, at the expense of financial assets. They explain that this is due to the transformation of the balance sheet, since the performing loans disappear from the portfolio once they have been fully repaid.

Sales to June 2015

During the first half of 2015, Sareb sold 5,345 units to retail clients, at a rate of 30 homes per day, compared with the average of 42 in 2014 as a whole. Moreover, it has seen renewed interest in land, whose sales have multiplied by 3.6x “although their financial impact is still insignificant” in terms of the company’s total revenues.

At 30 June, Sareb’s asset portfolio amounted to €43,361 million, of which 74% corresponded to loans and the remainder, 26% to real estate assets (primarily residential, land and tertiary property). (…).

Servicers

The company’s activity during the first half of the year has been hampered by the entry into operation of four new ‘servicers’ or real estate managers, which has involved the migration of a “huge” volume of loans and properties from the nine originating entities to the servicers’ platforms.

According to Echegoyen, the migration has involved the transfer of all of the information and documentation relating to 162,000 assets, which represents for example, four million documents and 325,000 keys.

Since it began its journey three years ago, Sareb has reduced its volume of problem assets by €7,420 million, and has also repaid €5,400 million of the €50,700 million debt it had to issue in order to acquire the portfolios of loans and properties from the banks affected by the crisis. (…). As such, the company has reduced its perimeter by 14.7% and cut down its debt by more than 11%.

During the same period, Sareb has generated revenues amounting to €10,500 million, has sold almost 30,000 properties to individuals and has managed around 25,000 proposals from companies. Moreover, it has carried out 25 large operations to sell wholesale asset portfolios, mainly loans, an activity that represents just 20% of its turnover.

“Sareb has demonstrated its ability to divest assets and generate revenues”, says Echegoyen, who added that the model “works” and that the company “has become an international point of reference”, as well as an “example” for other countries facing similar crisis situations.

Original story: Europa Press

Translation: Carmel Drake

Final Approval For Intermodal Logistics Centre In Aranjuez

11 February 2015 – misnaves.es

The Community of Madrid has granted the final approval for a specific amendment to the Urban Plan for Aranjuez, which will make way for the construction of the so-called Intermodal Logistics Centre, the first one of its kind to be built in the south of the Community of Madrid.

The centre will be constructed on a surface area of 34 hectares and will be completed in two phases, with investment from Adif expected to amount to €13 million and €8.5 million in each phase, respectively.

Previously, the central Government had already created the company Mixta Madrid Sur Logística Aranjuez, in which Adif holds a 47% stake; the remaining 53% is held by three private companies, which contributed initial share capital of €4.5million.

According to the mayor, “this approval will allow us to expand the railway network structure, to create a logistics centre in Aranjuez that will receive trains travelling along the Valencia-Madrid corridor, amongst others”. The mayor also highlighted that “the development of this logistics centre represents a new opportunity for both direct and indirect employment in Aranjuez”.

In addition to the surface area that the platform itself will occupy, the plot offers a further 70,000 square metres of space where other activities may be conducted, not only industrial but also tertiary including as hotels and the like. In total, the plot measures 350,000 square metres.

Original story: misnaves.es

Translation: Carmel Drake

Investment in Tertiary Assets Set to Soar Up 162%

18/11/2014 – El Economista

Spain’s housing sector revives as investment returns to the pre-recession levels. Tertiary asset sales are expected to amount to €8.4 billion in 2014, outperforming the €3.2 billion score from 2013 by 162%, Aguirre Newman portends.

Year-to-date, closed transactions total at €6.2 billion, of which €2.3 billion was spent on retail and €1.6 billion on offices.

The deals were sealed in 2014 because investment funds have been eyeing the Spanish market for several years. First, there arrived the opportunistic investors, striving at bargains and profits flowing from price recovery.

According to experts who attended the meeting organized by the Federation of Real Estate Advisors (Jornada de la Asociación de Consultoras Inmobiliarias, ACI), up to 300 companies arrived in Spain with an intention to invest. However, many left empty-handed as they had not managed to meet buying targets, explained Andres Escarpentes, CEO of JJL.

The REO Assets

Only several of the funds stayed, mostly because they had acquired a platform for REO asset management and together with that an access to detailed analysis on the market development.

Also, one shall not forget about the impetus the freshly listed Socimis (REITs in Spain) gave to the market, accounting for 34% of the entire YTD investment. However, specialists are afraid that any of them might fail to meet objectives.

Speaking of the residential segment, Alberto Prieto, general director at Knight Frank, specified that some areas start to run out of quality products and, as a consquence, pull the prices up.

Finally, Adolfo Ramirez Escudero, president of CBRE, forecasted that in 2015 the sector will spot new debt providers in more ‘normal circumstances’.

 

Original article: El Economista (by Alba Brualla)

Translation: AURA REE