Mapfre Accelerates its Divestments: 250 Properties Up For Sale

9 November 2018 – Economía Digital

Mapfre acknowledged in its annual report for 2017 that its real estate strategy “was focused on the divestment of non-strategic assets”. That strategy has intensified in 2018: the Spanish insurance company has started a major sales operation, involving more than 250 assets, which now have a “for sale” sign hanging over them. The divestment will materialise next year.

According to sources speaking to Economía Digital, Mapfre has engaged Solvia, the real estate firm still owned by Banco Sabadell – which is up for sale itself and which is expected to change hands before the end of the year – to exclusively market 256 real estate assets located across Spain, although they are particularly concentrated in Barcelona, Valencia and Madrid.

The most important assets in this portfolio are six plots in Madrid, Las Palmas and Mallorca, whose sale is expected before the end of this year. The other assets are essentially commercial premises that Mapfre owns as investment assets and leases to third parties. The divestment period will run until 31 December 2019.

The plots and offices that the insurance company wants to sell are located in around a dozen Spanish provinces. Approximately, half of them are situated in three autonomous regions: the Community of Valencia, Cataluña and Madrid, although the firm also has assets in Galicia, Andalucía, Aragón and Navarra.

When consulted by this newspaper, Mapfre and Solvia did not deny the operation but they did decline to comment. Sources at the insurance company have explained that the company is constantly rotating its real estate assets and searching for others of more value, although they have not explained whether the company is currently investing or not.

Mapfre’s real estate sales

The truth is that in 2016 and 2017, Mapfre completed some major real estate divestments, but it did not get rid of anything close to 250 assets in either year. Last year, it sold properties for €130 million, mainly corresponding to four large assets: a plot in Madrid for €5.5 million; a building also in Madrid for €72 million; and two plots in Palma de Mallorca for €22.5 million. With these sales, the company chaired by Antonio Huertas (pictured above) obtained capital gains of €65 million.

In 2016, the entity’s property sales were clearly impacted by the sale of a majority stake in Torre Mapfre in Barcelona. First, it tried to sell that property to an investor who wanted to convert it into a Four Seasons hotel, but after failing to obtain the necessary permits due to Ada Colau’s moratorium, it sold 66% to the Fundación Mapfre for €175.4 million and renovated it.

Mapfre’s real estate risk amounts to around €3 billion. Specifically, it closed 2017 with properties that had a market value of €2.945 billion, around €170 million lower than in 2016. More than €1.2 billion correspond to own-use properties, such as headquarters and offices, whilst almost €1.7 billion are investment assets, including the portfolio that the entity has put up for sale through Solvia (…).

Original story: Economia Digital (by Xavier Alegret)

Translation: Carmel Drake

New Neighbour for 22@: the Multinational Criteo Rents its New Offices from Oaktree

14 August 2018

The French company, specialised in digital marketing, will occupy an entire, 8,500-square-meter building on Almogàvers Street. The company will leave Torre Mapfre and double its workforce.

The neighbourhood of 22@ will have a new and famous neighbour starting next year. The French multinational Criteo will move its offices in Barcelona to the city’s technological district in 2019, after signing the lease for an entire, 8,500-square-meter building on Almogàvers Street that is owned by the Oaktree and Freo investment funds.

Operating from the Torre Mapfre since 2014, Criteo plans to expand its presence in the Catalan capital, where it has its second-largest office in Europe (just behind its headquarters in Paris), with its new headquarters in Barcelona. The company will double its workforce, from the current 350 employees to a high of 700, according to Expansión.

The building in which the multinational will take up residence will be completely renovated by the Barcelona architectural office of BCA, one of the most active in the area of 22@ and will involve an investment of twelve million euros.

The building is located in what is known as the golden mile of the tech hub, at 177-185 Almogàvers street, very close to the Glories Tower, an icon of the district. The building has three floors, 600 square meters of terrace on the roof and a large central atrium.

Original Story: EjePrime

Translation: Richard Turner

 

Mapfre & GLL Launch New €300M Office Fund

8 March 2018 – Iberian Property

The insurance company Mapfre and GLL have just formed a new partnership for the launch of a new investment fund amounting to €300 million.

The vehicle will focus on the purchase of offices in some of the major European markets, such as Germany, France, the Netherlands, Italy and Luxembourg, according to the Spanish real estate firm. The idea is to achieve returns of 4%-6% per year, diversifying the portfolio of the entities.

In Spain, Mapfre already owns a portfolio of buildings including Plaza de la Independencia, 6 in Madrid and Torre Mapfre in Barcelona.

Original story: Iberian Property

Edited by: Carmel Drake