Baraka Invests €60M in the Construction of 2 Skyscrapers in Torrevieja

21 January 2019 – Idealista

Trinitario Casanova is on a roll with Baraka. Baraka Properties, the group’s arm specialising property development, has invested €60 million in the construction of two skyscrapers in Torrevieja, which will house more than 130 homes and 250 tourist apartments, according to explanations provided by the company to Idealista News.

The project is going to materialise into two 26-storey towers. Whilst the first will be dedicated to housing in its entirety, the second will be dedicated to hotel use. “Right now, the approval of the project is in the evaluation phase, although our plans are to finalise this first phase during the first quarter of the year”, explain sources at the group, “and once the project has been approved, we will request the licence”.

The land on which the two towers are going to be built is located on Avenida Doctor Gregorio Marañon, on the seafront next to the Doña Sinforosa park. “It is 200 metre from the marina, and all of the homes from the first floor up will have views of the sea. The homes from the fifth floor up will have 360º views”, say sources at Baraka Properties.

According to the company, these will be the first towers in the city, and the tallest to date. The other enclave with towers of this calibre is Benidorm. “The trend for tourists in the area is to look for more unique properties, with higher quality finishes, where they can be offered services like in an American condominium, and this plot fulfils all of those characteristics, both due to its location, and its scale/volume”, they conclude.

In total, 32,000 m2 of space is going to be built in the two towers, and by way of reference, the price per m2 of the penthouse will amount to around €7,000/m2, making it one of the most expensive developments in the area (…).

Original story: Idealista (by Custodio Pareja & P. Martínez-Almeida)

Translation: Carmel Drake

Iberdrola Markets A Large New Office Complex In Barcelona

24 January 2017 – El Economista

The real estate consultancy firms Aguirre Newman and CBRE will be responsible for marketing the largest complex of new offices currently under construction in Barcelona. Specifically, Torre Auditori and Torre Marina, two skyscrapers, owned by Iberdrola Inmobiliaria, which form part of the BCN Fira District complex. The energy firm plans to build another two towers on the site, taking the total surface area to more than 91,100 m2.

Both agents will work under a co-exclusivity agreement to market the most important offices in Barcelona, where 35,550 m2 of new office space is expected to come onto the market this year. Most of this space will become available in Torre Marina, which is in the final phase of construction and which is expected to be completed in April.

This skyscraper, with a gross leasable area (GLA) of 19,663m2, will be the smallest of the four, but will differentiate itself from the rest because it will have a retail and restaurant space on the lower floors, known as the Marina Atrium.

The property stands next to Torre Auditori, which has a GLA of 22,899 m2, spread over 21 floors, and which was the first property to come onto the market. This skyscraper already has several tenants including Asus, Proclinic, Dentsply, Marmedsa and Iberdolra itself – which has moved its central headquarters in Cataluña to this building – it offers open spaces of up to 1,200 m2 per floor, divisible into four modules.

“Barcelona has always been a strategic place for our activity and we are now demonstrating it by putting more than 42,000 m2 of efficient office space on the market”, said Miguel Ángel García Tamargo, Director of Real Estate at Iberdrola Inmobiliaria.

In this sense, the firm highlights that both towers have an “A” energy rating and a BREEAM certificate, and stand out thanks to their functionality, sustainability and energy saving, “characteristics, which make this a unique and sustainable business centre in Barcelona”.

BCN Fira District

In total, Iberdrola plans to construct four towers, three of which will have 21 floors; and each one will have an above ground gross leasable area of 22,899 m2. Moreover, the plans include more than 1,000 underground parking spaces, which have already been built.

Located in the new business district of Barcelona, the design of Iberdrola’s business complex is being led by the Barcelona-based architecture studio Tusquets, Díaz y Asociados, which previously collaborated with the company to complete two other buildings in the Catalan capital, namely, the Torres Diagonal Litoral and the Hilton Diagonal Mar Hotel.

The four towers are just one group of properties that comprise the BCN Fira District complex, which also includes the Fira de Barcelona and the office building that the real estate subsidiary of the insurance company Axa is going to construct for La Generalitat.

93,000 m2

Iberdrola Inmobiliaria already has a timeline for the construction of the other two towers that form part of these plans, which will be launched once the two properties that have just come onto the market have been leased. If everything goes according to plan, the new building work will begin in 2018. During that same year, 93,000 m2 of new office space is expected to come onto the market in Barcelona, of which 23% has already been leased.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Infinorsa Invests €20M On Torre Europe Renovation

5 July 2016 – Expansión

Grupo Infinorsa is looking for tenants for Torre Europa after KPMG’s departure and will spend €20 million on the modernisation and renovation of the property. That figure comes in addition to the €11 million that the group has already invested to improve the building over the last five years.

The company, which has engaged JLL to market the property, has launched the renovation of the more than 20,000 sqm of available office space, as well as of the access areas, lobbies, common areas, facilities and façade, which is expected to be completed at the beginning of 2017.

The average price of assets for rent in this area amounts to €27.5/sqm/month, although prices of more than €30/sqm/month have been recorded for spaces located on the top floors of the towers located in the district.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Operación Chamartín: Carmena Cuts Homes & Offices By 50%

10 May 2016 – El País

On Tuesday, the mayoress of Madrid, Manuela Carmena will present her plans “to boost the development of the north of the city”, an “open document” prepared by municipal technicians, which amends and reduces the plans for Operación Chamartín. After working on the project for almost a year and refusing to negotiate with BBVA or San José, the Town Hall is effectively burying Distrito Castellana Norte. The Town Hall’s alternative plan, to which El País has had access to, maintains the buildability coefficient, but removes all of the roads and railways from the planned surface area calculations, which Distrito Castellana had taken into account. In this way, the profitable surface area for homes (17,000 were going to be built) and offices is cut in half. Carmena proposes undertaking the renovation of Chamartín train station, the Northern junction (Nudo Norte) and Fuencarral immediately, using public money, and taking Pasillo Verde (which runs from Atocha to Principe Pío) as an example.

Distrito Castellana Norte, the private project promoted by BBVA (75.5%) and the construction company San José (24.5%) forecasts investing €5,974 million to rebuild the 3,114,336 sqm area.

But the local government believes that the initiative should “be the responsibility of the Administration”, particularly given the dimensions of the area (311 hectares; by way of comparison, the Centro district covers 523 hectares). Thus, the Town Hall proposes “more weight in the public management” in the “largest town planning operation in Madrid”. And to this end, it proposes “the creation of a public urban consortium to develop the area to the south of the M-30”, leaving the initiative to the north of the motorway in the hands of private property developers.

BBVA and San José plan to extend the Paseo de la Castellana by 3.7 km to the north, and to construct 17,699 homes and a financial district with the tallest skyscraper in the European Union (70 floors), as well as five other towers, similar in height to the four towers already in place (45-57 floors). For this, they plan to apply a buildability coefficient of 1.05 sqm for every metre of land, thanks to the increase approved by the PP (before, that figure stood at 0.6).

The Northern junction and Fuencarral

The Town Hall’s plans respect that building density, but “exclude land relating to the road and railway networks from the calculations, as well as all land that is not necessary to undertake the operation or whose transformation is not planned”. As such, it would leave 1,440,387 sqm of space occupied by the M-30, the M-40 and railway infrastructure out of the operation, and instead proposes “continuing with its current use and rating”.

After these exclusions, the total surface area of the operation would be reduced to 1,744,549 sqm (of which 233,082 sqm correspond to Chamartín train station.

Therefore, applying the buildability coefficient, there would be 1,587,040 sqm of space for residential and commercial use. This would reduce the private project by half, which had calculated that there would be 3,261,000 sqm of profitable space (1,774,000 sqm for homes; 1,046,000 sqm for offices; 165,000 sqm for hotels; and 176,000, sqm for retail).


Original story: El País (by Bruno García Gallo)

Translation: Carmel Drake