Tag: under construction

Habitat to Invest €30M to Build 200 More Homes in Sevilla

4 July 2018 – Eje Prime

The Catalan firm Habitat Inmobiliaria is redoubling its commitment in Sevilla. The property developer is going to invest €30 million in a new development in the Andalucían capital comprising 199 homes. To this end, it has acquired land in Mairena del Aljarafe, one of the most rapidly growing areas in the Sevilla residential market, according to a statement from the company.

In total, the real estate company is going to build the homes on a surface area spanning more than 16,000 m2 on a plot with a buildable surface area of 23,922 m2. When the project starts, it will become Habitat’s fifth development in Mairena del Aljarafe.

In addition to Sevilla, the property developer is also present in the Andalucían provinces of Málaga and Córdoba. Currently, Habitat is marketing three residential developments in the autonomous region, where it plans to continue investing soon.

The Catalan company’s new residential project in Mairena del Aljarafe is located in the Bulevares area. The property developer plans to start marketing the first of the project’s two phases during the second half of 2019.

The land purchase in Sevilla forms part of the land investment plan that Habitat has underway to expand its current residential portfolio under development, comprising more than 1,400 homes. The company’s most recent land purchases have been located in Collado Villalba and Móstoles, in Madrid and, in the Entrenúcleos neighbourhood of Dos Hermanas, Sevilla.

The historical firm Habitat Inmobiliaria, founded in 1953, has handed over more than 60,000 properties in its almost seventy years of life. Of the current developments under construction, comprising more than 780 homes, almost 80% have now been sold.

Original story: Eje Prime

Translation: Carmel Drake

Neinor Backs Costa del Sol with Construction of 1,500 Homes

2 July 2018 – Eje Prime

Neinor Homes is joining the wave along the Costa del Sol. The residential property developer has plans to construct a dozen promotions in the area, comprising 1,504 homes, which will be built over the next few months.

Estepona will be the nerve centre of the commitment on the Costa del Sol made by the listed real estate company led by Juan Velayos. With a mix plan, which will see the firm promote first and second homes for mainly international clients, Neinor will build up to 486 homes in the Estepona municipality.

Casares, with 134 homes; Vélez-Málaga, with 104 homes; Marbella, with 49 homes; and Benahavis, with 45 homes, are the other towns where Neinor Homes will be active along the Costa del Sol. Moreover, the property developer will build 558 new primary residence homes in the capital, Málaga, spread over three projects, according to Cinco Días.

Beyond the Málagan province, the real estate company led by Velayos will build another second residence project in Mojácar (Almería), where it will construct 96 homes. The director, who recently expressed his optimism about the future of the Spanish residential market, has the Israeli fund Adar Capita as its main shareholder, with 28.7% of the shares.

Neinor Homes has a plan underway to hand over 1,000 homes this year; another 2,000 in 2019; 4,000 homes in 2020 and another 8,000 between 2021 and 2022. In total, it will invest more than €1.5 billion in the purchase of land, as revealed by Eje Prime. Through its offices in Madrid, Barcelona, Bilbao, Valencia, Málaga and Córdoba, the property developer has 48 projects under construction at the moment.

Original story: Eje Prime 

Translation: Carmel Drake

Bain Appoints Juan María Nin as New President of Habitat

26 June 2018 – Eje Prime

Habitat is continuing to compose its governing body. The real estate company, which has been owned by Bain Capital since last year, has hired Juan María Nin (pictured below) as the new President of the company. The director is already a member of the Boards of Directors of Azora, Société Générale and Azvi.

Nin is joining the Catalan property developer at a time when the management team is being rebuilt by the US fund, which recently hired José Carlos Saz, formerly of Neinor Homes, as its new CEO.

The executive, who holds a degree in Law and Economics from the University of Deusto and a Masters in Law and Political Science from the London School of Economics, has enjoyed an outstanding career in the Spanish business world. Nin has held positions of responsibility at several banks including Santander, Sabadell and CaixaBank (…).

Habitat, which was acquired by Bain in December last year for €220 million, currently has a portfolio of projects underway in Spain, with more than 1,000 new homes being marketed in Madrid, Barcelona, Málaga, Sevilla, Córdoba, Valencia and Las Palmas de Gran Canarias. Of those, the real estate company has 700 homes under construction and expects to hand over more than 550 homes in the next twelve months.

Original story: Eje Prime

Translation: Carmel Drake

Urbania’s Subsidiary, Syllabus, Invests €10M in New Student Residence in Málaga

13 June 2018 – Eje Prime

Syllabus is on a roll and is in the process of preparing its fifth project in Spain. In its latest project, the subsidiary of Urbania is going to build a new hall of residence for students in the historical centre of Málaga, with an investment plan worth €10 million. The asset will have 143 rooms, according to a statement issued by the company.

The company is going to construct the building from scratch and once completed, in 2020, it will have a surface area of 4,600 m2. The property chosen by Syllabus is located at number 12 Calle Cerrojo, very close to Museo Picasso and to Málaga Cathedral.

The hall of residence will have a central courtyard around which the rooms will be distributed, along with study areas, coworking spaces, games rooms, a cafeteria and a gym. Moreover, the asset will have an outdoor recreation area on the roof.

Urbania’s subsidiary, created recently under the leadership of Jeffrey Sújar, has €200 million to invest in halls of residence for students across Europe. The aim of the company is to generate up to 4,000 beds in the continent’s main university cities.

Since starting life, Syllabus now has five sites under development in Spain comprising 1,200 beds in Málaga, Madrid and Valencia. Moreover, it is planning to acquire new assets in other university cities, including Barcelona, Granada, Sevilla and Salamanca.

For its operations in Spain, the company has signed a strategic agreement with an operator that specialises in the student resident market, Mi Casa Inn, which has more than 600 rooms under management.

Original story: Eje Prime

Translation: Carmel Drake

Núñez i Navarro Builds a Prime Residential Development on Paseo de Gracia

30 May 2018 – Eje Prime

The industry stalwart Núñez i Navarro wants to generate returns from some of its old investments. The company has started work on the renovation of one of the buildings that it acquired in Barcelona before the crisis to convert it into a residential property. The asset is located at number 125 Paseo de Gracia, one of the most prime areas of the Catalan capital for the residential sector, as sources at the company explained to Eje Prime. Moreover, Núñez i Navarro has more than a dozen new developments under construction and on the market.

The group, founded more than 65 years ago, expects to begin handing over the new homes at the end of this year. The building, which used to house offices, will comprise around twenty apartments with between one and three bedrooms. These homes, whose average price has not been revealed, will be mainly targeted at international clients and will be available for rent.

Núñez i Navarro acquired this property during the process to buy a batch of assets at the end of the 1990s. The company purchased a portfolio of four buildings in Barcelona from the insurance company Eagle Star for €26.6 million. That lot contained three buildings on Paseo de Gracia, at numbers 125, 127 and 129, as well as the property at number 641 Gran Vía de les Corts Catalanes (…).

“This project on Paseo de Gracia joins the twenty or so other renovation jobs that Núñez i Navarro has carried out in Barcelona, highlights of which include the Andreu Tower, also known as La Rotonda, the Torre Enric Cera, the Casa Lleó i Morera, Hotel 1898 on la Rambla, the only colonial style hotel in Barcelona, Hotel Gran Vía, and the Can Trías de Bes farmhouse in Sant Joan Despí, amongst others”, explain sources at the group (…).

Diversification 

Although the group’s main business is residential, the company has diversified somewhat over the years in order to generate new revenue streams. The company has a major presence in the office sector in Cataluña, with a particular concentration in the city of Barcelona. For example, its portfolio contains assets such as number 35 Paseo de Gracia (Casa Lleó Morera) and number 20 Plaza Cataluña.

The group is also strong in other businesses such as industrial warehouses, car parks and hotels (…).

Financial information 

The company, the largest unlisted real estate firm in Cataluña, saw its profits soar in 2016 to €33.1 million, compared with €12.9 million in the previous year. In this way, the group returned to positive growth, coming close to its best ever result, recorded in 2007, when it generated profits of €48.6 million (…).

By contrast, Núñez i Navarro’s turnover worsened in 2016. The company generated revenues of €110 million, down by 5.1% compared to the same period a year earlier, when its sales amounted to €116 million. The company’s consolidated own funds amount to €595 million.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

BNP Paribas: Logistics Leasing Rose by 48% in Cataluña in Q1

20 April 2018 – Eje Prime

The leasing of logistics space in Cataluña rebounded by 48% during the first quarter of 2018 with respect to the same period a year earlier, to amount to 185,890 m2, according to a report compiled by the Research Department at BNP Paribas Real Estate. The leasing figure is 40% higher than the quarterly average for the last three years, during a period of consolidation in the Catalan logistics market.

A large proportion of the surface area leased during the first quarter of the year saw the pre-rental of warehouses under construction and turnkey projects. In this sense, operations involving surface areas ranging from 7,000 m2 to 50,000 m2 stood out in particular.

Rental prices continued to rise and prime rents increased by 3%, to reach €6.5/m2/month. The good pace of logistics leasing indicates that the upward trend will continue over the next few quarters. In terms of average rents in the local, regional and national logistics corridors, the same behaviour is being observed in terms of rising prices and a decrease in shortages, with growth of 5% in annual terms, to reach €4.7/m2/month.

On the other hand, the availability rate of logistics space in Cataluña continued to fall to reach 2.8%, at the same time as construction activity was increasing due to demand for rental properties. The development of turnkey projects means that the available surface area has not been affected, remaining at very low levels.

Original story: Eje Prime 

Translation: Carmel Drake

Inbisa is Building 35 Homes for Banco Sabadell in Barcelona

1 March 2018 – Eje Prime

More homes for Inbisa in Barcelona. The construction arm of the real estate group has started building a new residential development comprising 35 homes in the north of the Catalan capital. The company is going to work for Sabadell Real Estate Development, a subsidiary of Banco Sabadell, on this project. The firm’s investment in this construction work will amount to €4 million, with an execution period of 18 months.

The complex, located on the Ribes road, spans a total surface area of 5,300 m2 and, besides the two residential buildings, is going to include a commercial space and parking spaces. The apartments will measure up to 150 m2 each and have two, three or four bedrooms.

The marketing of the building will be carried out by Solvia, the servicer of Sabadell, with whom it has been working on another project in Madrid for several months now. Innova Torrejón, a residential development comprising 92 homes has been designed with criteria that will allow it to reduce its energy consumption to almost zero.

This new real estate operation strengthens Inbisa’s presence in Barcelona, where it started work on an 88-home development in Ripollet a few weeks ago. Currently, the group has 2,400 homes under construction across Spain, consolidating the company’s “desire to grow and specialise in the residential segment”, according to Gonzalo Mínguez, Inbisa’s Contract Director for the Eastern region.

Original story: Eje Prime

Translation: Carmel Drake

GMP Invests €24M to Construct New Office Building in Madrid

19 February 2018 – Eje Prime

GMP is marking a turning point in the office sector. The group, owned by the Montoro family and the sovereign fund of Singapore, has invested €24 million in the construction of what-is-going-to-be one of the most prime offices in Madrid. One of the many features of this property, which is going to have a surface area of 14,300 m2, is the sports area that it will have on its roof, which will include two padel courts, an athletics space and an area for doing outdoor exercises.

This innovation in services reinforces the new energy with which office buildings are being planned – the segment is currently booming in the Spanish real estate sector. The land was already owned by GMP, which has started to market the property, which will open in June this year. The rental price for the asset, located in Madrid’s financial district, will amount to around €18/m2/month.

The building, called Oxxeo, will have sustainability certifications and is expected to generate great interest amongst large companies, which are the typical tenants of offices in the area. Designed by the architect Rafael de la Hoz, the property has five stories, with 2,945 m2 per floor, and a 2-storey underground parking lot with capacity for 450 vehicles, according to El Economista.

In addition, the GMP building is committed to renewable energy with the placement of photovoltaic panels to generate electricity; and it will be the first office building in Spain to have its own dynamic lighting system adapted to the circadian cycle (biological clock), which will allow the colour of the light to change independently during the course of the day.

Original story: Eje Prime 

Translation: Carmel Drake

Delin Backs Spain in its Logistics Investment Plan to 2019

22 January 2018 – Eje Prime

International funds working in all areas of the real estate sector are setting their sights on Spain. Including the logistics segment. That is shown by the inclusion of the country in the investment plan of Delin Capital Asset Management (Dcam), which is seeking to develop 900,000 m2 of new logistics space in three main European markets: The Netherlands, the United Kingdom and Spain.

In the Spanish market, the firm is focusing on Madrid, where the logistics sector “offers an attractive opportunity for investors, given that the domestic economy is recovering and the increase in consumer spending is supporting the rapid growth of e-commerce”, says José Espinoza, Director of Development at Dcam in Spain, speaking to Property EU.

For the time being, the company has identified a series of investment opportunities in the country that it hopes to close soon. Dcam currently operates three lines of business: a fund created in 2012; an investment vehicle established with Blackstone last year to purchase existing assets; and a development fund.

In The Netherlands alone, the fund will invest $400 million in the development of around 390,000 m2 of logistics space. Across Europe, Dcam owns a portfolio spanning 580,000 m2 and has an additional 350,000 m2 under construction, which will be added to the company’s assets.

Original story: Eje Prime

Translation: Carmel Drake

Aedas Homes Exceeds its Forecasts for 2017

11 December 2017 – El Mundo

During the eleven months to November, the property developer Aedas Homes, which made its debut on the stock market in October, doubled its land purchase target for the development of housing that it had set for the entire year 2017, according to a presentation submitted to Spain’s National Securities and Exchange Commission (CNMV).

By the end of November, Aedas Homes had acquired land for the development of 865 homes, more than double (108% more) the forecast for year as a whole (416). Moreover, the property developer intends to incorporate land for an additional 130 homes before the end of the year.

In general terms, Aedas Homes has already exceeded its forecasts for 2017, and, according to the company, it expects to see some solid results, taking into account that prices have risen by 7%.

Until November, the property developer had launched 35 projects, above the forecast for the year as a whole (34). Aedas had also exceeded the planned number of homes under construction, with 758, compared to the forecast for the year as a whole of 583.

In terms of pre-sold homes, the total number at the end of the eleventh month of the year amounted to 832, very close to the planned number of 845.

Minimal impact of Catalan crisis

Meanwhile, according to the property developer, the impact of the Catalan crisis has been “minimal”. The company says that pre-sales in Cataluña “are continuing to grow” and that the projects launched in the region “already have 50% of their units pre-sold”.

Cataluña is the third largest market for Aedas Homes, after Madrid and the Costa del Sol. At the end of November, seven of the 35 developments that the company had underway in Spain were located in Cataluña. The developments in the Catalan region comprise 355 homes, a number that exceeds the forecasts for the year as a whole in the autonomous region, which amounts to 322 units.

Currently, Aedas Homes has 16% of its land portfolio in Cataluña, comprising a surface area of 1.5 million m2, with a value of €1.37 billion. In this way, it has sufficient land to build 2,245 homes in the region, out of its current portfolio capacity (for the country as a whole) of 13,044 homes.

Original story: El Mundo 

Translation: Carmel Drake