Trinitario Casanova’s Baraka Group to Build Hotel in Valdebebas

14 October 2019 The executive Trinitario Casanova is planning on building a new hotel in Madrid Norte, the capital’s new residential area, between Valdebebas and Operation Chamartín. Casanova’s Baraka Group confirmed that it would develop the new hotel on a 38,000-m2 plot of land its owns near to the Real Madrid sports complex and the access to Madrid-Barajas airport. The project reportedly also includes plans for rental offices on the same site.

The area where the hotel will be located is in the ‘Valdebebas Fintech District’ in the new Madrid Nuevo Norte in the north of Madrid, where 11,400 new homes are already under development.

Original Story: La Información – Ana Sánchez Juárez

Adaptation/Translation: Richard D. K. Turner

Tomás Olivo in Talks to Acquire 150,000 M2 of Land in Valdebebas

3 October 2019 –Tomás Olivo’s socimi General de Galerías Comerciales (GGC) is negotiating to acquire 145,790 square meters of commercial land in Valdebebas, where it is looking to develop the largest shopping centre in Spain.

The land is said to be worth 200 million euros, though GGC has yet to offer that much.

The future shopping centre will include 36,500 square meters of office buildings, along with more than 24,500 square meters or parks and green areas.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Acciona Acquires a Plot of Land in Valdebebas as Ferrovial Looks to Sell Another

17 September 2019 Madrid’s real estate sector has seen a series of major transactions in recent months. In the most recent, Acciona acquired a 31,700-m2 plot of land from the company Celteo Business, including 26,018 m2 for residences and 5,755 m2 for stores. According to market sources, the conglomerate paid 2,000 euros/m2, a two-fold increase over the average price just five years ago. The deal, which totalled approximately 63 million euros, secured enough land to build about 260 homes.

Ferrovial, for its part, has decided to wrap up its development business and is looking to sell a plot of land just in front of the Cercanías train station. The firm is asking for about 2,000 euros per square meter or roughly 54 million euros for a 27,200-m2 plot of land. The land consists of 22,700 m2 for residences and 4,500 m2 for stores and would fit about 230 new homes.

Before sales begin on the Madrid Nuevo Norte development, Valdebebas is one of the few areas in Spain’s capital offering new housing. “Valdebebas is the only option for many families looking to buy a newly-built home… while it is also one of the few areas with finalist land for developers,” says Samuel Population of CBRE.

According to a study by Foro Consultores, there are currently 11 new developments underway in the area, totalling 857 new homes, almost half of which have already been sold.

The prices of the homes, according to the same firm, range between 450,000 and 650,000 euros, with the average price per square meter between 3,800 and 3,700 euros.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Metrovacesa to Develop Offices and Hotels on 1.2 Million Square of Land by 2023

20 August 2019

Last year, Metrovacesa revealed that its holdings include a gigantic, 6-million-m2 portfolio of land, enough to build 40,000 new homes. That total also 1.25 million square meters of land slated for the construction of offices, hotels and logistics assets.

The firm announced its intention to “sell or develop” most of the 1.25 million square meters by 2023. Metrovacesa revealed plans for four major developments, accounting for 60% of the land bank, in a total investment of almost €390 million. The projects include La City and Loinsa in Barcelona and Clesa and Valdebebas in Madrid. Spain’s two biggest cities account for 86% of the portfolio, and 94% of those lands already have urban planning permits.

The largest of the four is City Metropolitana, in Barcelona’s L’Hospitalet de Llobregat, with a buildable area of ​​135,000 m2. The property company plans to build mostly offices on the site, along with up to 20,000 m2 for hotels. Metrovacesa also has 58,131 m2 of buildable land in Madrid, where it plans to build Valdebebas. That project will likely consist of a 4-building office complex.

Original Story: Cinco Días

Adaptation/Translation: Richard D. K. Turner

Real Madrid to Invest €525M in the Modernisation of the Bernabéu Stadium

2 April 2019 – Eje Prime

On Tuesday, Real Madrid and the Town Hall of the Spanish capital announced the launch of a project to modernise the Santiago Bernabéu stadium, which will see a total investment of €525 million. The work will begin at the end of May and is due to be completed at the end of 2023, with no planned disruption to the fixture schedule during that period.

According to the club’s President, Florentino Pérez (pictured above, right), Real Madrid has already spent €500 million upgrading its facilities since 2000. Specifically, it has invested €256 million in several updates to the stadium and another €231 million in the construction of the Ciudad Real Madrid training ground in Valdebebas.

The latest project, designed by GMP Arquitectos/L-35/Ribas will involve a new step in the transformation of the stadium, although few details have been revealed at this stage. During the first phase, the La Esquina del Bernabéu shopping centre will be demolished to create a large square and another square will be built next to Paseo de la Castellana.

In total, 23,000 m2 of space will be freed up and distributed between stores and restaurants to complement the museum, which will also be expanded. The capacity of the stadium will also be expanded by 1,000, which will be dedicated in their entirety to people with reduced mobility or some kind of disability.

It is not yet known who will carry out the work or how the project will be financed, but a tender process for the execution of the work is scheduled to open in April. Four companies are predicted to participate: Acciona, FCC, Ferrovial and San José.

Original story: Eje Prime (by M. Menchén)

Translation/Summary: Carmel Drake

The Bidding Opens for the Largest Plot of Tertiary Land in Madrid

20 March 2019 – Expansión

Savills Aguirre Newman is marketing more than 180,000 m2 of land for the development of retail, hotel and office properties in the Valdebebas area of Madrid. It is the largest undeveloped tertiary use plot in the capital and the surface area for sale has been divided into three zones, all of which are being managed by the Valdebebas Compensation Board. The owners of the land include Monthisa, Bisbel, Vivienda Económica, Celteo, Coindeco and Inmobiliaria Espacio.

The plan is for the sale of the land to be completed by the beginning of the summer, which means that a large number of investors will be able to participate. Retail, hotel and office property developers have already expressed interest in the site, although no firm offers have been received yet.

The development of this new area was unblocked in February, after five years on the backburner, when the Town Hall of Madrid dismissed all of the appeals against the approval of the economic reparcelation project of the Valdebebas land.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

The Land for Spain’s Largest Commercial & Leisure Centre Goes on Sale

21 February 2019 – El Economista

The Madrilenian neighbourhood of Valdebebas is going to become home to the largest commercial and leisure complex in Spain. The first steps to make that possible have been taken today, as the Valdebebas Compensation Board has granted Savills Aguirre Newman the sales mandate for the land on which this new commercial and entertainment space is going to be built, to the north of the city, according to confirmation provided by sector sources speaking to El Economista.

The land has a buildability of 145,790 m2 for commercial space, in addition to a plot for offices measuring more than 35,400 m2 and green areas spanning another 24,500 m2.

The land that is going on sale now has historically been known as the Commercial Block of Valdebebas. Initially, a large shopping centre was planned for the site, but the Compensation Board designed a new plan to build more social housing units and a school. That new plan, approved by the Town Hall of Madrid in 2014, was subsequently appealed and overturned by the Supreme Court, and so the land has been returned to its original use.

According to explanations provided last year by the President of the Valdebebas Compensation Board, César Cort, in an interview with this newspaper, several investors have approached the Compensation Board interested in this plot, however, the Board wants “to carry out a transparent process that is completely secure legally”.

In terms of the price, Cort said that it will be “a high figure”. “When this same product was sold to Metrovacesa and Riofisa, the price amounted to more than €200 million, but it will not necessarily be the same figure”, explained Cort, who assured that “we plan to sell the land during the first half of 2019”.

Residential activity

Currently, around 18,000 people live in Valdebebas and the population is expected to double to around 35,000 inhabitants over the next three to four years.

Besides the launch of the commercial block, the Town Hall of Madrid has already started to grant building permits in the residential market. In this way, there are plans afoot for the construction of 48 residential developments, which will result in the construction of 3,800 homes in total, which represent one third of the 11,400 homes planned for the Valdebebas area.

During the first few months of the year alone, more than 20 developments will obtain licences to begin the construction of 2,000 homes.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Carmena Frees Up Valdebebas and Will Sell 145,000m2 of Commercial Land

2 February 2019

A little more than three months before the municipal elections, the Madrid City Council has opted to help real estate boost the development of Valdebebas. The Governing Board of the Madrid City Council has agreed to dismiss all appeals filed against the final approval of the Valdebebas Economic Redevelopment Project.

The decision would, in practice, give a green light to the Valdebebas Compensation Board to sell plots of land for a large commercial centre with 145,794 buildable square meters and 36,448.50 buildable square meters of offices. In November 2017, almost a year and a half ago, the Board was forced to revise its 2013 urbanisation and economic rezoning project to get the Madrid City Council to once again grant building permits, which had been stopped by the municipality after it accepted the ruling by the Court of Justice of Madrid invalidating the economic rezoning project.

In October 2014, the Madrid City Council finally approved the urbanisation and rezoning project for Valdebebas that reduced the commercial area from 114,000 to 56,000 square meters, to include the construction of a private school, about 900 subsidised homes and 100 market-priced homes. The plots for the homes and the private school sold, but the Compensation Board had to cancel the sales due to the Court of Justice of Madrid’s decision. Those affected then were the school Joyfe, Pryconsa, Premier and Valdecam. In addition, all the urbanisation works for the commercial area will have to be demolished, which will entail a cost for the original owners of the land of 1.5 million euros.

The development of the commercial area has been frozen until today, after the judicial resolutions that annulled the Special Plan approved by the Cibeles Plenary on October 30, 2014 and today’s decision also presupposes the resumption the routine concession of construction licenses in Valdebebas to conclude its development.

Original Story: El Confidencial

Translation: Richard Turner

B&B to Open the First Hotel in Valdebebas

29 October 2018 – Expansión

The hotel chain B&B Hotels – owned by the fund PAI Partners – is arriving in Valdebebas with the objective of opening the first hotel in that urban development to the northeast of Madrid in 2021.

To this end, the French chain has signed an agreement with Filasa, the owner of the land on which the establishment will be built, for the rental of the plot in Valdebebas for a minimum period of 10 years.

Two buildings are going to be constructed on the plot, which has a buildable surface area of 8,000 m2. The first, which will span a surface area of 4,400 m2 and be shaped in a stepped-structure, will house the 150-room hotel. The second, which will span 3,200 m2 and take the form of a cube, will be used for offices. This property will also have a premise measuring 400 m2.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

GMP’s Profits Rose by 81% YoY in H1 to €111.8M

26 October 2018 – Eje Prime

GMP has seen its profits soar and its revenues remain stable. The group recorded a profit of €111.8 million during the first half of 2018, up by 80.9% compared to the same period in 2017, according to a statement filed by the company with the Alternative Investment Market (MAB).

On the other hand, the company recorded revenues during the first six months of €49.5 million, in other words, 0.8% below the figure registered during the period from January to June 2017. Similarly, the EBITDA of GMP was €33.7 million in H1 2018, up by 4.3% compared to the previous year.

Founded in 1979, GMP specialises in the development, investment and management of prime offices and business parks in Madrid. The company, which made its debut on the MAB in July 2016, bases its business on the rental of the properties that it owns.

Currently, the Socimi has a portfolio of sixteen assets, which comprise a total of twenty-seven buildings and have a combined gross leasable area (GLA) of 360,000 m2. All of them are located in Madrid, as is the buildable surface area spanning 65,105 m2 that the group owns and which is concentrated in the urban developments of Valdebebas and Las Tablas.

GMP’s project portfolio also includes a residential tourism development in Alicante, which goes by the name of Las Colinas Golf&Country Club. Nevertheless, one of the company’s most recent operations involved the disbursement of €24 million for the construction of a prime office block in Madrid (see photo).

GMP was a family-owned company until September 2014 when GIC Private Limited, which has a presence in other companies in the Spanish real estate sector, such as in the P3 Logistic Parks group, entered the shareholding by acquiring 32.9% of the share capital. That operation included an investment amounting to €200 million, capital that has allowed the company to go for gold in the Madrilenian office market.

Original story: Eje Prime

Translation: Carmel Drake