Xpandia to Invest €43 Million in Hotels in Valencia, Andalusia and Madrid

16 September 2019 – Xpandia, a developer specialising in building hotels, announced that it expects to invest a total of 43 million euros in eight assets throughout 2019. The company currently has five projects underway and is looking to acquire another three. All but one of the assets are located in Valencia and Andalusia. The last is in Madrid and would be Xpandia’s first investment in Spain’s capital.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

Egusa Sells 52,000 M2 of Land To Quabit in Valencia for €26.3 Million

16 September 2019 – A state-owned company, Egusa, in Alboraya, Valencia, will transfer the lands of Port Saplaya to the developer Quabit to settle debts of 26.3 million euros. The 52,000 square meters of land is enough to build 500 new homes.

The beachfront property has an excellent location and good medium-term development capacity. Quabit plans to reactivate the project for the property and begin development with three years. The projects will include common shopping areas and gardens.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Sales in Valencia’s Hotel Real Estate Market Reach €100 Million During the First Six Months of 2019

9 September 2019

The volume of sales in the Valencian hotel sector totalled 110 million euros during the first semester of 2019, 57% more than during all of 2018. Two major transactions significantly boosted that figure, including the sale of the Meliá Valencia hotel for 42.3 million euros and the sale of the Travelodge hotel, a 116-room hotel next to the Valencia airport, for €15 million.

Socimis and investment funds have been the principal drivers of the sales, as the city and its tourism sector have seen a sustained uptick in growth. In parallell, the markets in Madrid and Barcelona have also seemed to reach maturity, providing returns below 5%, about 50 to 75 basis points below those in Valencia.

Original Story: Nexotur

Adaptation/Translation: Richard D. K. Turner

Bilbao-Based Kategora Acquires Office Building in Valencia for Conversion into Apart-Hotel

16 August 2019

The Basque investment firm Kategora has acquired the building that houses the headquarters of Valencia’s PSPV party from the Valencian families Nebot Oyanguren and Pascual. The new owners have given the socialist political party and other tenants one year to vacate the property, which Kategora plans on converting into an aparthotel.

The building, located at Avenida Oeste, 28, in Valencia, is an office building whose owners opted to sell a few months ago. While the building has a market value of 25 million euros, the parties declined to reveal the negotiated sales price. The socialists already had to leave their historic headquarters on Calle Blanquerías de València after having sold it to the Valencian chain Myr Hoteles for 5.8 million euros.

Kategora, which was founded in the Basque Country thirteen years ago by Kepa Apraiz, manage an €80-million portfolio of properties. Its assets include residential properties, tourist apartments and student residences.

Original Story: Levante-EMV – Ramón Ferrando

Photo: E. Ripoll

Adaptation/Translation: Richard D. K. Turner

Goldman Sachs Sells Office Building in Valencia to Zriser

6 August 2019

Goldman Sachs sold a historic building in Valencia, one which formerly housed Bancaja’s Cemeco data centre, located on Avenida Cardenal Benlloch, 67. The buyer, Zriser, which is owned by Ana and Pablo Serratosa, has lately been one of the most active local investors in the Valencian real estate market. The building has a surface area of about 11,000 square meters, including offices and parking.Naturgy, Indra and Haya Real Estate are all tenants.

The two firms declined to reveal the sales price. Grupo Zriser’s real estate division operates more than 27,000 square meters of offices in five buildings located in different areas of Valencia, with an average occupancy rate of over 90%.

Original Story: Expansión – A.C.A.

Adaptation/Translation: Richard D. K. Turner

Initial Approval Given to Metrovacesa’s Plans to Build 1,345 Flats in Benimaclet

6 August 2019

31 years after the project was initially presented, the Valencian government has taken the first step towards authorising the construction of 1,345 homes in the neighbourhood of Benimaclet. Now, Metrovacesa must submit its plans to develop the area, where a change in planning is taken for granted. The municipal government must subsequently authorise the number and possible distribution of the homes, as well as everything related to public facilities.

The developer had already presented a project with towers of up to 30 floors, in the area near Avenida Catalonia Avenue and Calle Emilio Baró. An area for orchards of similar size is also in the plans, as requested by local neighbourhood associations. Even so, those same associations are requesting a decrease in the number of homes and a change in the planned distribution.

Original Story: Las Províncias – Paco Moreno

Photo: J. Monzó

Adaptation/Translation: Richard D. K. Turner

Prygesa Sole Bidder in Valencia Land Auction

19 July 2019 – Richard D. K. Turner

Prygesa won the first land auction for the Valencia Central Park. The firm was the only bidder for the lands, located in the city centre, and resulting from the construction of the city’s new Central Railway Station.

The land around Joaquín Sorolla station, between Maestro Sosa and San Vicente Mártir streets, with 3,507 square meters of surface area, will give way to a 93-home residential complex with a swimming pool, gardens and private paddle tennis court. Construction is set to begin in 2021.

Original Story: Eje Prime

Grupo Nyesa Begins Sale of 20,000-m2 Portfolio of Homes

15 July 2019 – Richard D. K. Turner

Grupo NYESA is selling a portfolio of flats and villas in Valencia, Madrid, Toledo, Cantabria, Murcia and Extremadura, with more than 20,000 m2 of constructed surface area. The properties include apartments, modern single-family homes, charming houses, penthouses. Prices range from 25,000 to more than 230,000 euros.

Original Story: Idealista

Grupo Comatel Buys a Building in Valencia to Open a New Hotel

19 June 2019 – Valencia Plaza

Grupo Comatel has purchased a new 7-storey building on Avenida Germanías, 3, in the centre of Valencia, where it plans to open an MyR hotel.

In this way, the group led by Fidel Molina is continuing to grow its portfolio in the Mediterranean city, where it has set itself the objective of becoming the main luxury hotel chain.

Comatel’s began its quest in 2017, with the opening of its first establishment, Hotel Plaza Mercado, with 24 rooms and an investment of €12.6 million.

Last year, it opened 5 more hotels with an investment of €56 million, including a luxury aparthotel on Calle Calabazas, with 13 rooms and Marqués House, located in the former Café Madrid building, with 30 rooms and a 5-star rating.

Original story: Valencia Plaza (by Begoña Torres)

Translation/Summary: Carmel Drake

Swiss Life Buys a Hotel in Valencia from Grupo Senator for €24.5M

13 June 2019 – Expansión

The Swiss fund Swiss Life has purchased the Hotel Senator Parque Central in Valencia from Grupo Senator for €24.5 million in a sale and leaseback operation.

The 4-star hotel, which has 192 rooms, spans 12,851 m2 and is located in a central area of the Mediterranean city where a large urban park is planned once the nearby railway tracks have been moved underground.

Grupo Senator acquired the property from Sareb in 2017, which itself took ownership after the Valencian property developer that constructed it filed for bankruptcy in 2010.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake