Vivenio, Millenium & Atom Invested €543M in New Purchases in 2019

9 January 2020 – Eje Prime

Vivenio and the hotel Socimis drove the MAB in 2019. The Socimi controlled by Renta Corporación, plus Millenium Hoteles and Atom Hoteles together invested €543 million in new acquisitions during 2019. That figure accounted for 71.2% of all the funds spent on asset purchases by the MAB’s Socimis during the year.

Specifically, Vivenio invested €234 million, including €75.5 million on some of the Operación Calderón plots; Millenium closed 3 operations amounting to €192.4 million, including the purchase of 2 buildings in central Madrid which it is going to convert into a 5-star hotel; and Atom Hoteles spent €116.6 million on 5 hotels in Madrid, A Coruña, Cádiz, Tenerife and Gran Canaria.

In total, all of the Socimis on the MAB spent €762.1 million on the purchase of assets during 2019, up by 34.1% compared to 2018.

Original story: Eje Prime (by Marc Vidal Ordeig)

Translation/Summary: Carmel Drake

Spain’s Build-to-Rent Sector Found its Stride in 2019

4 January 2020 The build-to-rent sector is taking off in Spain. A series of large players are piling into the market, and the sector is no longer considered a niche investment. One of the first deals of 2019 came when Metrovacesa announced the sale of 121 new-build homes to the rental operator Ares for 29 million euros. The homes belong to two residential developments in Arganda del Rey and the Spanish capital of Madrid, with deliveries planned for the end of 2020 and 2021, respectively.

The developer Aedas Homes also reached an agreement with Ares to build 500 rental homes. Aedas will lead construction and sales in return for a payment of 70 million euros from Ares.

In October, Aurea Homes and the socimi Vivenio agreed to a 150-home development in Móstoles as well. The project is Vivenio’s second foray into the build-to-rent sector after it negotiated a 370-home development with Azora in Cañaveral, Madrid.

Just this November, ASG also jumped into the fray when it acquired a 300-flat project San Sebastián de los Reyes, Madrid in a €40-million investment.

El sector de construir de ‘build to rent’ está despegando en España. Una serie de grandes investidores se están entrando en el mercado, y el sector ya no se considera una inversión de nicho. Una de las primeras ofertas de 2019 se produjo cuando Metrovacesa anunció la venta de 121 viviendas de nueva construcción al operador de alquiler Ares por 29 millones de euros. Las viviendas pertenecen a dos desarrollos residenciales en Arganda del Rey y la capital Madrid, con entregas previstas para finales de 2020 y 2021, respectivamente.

La inmobiliaria Aedas Homes también llegó a un acuerdo con Ares para construir 500 viviendas de alquiler. Aedas liderará la construcción y las ventas a cambio de un pago de 70 millones de euros de Ares.

En octubre, Áurea Homes y la socimi Vivenio también acordaron un desarrollo de 150 viviendas en Móstoles. El proyecto es la segunda incursión de Vivenio en el sector build to rent después de negociar un proyecto de 370 viviendas con Azora en Cañaveral, Madrid.

ASG también se lanzó a la refriega cuando adquirió un proyecto de 300 pisos en San Sebastián de los Reyes, Madrid, con una inversión de 40 millones de euros.

Original Story: Idealista

Translation/Summary: Richard D. Turner

Vivenio Acquires the Edificio Consulado in Central Madrid

11 December 2019 – Vivenio, the socimi controlled by the Dutch giant APG and the Catalan real estate firm Renta Corporación, have acquired the historic building located at Calle Atocha 38, in central Madrid.

The property was the home of the Consulate cinema and the club of the same name for many years and is a part of the city’s history. The Edificio Consulado has 47 rental flats, each with allocated storerooms and parking. Vivenio is thought to have paid roughly 24 million euros for the asset.

Original Story: El Confidencial – Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

Investments in the Build-to-Rent Sector Skyrocket in 2019

21 November 2019 – Investment funds and socimis active in the Spanish real estate market are increasingly investing in the residential build-to-rent sector. The constrained supply of rental housing and growing prices have led to funds and socimis like Ares, Vivenio, Azora and others to pile into the growing market.

Direct investment in the year to September reached €1.8 billion and are forecast to total €2.5 billion by the end of the year. In 2018, investment for the year as a whole reached just 900 million euros.

Funds and Socimis Invest in New Developments

The of the larger operations this year include a partnership between Aedas and Ares to sell four turn-key developments, with a total of 500 homes, in Torrejón de Ardoz, Alcalá de Henares and El Cañaveral (Madrid). Ares also recently acquired a portfolio of 400 homes to the east of Madrid. Stoneweg, for its part, will transfer a 300-flat development in Tetuán, Madrid, to M&G, while Vivenio is investing in a 340-home project in the growing area of Mahou-Calderón.

At the same time, Vivenio and Azora have joined forces with Áurea to develop projects in Móstoles and Cañaveral. Acciona, meanwhile, has finalised a deal to build 135 homes with Axa in Méndez Álvaro. Lastly, TPG is investing in a 391-home development called the Sardes project.

Financing for the developments usually takes the form of either forward funding or forward purchases. The former, which is used by investors looking for higher returns, and risk, usually involves an investor acquiring land from a developer subject to a pre-let but where the development has not been carried out. The developer will construct development paid for by the fund with an additional, profit-related, payment to the developer at completion. Forward purchases, which are considered more conservative, have the developer assume all costs until delivery.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner

Amenabar Wins Bidding for Ferrovial’s Land in Valdebebas

8 November 2019 – Amenabar won the bidding for a plot of land put on sale by Ferrovial in Valdebebas, just in front of the Cercanías RENFE stop in Madrid. The firm won out over Vivenio and Acciona, offering 56 million euros for the developable land. Amenabar has thus consolidated its position as the largest developer in the region, where it will build a total of nine developments, with approximately 1,000 new homes.

The sale fell in line within Ferrovial’s expectations, which had been around €2000/m2. The land measures a total of 27,200 m2, 22,700 m2 for residential development and 4,500 m2 for commerce, enough for roughly 230 new homes. Knight Frank provided Ferrovial with advice on the transaction.

The region of Valdebebas has seen several major transactions in recent months. A few months ago, Acciona also paid about €2,000/m2 (63 million euros) for a 31,700-m2 plot of land from Celteo. The land, which is located nearby Amenabar’s new asset, has enough land for about 260 homes.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Acciona, Amenabar and Vivenio Vying to Acquire Land in Valdebebas from Ferrovial

8 November 2019 – Ferrovial has received three firm offers for a plot of land in Valdebebas, just in front of the Cercanías stop. The three firms vying for the land are Amenabar, Vivenio and Acciona.

The land has a total of 27,200 square meters of surface area, 22,700 m2 for residential and 4,500 m2 for commercial development. Ferrovial expects to pocket roughly 2,000 euros per square meter, approximately 54 million euros. The land has enough space to build about 230 homes.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Vivenio Partners With Áurea Homes to Build Rental Housing

24 October 2019 – Áurea Homes, the developer owned by the construction company ACR, has reached an agreement with Vivenio to build a turnkey project with 150 homes in Móstoles. Áurea had initially owned the land, but it sold it to Vivenio after having completed the first phase.

This operation will be Áurea second in the rental housing segment. The developer is also about to finalise an agreement to build another 400 rental rent homes in four new developments, including two in Madrid, one in Pamplona and one in Sabadell.

With this operation, Vivenio’s property portfolio will total nearly 5,000 homes.

Original Story: Cinco Días – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Vivenio to Issue New Shares Worth €149.9 Million

14 October 2019 Vivenio, the Spanish socimi controlled by the Renta Corporación and the Dutch fund APG, has launched a €149.9-million capital increase. The socimi will issue 127.1 million new shares with a value of one nominal euro each and an issue premium of 1.18 euros per share. Should investors fully subscribe the capital increase, the company’s total share capital would rose to €564.6 million.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Vivenio Acquires Three Apartment Blocks in Madrid and Barcelona

29 August 2019

Vivenio, a socimi owned by Spain’s Renta Corporación and the Dutch fund APG, has acquired three residential buildings, all currently occupied by rental tenants. The assets, which the socimi purchased from Fidere, will add a total of 500 new flats to Vivenio’s portfolio. Two of the apartment blocks are in Madrid and one is in Barcelona.

The deal, which is tied to a series of conditions, will cost the socimi a maximum amount of 85 million euros. The socimi has already deposited 25% of the total.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Atlético de Madrid Sells Last Plot of Land by Former Stadium

5 August 2019

Atlético de Madrid has finalised the sale of the last of the three plots of land it owned by its former stadium in the Mahou-Calderón area of Madrid. The football club chose to sell the land to Vivenio for approximately 75 million euros.

The 6,544-m2 plot of land, denominated RC4, has a residential building area of 27,000 square meters. Vivenio, a socimi controlled by the Dutch fund APG and Renta Corporación, intends to develop rental housing on the property.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner