Archive for April, 2010

Mutualidad de Abogacia buy office building in Gran Via, Madrid

Friday, April 30th, 2010

The Mutualidad de Abogacia have purchased the mixed use building at Gran Via 43 in Madrid for €26.5m representing a net initial yield above 6.5%. The building has a total area of 7,500 sq.m. of which 5,000 sq.m. of office accommodation on the uppermost floors is let to the Comunidad de Madrid. Other tenants, which occupy ground level retail units, include VIPS and Ginos. More information about this and other commercial real estate transactions in Spain is available to subscribers. | i-comparables.com

AEW & Tristan complete Eroski sale & leaseback deal in Spain

Thursday, April 29th, 2010

European Property Investors Special Opportunities (EPISO), a fund co-managed by AEW Europe and Tristan Capital Partners, has completed the sale and leaseback of 12 hypermarket units mostly located in small towns across Spain for approximately €150m representing a net initial yield in the region of 7.4% according to sources. The assets total around 120,000 m2 and have been leased back to Eroski, a Spanish supermarket chain with over 2,000 outlets across the country. Although information regarding finance is confidential i-comparables.com understands that an international bank was involved. Cushman & Wakefield advised the buyers. Linklaters advised the EPISO fund on legal issues and DJV Abogados advised Eroski. | i-comparables.com

Hines agree sale of vacant Barcelona office building at Diagonal 123

Friday, April 23rd, 2010

Bernat Family Office (BFO) have signed an agreement with Hines Interests España to purchase the recently completed landmark office building located at Avenida Diagonal 123 in the 22@ district of Barcelona. The transaction has been leaked to the market by an unidentified source following which the parties decided to issue a press release via transaction agents, Cushman & Wakefield. Transactional information in the Spanish investment real estate market is currently difficult to come by due to the secretive nature of the main buyers, the Spanish family office investors.
The Diagonal transaction is unusual since it involved the sale of a vacant building. Some commentators have remarked that the transaction yield, which is currently unknown, would have been lower had Hines been able to let the building prior to agreeing the sale. However, the i-comparables.com view is that Hines are likely to have agreed a top up on the price if letting goes well. Subscribers of i-comparables.com will find more information on this transaction on the web site:| i-comparables.com

RICS module – Instituto de Empresa to commence 27th May 2010

Friday, April 23rd, 2010

The RICS accredited module of the executive program, Dirección de Empresas Inmobiliarias, commences on 27th May 2010. The program lasts for six weeks until 7th July with an exam on 14th July and comprises 36 classes of 90 minutes each. Classes will be held on Wednesdays and Thursdays from 17:00 until 22:00 and include a 30 minute break. The program is delivered in Spanish by very experienced teachers in senior management positions in active and prestigous companies based in Madrid. Students that pass the course will be eligible to go forward for the final APC interview of the RICS. | i-comparables.com

Paseo de Recoletos 3, Madrid – Spanish commercial real estate investment opportunity

Monday, April 19th, 2010

Commercial real estate opportunity in Spain’s Madrid market. The mixed use building at Paseo de Recoletos 3 in the centre of Madrid has been placed on the market for sale. The property is likely to appeal to private Spanish investors and i-comparables.com understands that the asking price could be in the region of a 5% initial yield. The property is approximately 50% occupied by Uralita. The sales mandate has been awarded to Savills and Catella Property Group on a co-exclusive basis. The building which was constructed in 1975 comprises ground level retail plus six upper office floors with a total area of 5,434 m2 plus four basement levels with 65 parking spaces. The vendor of the property is Ballester which is reported to have paid €71.5m for the building in 2006. | i-comparables.com

Luis Espadas Head of Capital Markets at Savills

Sunday, April 18th, 2010

Luis Espadas has been named as Head of Capital Markets at Savills Spain. Luis was previously responsible for retail investment but will now take overall responsibility for retail (shopping centres, retail warehouses and high street shops), industrial & logistics and office investment. Luis moved to Savills from the retail investment team at Jones Lang LaSalle some six years ago. Savills recently brokered the Ribera del Xuquer shopping centre investment transaction in Carcaixent, Valencia.
The promotion announcement follows some major restructuring within the firm. The company recently made some of its senior British surveyors redundant: Ian Cassidy (previous head of the Barcelona office), David Brown (Investment Madrid) and Gerald Byrne (retail investment Barcelona). | i-comparables.com

World Office Forum

Thursday, April 15th, 2010

WOF Madrid 2010 will take place on 20th May 2010 at the Centro de Convenciones Norte de IFEMA in Madrid. The organisation aims to become a contact point for professionals involved in the office sector in each of its facets: technology, construction, finance and services. Speakers at the event will include Juan Barba of Doughty Hanson, Luis Irastorza of Desarrollo Urbanistico Chamartin, Luis Basagoiti of Mapfre Inmuebles, José Luis Calderón of Deutsche Hypo and Edward Farrelly of CB Richard Ellis. Many more prestigous speakers will also be presenting. | i-comparables.com

Spanish commercial property market reports available to download

Wednesday, April 14th, 2010

i-comparables.com has recently added a dedicated Spanish real estate market reports section to the resources area of its website. All of the main property sectors are covered including offices, retail, industrial and logistics. If you can’t find what you are looking for in the English language section you might find it in Spanish. In all areas of the website you can easily switch between language options without losing your place by simply clicking on the flag icons.| Reports

MDC bid for Madrid Valdebebas Retail Leisure site

Wednesday, April 14th, 2010

Dutch retail shopping centre developer, Muli Development, are attempting to close the purchase of a large development site upon which they could construct a 180,000 square metres retail project and another site for office development of 35,000 square metres. According to sources there is only one other potential purchaser which comprises two investment funds working together and believed to be of British and Spanish origin.

The sites are located close to Barajas Airport, in an expansion area of Madrid known as Valdebebas. The area includes residential, office and retail projects. If the bid is successful Multi are expected to develop jointly with Spanish group, Proactiva Asset Management. A final decision by the compensation committee (Junta de Compensación) could take up to four weeks. | www.i-comparables.com

Goodbye and fond memories of Chris Challinor

Friday, April 2nd, 2010

We are very sad to inform readers of the passing away of Chris Challinor who died in a motorcycle accident in Madrid on Saturday evening 27th March 2010.

To quote from the joint message from Aguirre Newman and Jones Lang LaSalle where Chris had recently been employed: “For those of us who were lucky enough to know him, Chris has left very special memories of his professionalism, kindness and comradeship”.

Chris’s funeral service was held on 6th April. His parents, Dave and Dawn, had requested the attendance of as many people who loved and appreciated him as possible. Over 200 people attended the service including his brother and sister, Anthony and Kate. At the service many very warm and positive comments were made about Chris and the example he set us all.

As intended by the family, the funeral service was a celebration of Chris’s life. Following the service there was a gathering at Larrys Bar, a favourite of Chris’s, for those who wished to share a moment with his family and friends.

My own memories of Chris are those of a very generous and positive individual who knew how to live life to the full. I can truly say that I never heard him speak unkindly about anybody. The only exception to that appears to have been about referees at football matches. He’ll be missed by his many friends and acquaintances in Spain all of whom have their own special memories of him which will stay with us for many years to come.

Stan Dickens – 6th April 2010 | i-comparables.com