Archive for June, 2010

Danny Kinnoch named as International Investment Director – Savills Spain

Monday, June 28th, 2010

Savills Spain have announced the promotion of Danny Kinnoch to the position of Director of International Investment within the Capital Markets department.

Danny Kinnoch has significant experience within the property sector. Since joining Savills in 2007, Danny has been involved in a number of large assignments with UBS, Henderson, British Land, Grupo Lar, Eroski and others. Before joining Savills, Danny worked in Spain for CB Richard Ellis and previously for Colliers in the United Kingdom, where he obtained his RICS accreditation.
Luis Espadas, Director of Capital Markets for Savills based in Madrid, stated: “Danny’s new position gives perfect equilibrium to our Capital Markets team, which works with national and international investors looking to invest on the Iberian Peninsula as well as Spanish investors who want to invest in Europe and especially in the United Kingdom”.
Danny Kinnoch has a degree in Property Management and Development from the Glasgow Caledonian University in Scotland.|

Valuation Surveyor sought by international consultancy based in Madrid

Friday, June 25th, 2010

Chartered Valuation Surveyor – vacancy based in Madrid, Spain.

Madrid, Spain – international commercial real estate market agency company seeks RICS qualified valuation surveyor for Spanish and English valuation clients including banks, private and institutional investors. Minimum three years post qualification experience required. Initial contact via Stan Dickens at (+34 914 471 700) who will put you in contact with the employer.

For transactions information on the Spanish commercial real estate market contact:

Paseo de Recoletos 3, Madrid sold in record time – Catella, Savills and PwC

Thursday, June 24th, 2010

Office Investment Transaction – Madrid, Spain real estate investment market sale.

Reyzabal family purchase a prime location office building in Madrid. The transaction was completed for a sum of €48m, significantly less than the €71.5m that was paid by the vendor in July 2006. The building has a total area of approximately 10,000 m2 on seven upper and four basement levels. Savills and Catella Property Group had a co-exclusive sales mandate with the vendor, Grupo Ballester. PwC acted for Greynver part of Reyzabal family office.

For more details about this deal and other real estate investment transactions in Spain contact |

Paseo de Gracia 36, Barcelona acquired by Spanish retail group Mango

Thursday, June 24th, 2010

Retail investment transaction, Barcelona, Spain

The Mango group have acquired the 4,600 sq.m. building at Paseo de Gracia 36 in Barcelona, Spain. The building has 1,000 sq.m. of accommodation on each of the ground and basement levels which led to significant interest to acquire the asset located in Barcelona’s prime retail pitch. Grupo Mango, chaired by Isak Andik, were the successful bidder at €50m. Cushman & Wakefield acted for the vendor, Banco Sabadell.

For more information on this retail deal and other commercial real estate investment transactions in Spain contact |

Savills promote Andrew Stevens to head of valuations in Barcelona

Thursday, June 17th, 2010

Savills have announced the promotion of Andrew Stevens as head of valuations in its Barcelona office.

Andrew Stevens has more than eight years experience in the property sector. He is a Chartered Surveyor and has a BLE (Hons) from the University of Aberdeen. Andrew joined the Madrid based international valuations department of Savills in 2006. Prior to this Andrew worked for Jones Lang LaSalle in Madrid and for Gerald Eve in Scotland. |

W.P.Carey acquire two logistics warehouses from Eroski in Spain

Thursday, June 17th, 2010

Spanish real estate market logistics investment portfolio transaction – Elorrio and Mallorca, Spain

W. P. Carey through CPA: 17 – Global fund, one of its publicly held non-traded REIT affiliates, have acquired two warehouse logistics facilities in Elorrio and Mallorca, for a total consideration of €43 million. This is the second transaction with Eroski in seven months and brings the combined total of financing provided by the W. P. Carey Group to Eroski, to more than €115 million. The properties are leased to Eroski under long term leases. Cushman & Wakefield were transaction advisors to the parties. |

ING Real Estate acquire Bilbondo Shopping Centre for €50m from Eroski

Friday, June 11th, 2010

Over the last six weeks the number of large investment transactions taking place in the Spanish commercial investment market has taken an enormous leap. However, for the most part investment brokers are not smiling since in many cases the transactions have been undertaken without their help, as subscribers to will know.

The latest transaction news is that ING Real Estate has acquired the Bilbondo shopping centre in northern Spain for its “Iberian Value Added Fund” (IVAF) at a price of €50m. The seller, the hypermarket and distribution chain Eroski, have taken a long leaseback on the hypermarket unit which represents a good covenant providing secure income for the buyer. It appears likely that ING will refurbish and extend the shopping centre once planning permission is approved. Bilbondo was one of the first Eroski hypermarkets to be constructed and will benefit considerably from ING’s professional input.

ING is one of the largest owners of shopping centres in Spain with a very professional and experienced team. The fund managers appear to be well positioned to take advantage of any opportunities which manifest themselves in the Spanish retail investment market. |

Avenida M40 – Will Sonae sell to the Chinese Traders Association in Spain?

Thursday, June 10th, 2010

One high profile failure in the Spanish retail leisure centre investment market may be about to get a face wash. According to press reports, Portuguese retail leisure centre investor and developer, Sonae Sierra, is in negotiations to sell the bankrupt Avenida M40 shopping centre to the Chinese Traders Association in Spain.

Sonae have been looking for a solution to the failing centre for a long time but have not been able to prevent its continuing decline to its present sate which is now one of almost complete abandonment. The poor performance is due to the location of the centre which is in a low income area next to the M40 ring road to the south of Madrid. Since inauguration, some 10 years ago, significant new competition has opened up within a short drive time which has not helped Sonae Sierra turn Avenida M40 around.

The outstanding debt of the centre is not helping matters. The initial bank debt was for an amount of €68.25m and currently is understood to stand at around €40m. The offer from the Chinese is understood to be slightly below this amount. Construction of the centre was a rare error made by Sonae Sierra demonstrating that even the biggest, and most professionally run companies, can sometimes make mistakes.

Exactly what the Chinese Traders Association in Spain intend to do with the centre remains to be seen. However, sources indicate that one of the aims is to make a trip to the centre an interesting cultural experience. The retail gallery units are likely to focus on the sale of up-market Chinese foodstuffs, clothing and other good quality products. Whatever the Chinese do with it, understands that the centre gallery area would definitely not be used for the sale of low quality Chinese products although the hypermarket could be turned into a wholesale distribution centre serving small to medium sized Chinese retailers. comment: If the sale does complete it will represent “a first” in the Spanish shopping centre investment market. Maybe it will be “a first” in the European real estate market also. Sellers take note! |

Sabadell acquires Telvent HQ building in Alcobendas, Madrid from Acciona

Friday, June 4th, 2010

The volume of transactions in Spain’s office investment market has taken a giant leap over the last few weeks. The latest transaction to come to light is the purchase by the Property Investment Fund of Banco Sabadell which has acquired the Telvent HQ building in Alcobendas, Madrid for €51m representing a 9% initial yield. More details of this transaction are available to subscribers of

Other recent office transactions in the Spanish investment property market include Barcelona: Avenida Diagonal 640 and 123 and in Madrid: Caja Madrid building in Las Rozas; an office building owned by Metrovacesa in Calle Princesa, the Reyal Urbis scheme in Paseo Castellana 200 and the purchase by the Mutualidad de Abogacia of buildings in the Gran Via and Calle Recoletos and Mapfre’s sale of the 18,000 m2 Masters II office building.

For more information on Spanish real estate commercial owner occupier and investment transactions contact Spain’s leading on-line database supplying real estate transactions comparables and property deals information. |

Tasinsa: Tres Cantos industrial building sold to Specialized Bicycle Components

Friday, June 4th, 2010

Tasinsa is one of the smaller, but nonetheless very active, real estate brokers in the Spanish commercial property investment and owner occupier sectors. The latest industrial property transaction by Tasinsa was completed last week comprising the sale of a 3,210 square metre industrial unit in Tres Cantos, Madrid to Specialized Bicycle Components, a Californian based bicycle components supplier. The unit has been recently refurbished. For more information on this, and other Spanish real estate investment and commercial owner occupier transactions contact |