Archive for October, 2010

Former Canadian Embassy HQ for sale in Madrid, Spain

Thursday, October 28th, 2010

Savills have obtained the exclusive sales mandate of the third and fourth floors of the building located at Calle Nuñez de Balboa 35, formerly the HQ of the Canadian Embassy.
The property amounts to 1,278,95 square metres distributed on two floors plus 15 parking spaces and an archives area of 30 square metres. The seven storey building in which the property is located has excellent quality finishes and one of the tenants includes the Swiss Embassy which is located on the seventh floor.
The building is situated in the Salamanca district of Madrid, at the junction of Calle Nuñez de Balboa and Calle Goya which is one of the most commercial areas within the capital.

For more information about commercial investment property available for sale in Spain contact | i-comparables.com

Rreef and Moor Park to resell BBVA and Sabadell office and bank branch portfolio

Monday, October 18th, 2010

Office and bank branch investment portflios for sale in Spain

Moor Park and Rreef, which purchased the office and bank branch portfolios of Banco Sabadell and BBVA a few months ago, have started to put the properties back onto the market with the objective of achieving quick capital gains.

Moor Park, owner of the Banco Sabadell portfolio and Rreef which owns the BBVA properties, are offering limited sized portfolios and individual properties to institutional and private investors through various real estate consultancy companies.

Commentators claim that the decision to resell is a sign of confidence in the market which has witnessed low transaction volumes again this year. The properties imply very low risk for the buyers given that the initial sale of these properties was undertaken on a sale & lease back over a long period of time.

Rreef, owned by Deutsche Bank, initially purchased 948 bank branches from BBVA for €1.2bn in September 2009, at initial yields of between 6% and 7%. In March, Sabadell sold 378 bank branches to the British fund, Moor Park Capital Partners, for €403m, with an implied initial yield of 6.65%.

Moor Park has initially placed a portfolio of 50 Sabadell branches on the market, comprising some of the best located properties which it previously acquired, half of which are in Madrid. The properties are being offered at yields in the region of 5%.

For more details on distressed property assets and investment real estate transactions news in Spain contact | i-comparables.com

Reyal Urbis sells office building in Madrid for €16.6m

Monday, October 4th, 2010

Corporate office sales transaction in Madrid, Spain

Reyal Urbis has sold one of its office buildings located at Calle General Pardiñas 73 in Madrid for €16.6m. The sale falls within the terms of the business plan Reyal Urbis agreed with its bankers as part of the refinancing packeage signed in May 2010. The building was previously occupied by Reyal Urbis as one of its headquarters. The purchaser is the Chinese Cultural Centre of Madrid which will use the building as its Madrid HQ.

For more information on historical sales of large and small commercial buildings and properties in Spain contact | i-comparables.com

S&P increase Gecina (Metrovacesa) rating

Friday, October 1st, 2010

Spanish commercial real estate news

Standard & Poors’s rating service has increased the long term debt rating of Gecina to “BBB-” from “BB+” and states that the stable outlook reflects their view that Gecina will continue to exhibit a stable performance in line with the investment-grade rating.

The rating agency indicated that Gecina has resolved the issues affecting the shareholding of the company, in reference to its main two shareholders, Joaquín Rivero and Metrovacesa.

At the same time, the short-term corporate credit and debt ratings on Gecina were raised to ‘A-3′

For transactions information on the Spanish commercial real estate market contact | i-comparables.com