Archive for November, 2010

Retail and leisure expected to lead Spanish investment market volume in 2010

Wednesday, November 17th, 2010

Retail investment market transaction rumours in Spain

i-comparables.com is monitoring rumours of three significant retail leisure deals in the Spanish investment market all expected to complete within the next three to four months.

The transactions involve Ballonte (Portugalete, Basque Country), Centro Commercial Sant Cugat (Cataluña) and Puerto Venecia (Zaragoza). Sources indicate that Ballonte is at an advanced stage of due diligence with a German fund which has not been very active in the Spanish market recently. Sant Cugat is under competetive due diligence with four buyers and is expected to complete early in the new year. The net initial yield is likely to be sub 6.5%. Finally, rumour has it that part of Puerto Vanecia, a very large scheme on which construction recently finished, has a serious offer from an international investment group and a sale could be agreed shortly.

Earlier i-comparables.com research reveals that the Spanish retail investment sector outperformed all other Spanish investment sectors in 2009 with a volume close to €2.5bn, well above the office sector at a volume close to €1.3m. The high retail volumes were achieved as a result of a significant number of bank branch sale and leaseback transactions as well as shopping centre transactions. Spanish retail investment performance is expected to lead the market again this year when final figures for 2010 are published.
For more information on real estate investment transactions and transaction rumours in the Spanish commercial investment market contact | i-comparables.com

Pontegadea evicts Restaura from its Barcelona HQ for non payment of rent

Friday, November 5th, 2010

Tenant insolvency in Spanish real estate commercial investment market

Pontegadea has decided to evict Restaura from a building it owns in Gran Vía, Barcelona for non payment of rent, according to the Catalan daily, La Vanguardia. Apparently, this is not the only problem which Restaura faces with respect to Amancio Ortega, owner of Pontegadea. Fonrestaura Internacional, ownership of which was shared between between Restaura y Ortega, has denounced the Catalan company for non payment of the expenses which it agreed to pay when it was spun off.

Another problem is that Restaura has not managed to persuade the French company, Foncière Financière Colbert to buy either its shares or finance its debt of €420m as it had hoped. A number of assets of the group have already been embargoed by creditors. One such creditor is Spanish bank, BBVA which had taken over all of the mortgages of the property company adding up to more than €70m.

Restaura has now presented a declaration of insolvency of its investment company, Som Tots, which has outstanding credit of €30m and which acts as guarantor for other companies within the group.

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