Archive for the ‘Commercial investment properties available for sale in Spain’ Category

Catalonia, Andalusia to divest RE assets worth €950m

Tuesday, October 11th, 2011

Amid belt-tightening measures, Spain’s regional governments are freeing up a large portfolio of real estate assets, with Catalonia and Andalusia selling buildings worth a combined €950m, seeking sale-and-leaseback deals in order to remain as tenants.

Catalonia aims to pocket €550m before the end of the year with the sale of 37 properties, among them the city’s stock market on Paseo de Gracia, one of the most expensive streets for European real estate, and the building housing the agriculture secretariat. Brokers Jones Lang LaSalle and Aguirre Newman are advising the sale.

Andalusia is aiming to pocket €400m with the sale of 76 buildings, including the culture secretariat in Granada and youth centres in Málaga, for which the government will pay up to €30m annually in rent.

For more information on these Spanish office investment transactions please contact i-comparables.com

Seven consultants bid to sell the buildings of the Generalitat

Wednesday, September 14th, 2011

“The consultants are required to sell the buildings before the end of the year”.

According to Spanish business daily, Expansión, a total of eight property agency companies have submitted bids for the tender process by the Generalitat (Catalunya Regional Government) for the sale of public buildings. Seven of these have passed the first round and one (AOS) failled the test.

Following the second round to be held next week, which will be of a legal nature, two property consultants will be chosen to sell the two property lots and the winners will be announced at the end of the month. One of the conditions neccessary to pass is to have annual invoicing in excess of €10 million.

According to sources close to the process, three consultants have beeb preselected for lot number 1: Cushman & Wakefield, Aguirre Newman y Colliers. The four which have opted for lot number 2 are CB Richard Ellis, Jones Lang LaSalle, BNP Paribas and Knight Frank. The two lots comprise thirteen buildings each and are valued at €221.8 million and €228.6 milliones. The chosen consultants are required to sell the buildings before the end of the year.

For more information on commercial investment transaction in Spain contact | i-comparables.com

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

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

Bidding intensifies for €160m prime office building at Diagonal 640, Barcelona

Wednesday, May 26th, 2010

Foreign and national investor interest in the Spanish commercial real estate market is still strong. According to the Spanish property and national press, buyer interest in Barcelona’s prime landmark office building at Avenida Diagonal 640 is intensifying. Press articles indicate that two German funds, Deka and Rreef have made bids with the Deka bid rumored to be the highest.

The Rreef bid is apparently associated with Metroinvest, the investment group of Spanish savings bank La Caixa and two Spanish family offices, Gallardo (owners of Almirall) and Costafreda (founders of Panrico). Realia, the owners of the building, consider that the value of the building is €160 million which makes it the largest ongoing sale in the Spanish commercial real estate investment market at the current time. | i-comparables.com

Barclays to sell another 34 branches in Spain – Jones Lang LaSalle instructed

Thursday, May 6th, 2010

Barclays have put up another Spanish commercial property investment portfolio for sale and leaseback, this time of 34 bank branches.
The bank has a network of 586 branches throughout Spain and has been selling many of these over the last few years. In 2008 it sold 24 branches to Redevco in a transaction reported at €65m. The bank also sold a unit in Paseo de Gracia, Barcelona some 12 months ago for around €20m. Colliers International acted in one of the last portfolio sale and leaeback transactions for nine Barclays bank branches around Spain towards the end of 2009.
The largest transaction recorded by i-comparables.com for Barclays in the Spanish real estate investment market took place in 2006 for a price of around €115m. This was for the office investment building located at Calle Mateo Inurria, Madrid, Spain.
According to sources close to the transaction the current offering is the last Spanish property investment transaction which Barclays intend to undertake this year. Jones Lang LaSalle have been given the exclusive mandate. | i-comparables.com

Jorge Juan 32, Madrid – investment sales mandate goes to Aguirre Newman

Tuesday, May 4th, 2010

Spanish commercial real estate consultancy firm, Aguirre Newman, have signed an exclusive sales mandate on the building located at calle Jorge Juan 32, Madrid. Located between Calle Velázquez and Calle Núñez de Balboa this street section has recently been subject to improvement works.
The propery has an area of 3,563 square metres and until recently was in educational use. Aguirre Newman confirm that the building has consent for a change of use to residential which could include an increase in floor area to 3,951 square metres in addition to 44 robotic car parking spaces. As part of the refurbishment the ground and semi-basement floor levels may be used for retail purposes.
According to Aguirre Newman the building characteristics and location make it an attractive investment opportunity in the Spanish commercial real estate investment sector. The potential range of buyers for the property includes private real estate investors, property developers, embassies, hotel owners and office owner-occupiers. | www.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