Archive for the ‘Real Estate Transaction news’ Category

Lar España REIT purchases Egeo office building in Campo de las Naciones, Madrid

Wednesday, December 17th, 2014

Lar España Real Estate REIT has purchased the Egeo office building located in Campo de las Naciones, Madrid from MEAG, the German fund, for €64.9 million. This is the eleventh investment acquisition undertaken in Spain by the REIT following its IPO last March 5th. Cushman & Wakefield advised on the transaction.

The six story property has a lettable area of 18,252 square feet and 350 basement level parking spaces. Currently, the office space is fully occupied. The Campo de las Naciones business park accounted for 57% of real estate investment activity in Madrid during the third quarter of 2014. “With the acquisition of the Egeo building, Lar España Real Estate has doubled the size of its office portfolio in Madrid,” said Arturo Perales, director of the office department of Grupo Lar. Including this transaction, the Spanish REIT has invested €297.4 million of the €400 million raised in the IPO, of which €165.3 million have been allocated to five shopping centres in Irun, Palencia, Albacete, Barcelona and Alicante ; €78.1 million to three office buildings in Madrid; €44.9 million to eight logistics warehouses in Guadalajara; and €9.1 million to a retail warehouse in the capital.

For further information about available and completed commercial real estate transactions and comparables in Spain contact i-comparables.com

Citibank and Mazabi set up a Spanish real estate investment club

Thursday, December 4th, 2014

Today (4th December 2014), Expansion, the Spanish financial newspaper has published an article stating that Citibank has recently commenced a joint venture with Mazabi, a Spanish investment company. The stated objective is to invest €400 million in real estate in Spain, with a target return of 15%.

Citibank has identified Spain as an attractive country for investment, and many large international players have already invested heavily in the Spanish market. To profit from this demand, especially for real estate, Citibank has set up the investment club aimed at High Net Worth individuals (HNWI’s) from all around the world.

Fernando López Muñoz, Director of Global markets for Citi Private Bank for Spain, Italy, Portugal, Latin America and EMEA, has explained that “this club intends to invest a minimum of €200 million in Spain, which could be leveraged to €400 million.”

The club has three years to invest the capital with a possible extension of two years. However, Lopez has indicated that most of the investments will be committed during 2015 and the first six month of 2016.

The Investment Club comprises capital from some 15 to 20 families with a minimum net worth of €100 million each. These families have committed to invest €10 million each in opportunities which have already been identified by Mazabi. However, individual investors are not obliged to invest since they join the club on the basis of a soft commitment. Most of the identified investment opportunities are located in Madrid and Barcelona although some are located in Bilbao, Valencia, Seville and other provincial capitals.

Most of the club members are from Latin America and the Middle-East, but there are also investors from the USA and Europe. The vehicle is projected to last for five to seven years with an expected annual return of 15%.

For information on recent Spanish real estate investment transactions, intelligence on Spanish real estate buyers and sellers, office letting transacions in Madrid and Barcelona and more please contact: www.i-comparables.com

Goldman Sachs buy Spanish Lake property portfolio for €355 million

Tuesday, December 2nd, 2014

Bankia, the rescued Spanish bank, subject to corruption investigations, has announced the sale of the “Lake” property portfolio consisting of 38 Spanish real estate assets including apartment blocks, retail shops and logistics warehouses, to Goldman Sachs, which has paid €355 million for them.

In a statement, Bankia explained the Lake portfolio deal included 27 apartment blocks with a total of 1,336 homes and an area of 125,000 square metres in addition to 1,565 parking spaces, 584 storage rooms and 48 retail units on the ground floor level of the buildings.

Apart from the above 27 residential buildings, Goldman Sachs have acquired nine retail units with an area of 18,000 square metres and two logistics warehouses with an area of 10,521 square metres.

Spanish banks, burdened with as much as €40 billion of repossessed real estate, are under increasing pressure to sell as prices fall and investors return to the market after a property slump. Losses linked to real estate at BFA-Bankia, a banking group forged from a merger of savings banks led by Caja Madrid, pushed Spain into taking a €41 billion European bailout to prop up lenders in 2012.

Firms such as Goldman Sachs and Cerberus Capital Management LP have acquired real estate assets in Spain after house prices dropped by more than 45 percent from their 2007 peak. Last year Goldman Sachs bought apartment blocks and social-housing developments from local authorities in Madrid in a partnership with Spanish private-equity firm Azora Capital SL.

For detailed information about transactions in the Spanish real estate investment market contact i-comparables.com.

Spanish REIT completes purchase of bank and office portfolio for €740

Thursday, July 3rd, 2014

The Merlin Properties REIT has completed the purchase of Tree Inversiones Inmobiliarias (Tree Investment Properties), owner of 880 bank branches and five buildings, all occupied by Spanish bank BBVA on long term rental contracts. The amount of the transaction was €739.48 million.

This is the first tranche of assets acquired by the REIT, managed by the Spanish fund manager Magic Real Estate, which starred last Monday in the biggest Spanish stock market launch over the last three years.

Merlin already had an agreement with the shareholders of Tree Investments to complete this purchase, but the deal was conditional on the successful IPO of the REIT.

Tree Investments has until now been owned by Deutsche Bank, Banca March, Ares Capital Management and Europa Capital.

The lease of the bank branches extends to 2039 and in the case of the office buildings, until 2029.

Merlin issued a statement in which it said that the purchase of this portfolio is the “starting point” for “a series of investments”, which it will undertake over the next few months.

For access to the commercial real estate transactions database including the Spanish real estate investment market and office lettings transactions in Madrid and Barcelona contact i-comparables.com

Invesco buys Madrid Titán 4 tower from Pramérica for €40m

Friday, November 18th, 2011

German investment fund manager Invesco has bought the Titán 4 office building in Madrid for €40m from Pramerica, the real estate arm of US insurance firm Prudential. The sale of the tower, located in the Méndez Álvaro neighbourhood in the south of Madrid, is the largest single-asset transaction so far this year in Spain.

Pramérica bought the tower, which is a recent build, from Nozar in 2008. The building is currently rented to Adif, the railway infrastructure management company, and has a total area of 10,300 square metres and 218 parking spaces, according to the broker for the operation and future manager of the building, Cushman & Wakefield.

“This transaction has been possible thanks to the excellent quality of the building and its privileged location, despite of Spain’s current difficult market situation. A well-known tenant has also played an important role. High quality well- located product such as Titán 4 are the type of asset that international investors are looking for,” according to Jaime Alonso-Allende, Head of Office and Industrial Investment of C&W in Madrid.

For more information on this investment transaction and others in the Spanish real estate market contact
| i-comparables.com

Värde exchanges contracts on Spanish retail portfolio deal at bargain price

Wednesday, November 9th, 2011

The US opportunistic investor Värde Partners is close to finalising the purchase of a retail portfolio across Spain currently owned by APN European Retail Property Group.

The Minneapolis based opportunistic investor is making its first purchase in the Spanish market with the acquisition of four assets. Värde is understood to be paying €70m in cash for the properties. Although there has been comment in the market that Spanish broker Aguirre Newman is advising the buyer and that Jones Lang LaSalle is advising the seller, i-comparables has been unable to confirm this.

The portfolio comprises La Vega retail mall in Madrid; two retail warehouses with three tenants located close to Pamplona, Navarra; the 31,000 m2 Cuadernillos Retail & Leisure Park in Alcala de Henares, Madrid and the Festival Park, factory outlet centre, in Palma de Mallorca.

According to PropertyEU, APN and RBS (the lender) put the assets on the market in May this year. Indicative offers were submitted by June, with three parties selected to make binding bids by end-July. However, due to growing financial market volatility and tighter financing, the vendors decided in September to re-open the bidding process to new buyers, including Värde, which recently emerged as the preferred party.

For more information on Spanish retail investment and other property transactions contact | i-comparables.com

RBS disposes of 50% stake in Madrid, Barcelona offices

Saturday, November 5th, 2011

Royal Bank of Scotland (RBS) has sold its 50% stake in two Madrid office buildings and one in Barcelona to Madrid-based Drago Capital and a US institutional investor for an undisclosed sum.

The bank, together with Drago, acquired 100% of the assets for €315m in 2008.
The buildings in Madrid, at Gran Vía 32 – which also contains retail units – and Miguel Yuste 40, and at Caspe 6-20 in Barcelona, are all leased by Prisa, Spain’s largest media conglomerate and owner of El País newspaper and Cadena SER radio, which sold the assets in 2008 in a sale-and-leaseback deal. The Gran Vía building also contains ground-floor retail units.

Madrid-based Drago Capital manages a real estate portfolio across Spain and Portugal valued at €2.7bn, including more than 1,200 bank branches of Santander and Bankia.

RBS currently has four shopping malls on the market, located in Madrid, Mallorca and Pamplona, and managed by Melbourne-based APN Property Group, which is withdrawing from the Spanish market.

For more information on property transactions in Spain contact | i-comparables.com

Spain – “In 2011 the national property investment market will record its lowest investment volume in a decade.”

Thursday, October 27th, 2011

“The turmoil in the global economy is holding back investment activity in southern Europe and Spain. In 2011 the national market will record its lowest investment volume in a decade. Although there is product available, investors are increasingly conservative and continue to wait for the perfect investment. The increase in the cost of financing and growing problems in gaining access to credit are slowing down sales processes.”

Danny Kinnoch – Director International Investment, Savills. 27th October, 2011.

Acciona sells Splau! mall to Unibail-Rodamco for €185m

Monday, October 10th, 2011

Madrid-based infrastructure and renewable energy firm Acciona has sold the 54,000 square-metre Splau! mall in Barcelona to French/Dutch real estate investment trust Unibail-Rodamco for €185m, in a sale aimed at cutting debt, according to Spain’s National Stock Market Commission (CNMV).

“The sale is part of our mature asset rotation policy in order to maximize growth potential and returns on investment,” Acciona said in a statement.

Acciona had initially been seeking €200m for the shopping centre, which comprises 160 retail units, including brands such as Zara, H&M, MediaMarkt, an 18-sala cinema and a Mercadona supermarket. Acciona built the mall in conjunction with Grosvenor and Lar Group but took full control of it in 2007.

Jones Lang LaSalle represented the vendor in the transaction.

For more information on this transaction and other retail investment deals in Spain contact | i-comparables.com

Eroski sale & leaseback of 22 Basque Country supermarkets

Friday, April 1st, 2011

Retail investment portfolio transaction completes in northern Spain

Sources close to i-comparables.com reveal that Eroski, the Spanish hypermarket and supermarket chain have just completed a sale and leaseback transaction of 22 supermarkets in the Basque Country in northern Spain. The transaction has ben completed for a figure in the region of €45m. Cushman & Wakefield represented Eroski on the sale.

For more information about commercial investment and corporate real estate transactions in Spain contact | www.i-comparables.com