Archive for the ‘Uncategorized’ 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

WP Carey to purchase €300m portfolio of 70 buildings in Andalucia

Friday, December 5th, 2014

The Regional Authority of Andalusia in Spain has agreed to sell 70 public public building for €300 million to fund manager WP Carey Inc, which sealed the deal through its Spanish subsidiary, Inversiones Holmes. The amount agreed is slightly above the asking price of €292 million. The succesful bidder has deposited €15 million as a warranty, equal to 5% of the total value of the transaction. The Marbella branch of CBRE advised WP Carey on the transaction.

For detailled information about the Spanish real estate office investment transactions contact i.comparables.com

Alaska Permanent Fund invests in Spain

Tuesday, October 28th, 2014

The Alaska Permanent Fund, the institutional fund that manages the State of Alaska’s government pensions, has made its first investment in the Portuguese and Spanish real estate markets. Only a few days ago the fund sealed the deal with Inmochan, the property management arm of the Auchan group, to co-invest in three retail parks. Two of the parks are located in Portugal and one, known as Zenia Boulevard Retail Park, is located in Orihuela in Spain.

The Alaska Permanent Fund is to award the management of the shopping malls to CBRE Global Investors.

For more information about investment transactions in the Spanish real estate sector please contact: www.i-comparables.com

Spain’s Catalan Government to sell fifteen buildings for up to €300 million

Friday, January 31st, 2014

Sources in the real estate sector have indicated that the Generalitat de Catalunya is to put up a portfolio of fifteen buildings for sale for which it could obtain up to €300 million.

The privatization of these properties, for which the list has still not been completely finalized, is the first step of the initiative to obtain extraordinary income as reflected in the 2014 Budget where income of €2.3 billion from sales and concessions is expected.

This large portfolio of properties has an area of around 90,000 m2 and basically comprises office buildings, many of them occupied by the Catalan government itself, which would remain as a tenant following a sale and leaseback transaction. Sources from the Ministry of Economy have declined to comment.

The sale is expected to arouse the interest of international investors and real estate funds, although history has shown that these auctions always have tortuous results.

The main point of reference for investors interested in the portfolio is the transaction closed by Axa Real Estate in June 2013, when it acquired 13 buildings for an amount of €172 million. This transaction which amounted to an area of 80,000 m2 of above ground accomodation provided a guaranteed return of 10%.

For detailled information about investment and corporate sales transactions in Spain and office rental transactions in Madrid and Barcelona contact: i-comparables.com

Commerzbank selling huge Spanish Eurohypo real estate portfolio

Thursday, January 23rd, 2014

Commerzbank, has put the biggest credit portfolio on the market in the history of Spain and the largest in Europe at the present time. The second largest German bank wants to liquidate all its real estate asset positions in Spain, which amount to €5 billion, and has retained the services of Lazard for the purpose.

The enormous interest of international funds to buy loan portfolios and real estate assets in Spain has led Commerzbank to put the Eurohypo portfolio up for sale. Eurohypo, one of the major financiers of real estate in Spain during the era of the property bubble, was acquired by its German mortgage bank rival after the real estate bubble burst.

Commerzbank, which between 2009 and 2010 had to be partially nationalized partly due to the indigestion that followed on from the merger with Eurohypo, wishes to divest these loans and assets during 2014, either by dividing the assets into lots or through a disposal in a single transaction.

According to official information from Commerzbank, the portfolio consists of €3.3 billion in loans that are currently up to date on payments and €1.7 billion delinquent or non performing loans (NPL’s).

Lazard has already started preparing the sales particulars to send to potential buyers, which include entities such as Deutsche Bank, Goldman Sachs and Bank of America Merrill Lynch, some of the most active banks in transactions of this type, as well as opportunistic funds such as Fortress, Cerberus, Lone Star, Apollo, Anchorage, Centerbridge, HIG, Kennedy Wilson, Varde Partners and Blackstone.

See original article in El Confidencial El Confidencial

For information on available and completed investment transactions in Spain visit i-comparables.com

Foreign interest in Spain on the increase

Friday, September 13th, 2013

Foreign interest in Spain is on the increase. The “El Economista” news web site, highlights that in just over a month, various international funds in Spain have invested about €515 million through the purchase of properties in the banking sector. Also, if we add the Evo acquisition by Apollo or the entry of American entrepreneurs and David Martinez Jaime Gilinski at Banco Sabadell, to these transactions, the foreign stake for Spain amounts to 1,200 million in just five weeks.

The Sareb, “bad bank”, wants to take advantage of this situation and, according to Expansion, a Spanish financial newspaper, it has released a package of loans from Bankia and and NGC valued at €350 million. The newspaper also stresses that “the transaction has generated interest in the market and could be closed in just two months” and points out that candidates to take loans include international funds such as Cerberus, Fortress, Apollo, Blackstone and HIG. It also adds that Sareb has seven office buildings for sale in Madrid for €450 million.

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AXA Real Estate agrees to acquire Catalunya portfolio for €172 million

Tuesday, June 25th, 2013

AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate manager in Europe with €45 billion of assets under management as of March 2013, announces that it has agreed to acquire a portfolio of up to 13 government-let office buildings in Barcelona, as part of a sale and lease back transaction with the Generalitat de Catalunya (the “Generalitat”) for €172 million. The acquisition of 11 of the properties is expected to complete on Friday, 28 June 2013, while the remaining two are subject to further due diligence and expected to close in the middle of July. This is AXA Real Estate’s first Spanish office acquisition since the financial crisis in 2008 and has been made on behalf of the AXA insurance companies.

For information on real estate transactions in Spain contact: i-comparables.com

Vodafone lets 50,000 m² at Avenida de America 115, Madrid

Tuesday, April 30th, 2013

International property consultant, Jones Lang LaSalle, has closed the largest office letting deal ever in Spain, consisting of the letting of the Avenida de America 115, Business Park in Madrid to Vodafone Spain. The owner, Solvia, is the property arm of Banco Sabadell.

One of the main feature of the park is its location and facade onto the A2 motorway and proximity to the intersection with the M-40 close to the Campo de las Naciones in Madrid.

The property is adjacent to two metro stations, Canillejas and El Capricho on line 5 and several lines of the EMT bus company pass by the business complex. The business park includes 1,423 parking spaces.

The Madrid office letting team of Jones Lang LaSalle is led by Jose Miguel Setien.

SICAD buys Cartagena mall from Perella Weinberg

Monday, November 14th, 2011

Spanish unlisted construction firm SICAD has acquired the Mandarache shopping centre in Cartagena from Perella Weinberg Capital Partners. The asset formed part of a €300m Royal Bank of Scotland (RBS) debt package.

SICAD, Sociedad Industrial Cartagenera de Desarrollo, also owns the Parque Mediterráneo mall in the same city. The Mandarache mall, with 26,976 sq.m. of retail accomodation and 1,200 parking spaces, opened in 2006 after a €35m investment but has struggled to achieve full occupancy, with most units now empty. Ownership passed to RBS in early 2009 after the developer, Union y Desarrollos, went into receivership.

The mall was acquired as part of the debt package by Perella Weinberg Capital Partners, a New York-based financial and asset management firm, earlier this year.

For more information on this retail shopping centre investment transaction and other investment transactions in the Spanish real estate market contact | i-comparables.com

Restaura applies for voluntary insolvency proceedings

Monday, October 3rd, 2011

Restaura applies for voluntary insolvency proceedings following months of negotiations with its creditors and the search for new financial partners.

The limit to arrive at an agreement on the refinancing of its debt of close to €500m passed on Friday and Chairman and Founder of Restaura, Xavier Solano, who had found it impossible to secure the necessary support, had no option but to apply for voluntary insolvency proceedings.

Over the last year Restaura has managed to reduce its liabilities to €300m through the sale of buildings and it appeared that it might be able to overcome its debt problems. In November 2010 it sold three properties in Paris to the RLM fund of Luxembourg for €55m. This allowed it to cancel debt of €38.4m with BBVA, Banco Sabadell and the French entity BCME. The main debtor of Restaura is Banco Pastor, a Spanish bank.

Towards the end of 2010 the French firm Foncière Colbert Finance took 70 percent of the company. Although the transaction volume was not disclosed, it is understood that Colbert bought into the company for a symbolic amount, with a commitment to provide equity up to €25m to enable the company to resume development on a number of projects.

Colbert’s commitment was subject to the renegotiation of the bank debt. It was also subject to other conditions including achievement of a moratorium on interest payments for five years on those loans subject to guarantees. However, none of this was forthcoming and as a result Xavier Solano forced Colbert out of Restaura. No replacement was found and hence the company’s application for voluntary insolvency through the Barcelona courts.

For information on commercial real estate transactions in Spain contact | i-comparables.com