The Spanish real estate sector continued to register important transactions in April 2022, whereby demonstrating investors’ ongoing interest in the real estate sector as a safe haven.
The same was true in the housing market, where the lifting of travel restrictions due to Covid-19, is leading to a recovery in residential transactions by foreigners.
Companies
Whilst at the end of March, we learned of the launch of Carlos Slim’s offer to buy 24% of Metrovacesa, more details about the operation were revealed in April. Specifically, Slim is offering 7.20 euros per share, instead of the initial offer of 7.80 euros per share, through his firm FCC Inmobiliaria. The reason for the discount is Metrovacesa’s decision to distribute a dividend of 91 million euros just days after the Mexican businessman launched his offer.
Another of the large listed Spanish real estate companies, the Socimi Merlin Properties, was also in the headlines after it sold a portfolio of bank branches to its tenant, BBVA, for almost €1.2 billion. Following that sale, Merlin announced that it is going to distribute a large extraordinary dividend to its shareholders and that it is going to focus its future investments on data centers and logistics assets.
Also in April, the appointment of Sareb’s new chairman was announced. The bad bank has appointed Javier Torres as President after the State became the majority shareholder of the company.
Meanwhile, the Socimi Almagro Capital announced that it was changing its name to Inversa Prime Socimi.
Residential
The Spanish residential real estate sector was full of activity in April 2022. Several important land purchases were closed, such as those undertaken by the Catalan developer La Llave de Oro in Madrid to develop more than 1,300 homes and the deal completed by Exxacon, in Sevilla, to promote more than 300 homes.
In terms of rental housing -the asset type that attracted the most interest, together with logistics, in the Spanish real estate market in 2021 – a large operation was closed. Specifically, the purchase of a portfolio comprising 750 homes by AXA from Blackstone, in an operation reported exclusively by Brainsre.news.
Other transactions included the purchase of a university campus by the Terralpa fund to build luxury housing, as well as the acquisition of an industrial building in the up-and-coming Tetuán neighbourhood of Madrid by Orinoquia to build tourist flats.
In terms of property developers, Gestilar and Vía Célere announced in Brainsre.news their ambitious plans for the build to rent segment, a popular formula in the Spanish market that, nevertheless, is starting to come under closer scrutiny as profitability becomes increasingly challenging.
Offices
The Spanish office market witnessed a multitude of operations in April. In this way, Meridia closed the sale of its office complex in Barcelona for 185 million euros while Hines reached an agreement with Starwood to sell Diagonal 177 for 120 million euros.
Also in Barcelona, Conren Tramway bought the old Braun factory to convert it into offices and Generali formalized the acquisition of an office building in 22@ for 35 million euros.
In Madrid, Merlin sold an office building in Alcobendas to Inovalis. Meanwhile, further afield, the owner of Inditex, Amancio Ortega, bought an office building in Scotland for 237 million euros and Mapfre joined forces with the German insurance group Munich Re to invest 1 billion euros in offices throughout Europe.
Commercial
In the retail sector in April, Intu and Nuveen completed the refinancing of the Xanadú shopping center in Arroyomolinos (Madrid). It is one of the leading commercial establishments in the region.
Some of the large operators in the sector were also in the news, as Uniqlo revealed that it is going to open its largest store to date on Madrid’s Gran Vía, while El Corte Inglés is looking for a buyer for two of its stores in the Puerta del Sol.
In terms of transactions, the sale of the Bahía Real shopping center in Santander for 60 million euros stands out.
Hotels
In the hotel market, Atom completed the acquisition of the Hotel Senator Barcelona, whilst the Israeli group Leonardo Hotels took over the OD Port Portals hotel in Mallorca.
In April, several luxury projects were announced in Spain. The CIO group revealed that it is going to invest 100 million euros in a luxury hotel complex in Tenerife designed by Norman Foster; whilst, Ennismore and ActivumSG Capital Management (ASG) signed an agreement to bring SLS, Ennismore’s lifestyle brand, to Europe for the first time.
Student halls
The student residence market continues to attract attention in Spain. In April, Patron Capital bought Vanguard Student and announced an investment of 200 million euros in the coliving segment, whilst Student Experience reported that it is preparing its second project in Spain, a macro-development comprising more than 500 beds.
NPLs and REOs
Sareb closed its new asset management contract with Hipoges and Aliseda/Anticipa. The former amounts to 13.9 billion euros and the latter to 11.4 billion euros. These new contracts will generate gains in terms of efficiency and costs in sales operations.
Read the original article in Spanish.
