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The Spanish Real Estate Sector in September 2022

Despite the macroeconomic uncertainty that currently pervades, real estate operations have continued apace.

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The return to usual routine has also meant a return to transactions in the real estate market. Although there was a constant trickle of operations throughout the summer, September has been a month marked by a number of strategic alliances between companies and sectors such as the residential, office and logistics markets, which are all really active.


During September, Singapore’s sovereign wealth fund took control of the Greek hotel company Sani/Ikos for 2.3 billion euros. SIG made its debut with Ikos Resorts in Spain in 2021 with maximum luxury establishments in Estepona and Mallorca.

CBRE announced it is investing 100 million euros in a proptech to improve rental advice. The global real estate services giant is covering almost all of the financing (125 million euros) that the company VTS needed to raise to fuel its expansion.

Logista bought Grupo Carbó Collbatallé for 51 million euros. The operation involved the incorporation of a network of 14 logistics platforms spanning 45,000 square metres.

What else? In September, ASCISI, the Association of Independent Consultants in the Real Estate Sector, was created by Jorge Ginés. Meanwhile, Grupo Pryconsa constituted Resydenza, its second Socimi, which will focus on build-to-rent. After Saint Croix, the entity will group together all the real estate firm’s non-residential assets. And Box2box, the digital storage startup, closed a round of financing worth 1.1 million euros for its European expansion. The company expects to close 2022 having doubled its portfolio of active clients.


House sales confirmed their double-edge trend: they recorded their best streak since 2007 and they also showed signs of moderation. The INE reflected the best data for a month of July since the previous property bubble, but the rise during the month amounted to 8% down from almost 19% in June.

Half way through the month, Ayuso announced that she plans to put more than 10,000 affordable rental homes on the market in Madrid. The President of the Community of Madrid unveiled two new plans, one for young people and another to renovate unused buildings.

Diglo launched the sale of more than 500 homes with discounts of up to 45%. 42% of the assets up for sale are homes, including numerous single-family units and semi-detached houses. The remaining 58% are tertiary real estate properties: offices, industrial buildings, commercial premises, etc.

Vía Célere announced that it is preparing the sale of a large portfolio comprising more than 2,400 rental homes. Half of the properties are located in Madrid, but there are also assets in Valencia, Sevilla, Málaga and Baracaldo.

Aedas Homes recorded sales of 141 million euros over the summer and completed its new structure. The property developer sold 339 units in July and August and is heading into the autumn with an organisation that has been adapted to the new cycle. In addition, the company announced that it has joined forces with Gilmar to market around thirty promotions on the Costa del Sol, Levante and the Balearic Islands.

Meanwhile, Gestilar announced that it is going to promote affordable and/or protected housing through Cooper, its new line of business. It plans to operate with this new brand in new urban developments in the Community of Madrid such as ARPO, Berrocales and Valdecarros, as well as across the entire southeast strategy.

Investment in land?

Acciona bought more than 200,000 square metres of land in Solana de Valdebebas for 80 million euros. The company is entering the new home market in one of the most sought-after areas of north Madrid.

In Andalucía, Magtel made its debut in the residential housing sector with the purchase of two plots of land in the most booming area of Córdoba. The company paid ten million euros for some land in the Reyal Urbis liquidation auction.

Also in Córdoba, Habitat bought a plot of land where it is going to invest more than 8 million euros. Meanwhile, the developer acquired 7,500 square metres in the Triana area of Sevilla where it will build another 69 homes.


Although the hotel sector is registering figures that show clear signs of recovery, firms such as Meliá and NH have announced that they are planning to sell some of their hotels to reduce the debt accumulated post pandemic. Currently, both firms have the lowest percentage of owned hotels in their entire history.

Meanwhile, Room007 bought three ‘hospitality’ assets in the Iberian Peninsula and revealed its plan to 2024. Before the end of 2022, the firm plans to expand its portfolio to include five more hostels, this time, located between Valencia, Málaga and Madrid.

Finally, a hotel was sold in Girona for 14.5 million euros for the construction of new homes. With a total surface area of ​​2,900 square metres, the site will be used to build 90 eco-sustainable homes.


Also during September, MediaMarkt reported that it aims to have 40% more stores open in three years time. The company plans to go from 107 to 150 physical establishments and intends to expand its logistics network and its immediate collection service.

Moreover, Lidl is going to open nine supermarkets in six regions in September after investing 60 million euros. The company is continuing with its expansion plan in Spain and will create more than 200 jobs with its new openings.

Batex & Duplex are going to open three shopping centres in Estepona, Puerto Real and Gandía in 2023. The firm’s investment amounts to 48 million euros in assets that are characterised by their urban location.


Spain is resisting as one of the countries with the highest rates of office leasing in 2022. Investment in the segment during the first half of the year amounted to 1.25 billion euros, one of the highest figures in Europe.

Patrizia acquired an office on Calle Zurbarán 28 in Madrid for 20 million euros. Spanning 2,779 square metres, the property houses tenants such as Las Arcadias and the Quirón Salud hospital group.

At the beginning of the month, El Corte Inglés announced that it is going to demolish its Méndez Álvaro shopping centre and build two office towers on the site. A couple of weeks later, the group closed the sale of another building in the centre of Madrid to the JV between Mapfre and Swiss Life. The building used to house the offices of Viajes El Corte Inglés after serving for years as the headquarters of the National Football Federation.

Meanwhile, DWS sold the building occupied by the Generalitat’s Land Department in Barcelona. Franklin Templeton purchased the property for around 100 million euros, after the Deutsche Bank manager had acquired it in 2015 for 70 million euros.

Finally, Merlin sold the Trianón business park in Madrid to the insurer Fidelidade. The Socimi disposed of the asset, which spans 18,400 square metres as part of its divestment plan for 2022.

Industrial and Logistics

Investment in logistics is accelerating: for the first time in the US, it exceeded investment in offices and in Spain, the market is consolidating. Across the pond, the logistics sector is expected to be the second most sought-after following the residential segment in 2022.

Staying Stateside, Amancio Ortega made another investment in logistics in the United States, this time amounting to more than 900 million euros. Weeks earlier, the Galician businessman bought another logistics centre in Philadelphia for 148 million dollars. In just a few months, Pontegadea has purchased seven assets in six different states whereby confirming the new investment penchant of the Inditex founder.

Meanwhile, CBRE and AQ Compute joined forces in the data centre business to open their first centre in Barcelona. The two companies are beginning their alliance in Spain, with a view to expanding it to the rest of Europe in a segment with significant investment growth.

Finally, DHL Supply Chain and Monta are partnering up to accelerate their growth in international e-commerce. DHL’s goal is to strengthen its logistics business and focus on e-commerce growth and e-fulfillment.

Read the original article in Spanish.

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