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The Spanish Real Estate Market in September 2021

September stood out for the Spanish real estate market, with a series of significant deals in the residential, land and hotel industries. In addition, there were a large number of hires.

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Last month, the Spanish real estate market saw numerous transactions for residences, land and hotels. Aedas and Culmia were awarded the first plots of land under the Plan Vive; Greystar acquired a build-to-rent project in Madrid from Acciona for 120 million euros, and the Cadiz-based developer Iniciativas Inmobiliarias was awarded one of the last Reyal Urbis plots of land in Andalusia. In addition, El Corte Inglés will launch its first hotel.

On the business front, companies around the country announced a large number of executive-level hires. Warren Buffett’s real estate company also launched its expansion plan in Spain, while CBRE acquired the consultancy firm Bovis.


In September, Catella published a report stating that hotel investment could exceed 2.5 billion euros in 2021, returning to pre-coronavirus levels, as the end of the year is expected to see a large number of deals.

In addition, EY published a study stating that investors are preparing real estate purchases in Spain, potentially worth 8.126 billion euros.


Banca March recruited a former executive at Savills for its real estate M&A department. Elisa Estaca left her position as associate director of Offices and Capital Markets to become head of Real Estate in the M&A department.

CBRE also strengthened its industrial project management department. Miguel Ángel Martínez will lead the division, with Héctor Martínez as director.

Grupo Lar brought on its new director of new residential business development from Colliers. Borja Varela’s career has included stints at EY, CBRE, Azora, Hines and Colliers.

In other news, Warren Buffett’s real estate company launched its expansion plan in Spain. Berkshire Hathaway HomeServices Spain initiated its growth plan, including incorporating 40 offices in the Mediterranean, Balearic and Canary Islands over the next ten years.

Urbanitae recruited Jesús Lorido from KPMG as its new senior director for Real Estate. Lorido comes to the company from the big four firm, where he worked as director of Deal Advisory – Real Estate.

In addition, Casavo announced that it would allocate 100 million euros to acquire homes in Barcelona. The investment plan covers the coming two years.

DomusVi hired José María Pena as its new CEO. Pena, who was previously at Prosegur, replaced Josefina Fernández, who was appointed institutional president after two decades as CEO.

In a different move, the director of Barings in Spain launched his own real estate fund. Adolfo Favieres has more than 20 years of experience in the sector in the areas of financing, management and investment.

Pryconsa hired Juan Carlos Orgaz, who had been responsible for land acquisition at Culmia, as its new head of land acquisition. Orgaz leaves the management of central and northern Spain at Culmia to coordinate land acquisition throughout Spain.

CBRE has also acquired the consultancy firm Bovis. The company will be integrated into the ‘project management & building consultancy’ area of CBRE Iberia, and Javier Martínez will assume the presidency.

Lar España anunció sus resultados del primer semestre del año. La Socimi logró un beneficio de 7,7 millones de euros hasta junio, frente a las pérdidas de 28,7 millones del mismo periodo de 2020.


Patrizia acquired two build-to-rent developments in Barcelona for 52 million euros. The homes, still under construction, are located in Badalona and Esplugues de Llobregat.

In addition, ASG Homes started work on its Santa Clara Residencial development in Alicante. The €25-million development is located in the new Vistahermosa Norte development in Alicante.

The socimi Advero bought a building with affordable rents in Martorell (Barcelona) from Sareb. The property, which was built 12 years ago, consists of 16 homes and is fully occupied.

At the same time, Greystar acquired a major build-to-rent project in Madrid from Acciona for 120 million euros. The acquisition will add 455 one- and two-bedroom homes to the fund’s portfolio.

Aberdeen acquired two build-to-rent projects in Madrid for €55 million. The 150 new flats total 10,000 m2 and are located in the Embajadores area and next to the Delicias metro station.

Round Hill also paid 30 million euros for 230 flats in Valdebebas. The firm finalised the acquisition of a residential complex in an urban development of this area of Madrid.


UBS bought the headquarters of Neinver in Madrid from the Losantos family. The building has some 5,000 m2 of floor space and 3,600 m2 of leasable area.

In addition, GPF paid €35 million for the former headquarters of Banco Madrid. The building will undergo a complete refurbishment after its sale by Banca Privada d’Andorra.

Tikehau Capital acquired an office building in Sant Cugat del Vallès from Colonial for more than 27 million euros. The property, occupied by different tenants, consists of 12,000 m2 of office space, an auditorium and more than 400 parking spaces.

Industrial & Logistics

Panattoni launched its largest logistics project in Spain in Seville. The company announced the acquisition of a 126,000 m2 plot of land to develop Panattoni Park Sevilla Port.

In addition, a private investor will sell the former Expert logistics warehouse for 10.5 million euros. The asset, located in San Agustín de Guadalix, has a built-up area of 16,000 m2, divided into a storage area, offices and parking.

Arrow acquired a logistics warehouse in the southeast of Madrid. The asset has 22,700 m2 of gross leasable area.


Merlin Properties put 14 Caprabo supermarkets up for sale for €100 million. The socimi led by Ismael Clemente is seeking to dispose of non-strategic assets.


Vía Ágora acquired land formerly owned by Reyal Urbis in Madrid Río. With this transaction, the real estate company chaired by Juan Antonio Gómez-Pintado completed the acquisition of the entire site.

In addition, Ares and Culmia were awarded the first plots of the Vive Plan. Together with Aedas Homes, Ares received lots 1 and 2, while Culmia and its partner, the Oaktree fund, were awarded lot 3.

The Cadiz developer Iniciativas Inmobiliarias beat the competition for the Reyal Urbis land located in calle Santo Domingo in Jerez. The land has a buildable area of more than 35,000 m2, on which it plans to build more than 300 homes.

On the other hand, Mabel Capital paid 50 million euros for land in Marbella to develop luxury homes. The investment vehicle will build fewer homes than the General Urban Development Plan of the town of Malaga permits, allowing it to increase the project’s exclusivity.

Ibosa made the best offer for municipal land in Valdebebas. The developer offered 26.8 million euros for plot 106 in this area of Madrid, beating Amenabar and Habitat, among other companies.


Azora raised €815 million for its hotel fund, increasing its investment capacity to €1.7 billion. The fund manager, led by Concha Osácar and Fernando Gumuzio, closed its latest pan-European fund 36% above initial estimates.

In addition, Residencias Asistidas will develop a tourist apartment building in Madrid. The asset will be built on a site owned by the company and will comprise 86 flats and 53 parking spaces.

El Corte Inglés will develop its first hotel. The company acquired two buildings in Madrid’s Calle de Goya, in which it will create a four-star 113-room complex.

On the other hand, a group of Catalan investors put the Monegal hotel in Barcelona up for sale. Located between Las Ramblas and Plaza de Cataluña, it was put on the market for around 30 million euros.

Ikos Resorts bought a luxury hotel in Mallorca for 110 million euros. The complex will be inaugurated in April 2023 and will be refurbished and expanded, increasing the number of rooms by 36%.


CaixaBank is negotiating the sale of 5,700 mortgages. These loans are secured by 4,500 properties, valued by KPMG at €775 million.

In addition, BBVA and Banco Sabadell are considering divesting their real estate alliances with Cerberus. Both entities have partnerships through Challenger and Divarian, respectively.

Retirement homes

Cofinimmo will invest 13 million euros in a new retirement home in Alicante. The residence, which will be completed in early 2024, will be operated by Solimar, which is in turn owned by Vivalto Vie, for 25 years.


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