Spanish Real Estate News 09/10/2023
Limestone Capital acquires the Axel Madrid Hotel from HIP
Limestone Capital, a Swiss asset manager, has acquired the Axel Madrid Hotel, an 88-room property located at 49 Calle de Atocha in Madrid, from HIP, a company controlled by the American fund Blackstone.
While the transaction's exact amount is undisclosed, industry sources suggest it was approximately €35 million. The real estate consultancy JLL advised HIP in the deal.
The Axel Madrid Hotel, the first property of Limestone Capital in Madrid, opened in the summer of 2017 and was originally established by Axel Hotels in partnership with HIP.
IE Business School has acquired the Pinar 18 building in Madrid
IE Business School has purchased the Pinar 18 building in Madrid from a family office. The building, currently one of the school's campuses, is located in the El Viso neighborhood within the Chamartín district and consists of two interconnected buildings constructed in 1921, spanning 1,350 square meters, with a spacious garden area and parking.
The move reflects a trend among private universities in Madrid, seeking locations within the M-30 ring road to improve proximity and mobility for students, enhancing their overall educational experience and quality of life.
The education sector has gained prominence in real estate transactions, with over 100,000 square meters of deals involving both rentals and purchases since the pandemic began.
The Indotek Group acquires the H Top Royal Beach hotel in Lloret de Mar
The Indotek Group has acquired the H Top Royal Beach hotel in Lloret de Mar, with plans to invest four million euros over the next two years to revitalize and reposition the property. This acquisition strengthens the group's presence in the Spanish hotel sector.
The rapid post-pandemic recovery in Spain and the strong performance of the Costa Brava region makes this acquisition strategically valuable. The goal is to transform the hotel into a modern, high-level establishment that meets traveler expectations.
The Indotek Group secured over 10 million euros in financing from Banco Santander for this acquisition. This marks the group's seventh hotel acquisition in Spain, aligning with their strategy of investing in repositioning and reactivation of tertiary assets, in addition to their growing hotel portfolio in the Mediterranean region.
Panattoni sells a logistics park in Murcia to Hansainvest Real Assets
Panattoni, a prominent industrial real estate developer, sold a 46,000 square meter logistics park in the Greater Murcia area to Hansainvest Real Assets. The entire space is long-term leased to a logistics services provider, with the transaction amount undisclosed.
The strategically located logistics complex, situated just 15 minutes from Murcia's city center at the crossroads of A30 and A7 highways, supports both local and national operations.
This recently constructed logistics facility boasts a "BREEAM Very Good" sustainability certification, featuring solar panels, LED lighting, electric vehicle charging stations, and technology for reduced water and energy consumption, reflecting the growing demand for modern logistics spaces in Spain, driven by e-commerce growth.
Persepolis Investments sells a residential building in the center of Madrid to a private investor
Persepolis Investments, a real estate investment manager, has sold a residential building in Madrid to a private investor. The property, located in the Palos de la Frontera neighborhood in the Arganzuela district, features 2,000 square meters and 25 newly renovated rental units.
This transaction highlights the strong investor interest in the residential rental segment, which is considered a safe long-term investment, despite ongoing uncertainties. The property's central location and historic surroundings add to its appeal for buyers seeking stable rental income.
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Libra Gestión de Proyectos invests 21 million euros in the promotion of 33 houses in Valencia
Libra Gestión de Proyectos has launched its eighth residential project in Valencia called "Terrazas de Alfahuir." This cooperative-based development consists of 33 homes ranging from two to five bedrooms, including two duplex penthouses with private pools.
The new residential complex boasts extensive communal areas, including a swimming pool, gym, communal room, and landscaped spaces. The total investment for this project amounts to 21 million euros.
Libra Gestión de Proyectos continues to focus on Valencia as one of its strong areas for cooperative housing projects. They also have another project, Residencial Benlliure, currently in the marketing phase.
The Nasas Torrejón Retail Park has opened following a 25 million euro investment
A new shopping center called Nasas Torrejón has opened in Torrejón de Ardoz, featuring approximately 10,000 square meters of space and 175 parking spots. The project involved a total investment of 25 million euros and includes popular retailers like Ahorramas, VivaGym, Action, and Pepco, with Fitzgerald burgers joining soon.
The company behind the project has over 20 years of experience in the commercial sector and employed 110 people during the construction phase. Ahorramas now has nine locations in the city, VivaGym offers various fitness activities, and Action opens its second store in Madrid in Torrejón de Ardoz.
The mayor of Torrejón de Ardoz expressed excitement about the new shopping center's opening and the city's transformation, emphasizing its growing appeal as a hub for innovation, technology, education, sports, and healthcare, which will contribute to its continued development and job opportunities.
Almyra Investment completes its first purchase in Spain with 3 Moratín Street in Madrid
Almyra Investment, an Italian fund, is making its debut in the Spanish market by acquiring a property located at 3 Moratín Street in Madrid. The building, dating back to 1880, will undergo a complete renovation and be transformed into a luxury residential project.
The renovated property will feature modern amenities such as advanced air conditioning, underfloor heating, soundproofing, and thermal insulation. It will also include redesigned common areas, the installation of an elevator, and the conversion of 17 separate units into 14 residential units for sale.
The residential units in the Moratín 3 project will range in size from 101 square meters to 176 square meters, with prices starting at over one million euros per property. The location is in close proximity to Antón Martín Square and the Lavapiés neighborhood in Madrid.
The Government authorizes the Ministry of Defense to sell Campamento lands to Sepes for 272 million euros
The Spanish Council of Ministers has authorized the Institute of Housing, Infrastructure, and Defense Equipment (Invied) to sell over 1.6 million square meters of land from the Military Facilities of Campamento in Madrid to the Public Business Entity of Land (Sepes), a subsidiary of the Ministry of Transport, Mobility, and Urban Agenda.
Sepes will purchase these lands for 271.96 million euros (excluding VAT), gaining control of 98% of the development area. This transaction will enable Sepes to lead one of Spain's largest public housing initiatives.
This move marks a significant step towards the Ministry of Transport, Mobility, and Urban Agenda taking control of the Campamento area, a major urban regeneration project in Madrid aimed at transforming former military barracks into a housing development with approximately 10,700 homes.