Spanish Real Estate News 23/10/2023
Genova Property Group sells two luxury hotels in Palma de Mallorca for 35 million
Genova Property Group has sold two luxury hotels in the heart of Palma de Mallorca for a total of 35 million euros. These hotels were originally acquired as vacant properties in 2016 and have been transformed into five-star establishments, one in June 2021 and the other in 2023.
Both hotels are located in the historic center of Palma and are currently leased to Nobis Hospitality Group, a luxury segment specialist managing nine hotels across different countries, including Spain.
The first hotel, Concepció by Nobis, features 31 rooms and a range of luxury amenities, while the second, Nobis Hotel Palma, which recently opened after a significant renovation, offers 37 rooms and various upscale facilities, including restaurants, a spa, and historical elements preserving its cultural heritage.
Wellder acquires five senior living residences from DomusVi in Galicia and Castilla León for 36.5 million euros
Wellder, a socimi jointly owned by Renta Corporación and the Dutch fund APG, has acquired five senior living residences in Spain from DomusVi, expanding its portfolio significantly. These residences are located in Pontevedra, Coru?a, ávila, León, and Zamora, totaling 826 places, including 99 day care spaces.
The sale & lease back transaction, advised by JLL, involved an investment of 36.5 million euros, making Wellder a major player in the senior living sector with a total investment of 44 million euros and six assets in its portfolio.
Wellder's strategy focuses on acquiring centers in Spanish municipalities with over 100,000 residents, with an average size of 4,000 to 7,000 square meters and a minimum of about 100 beds, emphasizing their commitment to this growing market.
Swiss Life Asset Managers France sells five properties in Madrid and San Sebastián for 20 million euros
Swiss Life Asset Managers France has sold five commercial properties in Madrid and San Sebastián for a total of 20 million euros as part of its asset diversification strategy. These properties were acquired by various family offices and are located in prime streets and high-demand areas.
The Madrid properties include a location on Gran VÃa 30, leased to Starbucks, and another on Bravo Murillo 109, leased to VIPS. In San Sebastián, three properties on the main commercial street were sold, including San Marcial 11 and 13, leased to K-Tuin, Women’s Secret, and Lola Casademunt.
The sales reflect the liquidity and attractiveness of retail assets in prime locations with strong tenants, particularly when transaction volumes stay below 15 million euros. The growing interest from family offices in 2023 is attributed to rising returns on real estate assets due to increased interest rates, with these investors seeking secure, stable, and prime location properties for medium to long-term stability.
HIG acquires two office buildings and a hotel in Madrid to develop 267 residential units
HIG Capital, an alternative investment company, has acquired a real estate portfolio in central Madrid, consisting of three buildings with a total area of 20,000 square meters. These properties, located in the Arturo Soria residential area, will undergo a comprehensive renovation to be transformed into a high-end residential asset with environmental criteria.
The portfolio includes two office buildings and a hotel, all of which have been approved for conversion into a residential development, featuring a total of 267 units for rent and sale. The project will offer various amenities, including pools, a gym, dining areas, a cinema, and terraces with dining spaces.
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HIG Capital believes that the current residential market in Madrid benefits from strong fundamentals due to a shortage of quality housing and high demand. The company aims to create a high-quality project that caters to the demand for new, luxury serviced residences in a well-situated district. They see opportunities in converting obsolete office assets into modern residential properties given the market's robust dynamics.
Hines acquires a logistics asset in San Fernando de Henares
Hines, through its fund Hines European Property Partners (HEPP), has acquired a 40,000 square meter plot of land in San Fernando de Henares, Madrid. The seller will develop a built-to-suit logistics warehouse on this site. This marks Hines' second investment in Spain, following a previous acquisition in El Prat, Barcelona.
The project resulting from this deal will be a flexible logistics warehouse, offering approximately 25,000 square meters of space, which can be divided into modules starting at 5,000 square meters to accommodate various tenants. The facility is designed to achieve the Breeam Excellent certification and will feature 34 loading docks with a clearance height of over 11 meters.
Hines is strategically investing in the European logistics sector, recognizing long-term value creation opportunities. The company remains committed to the Spanish market, capitalizing on the strong demand for well-located, high-quality logistics spaces in segments such as living, offices, and retail. San Fernando de Henares is highlighted as a prime location within Madrid's logistics parks.
Kronos Homes adds 1,100 homes in Catalonia with a total investment of 360 million euros
Kronos Homes is solidifying its expansion in Catalonia with a total investment of 360 million euros across seven ongoing real estate projects. These developments comprise 1,100 homes in various locations within the region.
The projects are strategically located in three out of the four Catalan provinces, offering a diverse range of housing types that cater to local needs and different buyer preferences.
Kronos Homes emphasizes their commitment to architectural excellence, international recognition, sustainability, and the lifestyle preferences of their clients. These developments reinforce the company's strategy to meet the strong demand for high-quality new housing in both urban and beachfront areas of Catalonia.
The HLA Hospital Group opens its first international clinic in Barcelona in a 24.8-million-euro investment
The HLA Hospital Group has inaugurated its first international clinic in Barcelona, known as "HLA ClÃnica Internacional Barcelona." It spans over 5,500 square meters and is equipped with state-of-the-art facilities, including four modern operating rooms and over thirty medical specialties. The group invested 24.8 million euros in this new clinic, located in the health district of Bonanova in central Barcelona.
?The clinic was constructed by renovating a historic healthcare building originally built in 1967. Sustainable architectural features, such as natural light utilization and a vegetative facade, have been incorporated to minimize environmental impact. The clinic boasts an A energy rating and aims to offset 20% of its CO2 emissions through photosynthesis of the facade plants.