The property consultant Knight Frank has been selected as partner to the study of architecture Hans Abaton to jointly develop projects of architecture, planning and interior design, both in the residential area and offices.
The REIT Lar Spain has launched a bond issue amounting to 140 million euros which have a maturity of seven years and accrue an annual interest rate of 2.90%, according to the company.With this operation, the company seeks to raise funds to continue the strategy of investing in real estate assets in Spain that began when he went public.Lar Spain thus opens in the capital market almost a year after that in March 2014 became the first REIT that went public.The bonds issued by the company are directed exclusively to qualified investors and are listed on the Irish Stock Exchange.GAINSMoreover, Lar Spain reported that at the end of 2014 had a portfolio of real estate assets valued at 406 million euros, value of a surplus of 7.3 million compared to the amount of purchase of the buildings, as is clear from report by consultancy Jones Lang LaSalle.In the eleven months since its formation and IPO, Lar Spain has invested a total of 460 million euros to buy tertiary real estate assets in Spain, amounting to 25% higher than initially expected.The portfolio of assets acquired by Lar fifteen sum an area of 263,421 square meters. The majority (41%) are located in Madrid, and the rest in other locations such as Valencia and Barcelona.45% are shopping centers, another 26% offices, 13% for housing, 10% to logistics centers and 6% commercial establishments.
Read more: http://www.europapress.es/economia/noticia-economia-empresas-socimi-lar-espana-lanza-emision-bonos-140-millones-euros-20150212122109.html
The CBRE Retail Property Fund Iberica (RPFI), managed by CBRE Global Investors, has had unanimous agreement from its Limited Partners to extend the life of the fund for a further five years. A small number of investors have decided to redeem their capital.The original fund duration was ten years from 2000, with a two year extension until April 2012 followed by a number of short-term extensions and a three-year disposal plan approved in December 2013. The newly agreed five year extension will allow the team to focus on the execution of the fund strategy with a priority on protecting and enhancing the value of core assets, including extensions and/or refurbishments, as well as disposing of non-core assets.The five-year continuation phase will be governed through new fund documentation that was approved by all investors.Dennis van Vugt, EMEA CFO, CBRE Global Investors and General Partner of the RPFI, commented: “We are very pleased with the investors’ continued support to invest with our platform in Spain and Portugal. This is testament to their confidence in our team in Iberia and also the changing fortunes of that market where investors see the opportunities and want to remain part of it”.Jose Borregon, Fund Manager of the RPFI, commented: “The extension demonstrates the rapid change seen in the Spanish market during 2014 with many investors now ready to commit to the market for the long-term. The five year extension has now given us the luxury of time to be able to enhance the value of the assets and work on giving our investors the best return on their investment.”RPFI is invested in shopping centers in Spain and Portugal. As of December 2014, the fund’s portfolio comprises 14 assets and the total gross asset value of circa €1.1 bln.
See more: http://europe-re.com/cbre-retail-property-fund-iberica-extends-life-five-years-es/48620
The Prasa group has left Realia, real estate in which had a 3% stake, on the eve of the tender offer (IPO) of Hispania and before and beyond the businessman Carlos Slim by the company.Prasa sold in late January its remaining shares in Realia, valued at 6.5 million euros, as recorded in the records of the Comisión Nacional del Mercado de Valores (CNMV).The company secunda in this way Lualca, another minority shareholder of Realia, which in late January dropped below the level of the 3% its stake in real estate, selling real estate titles in this representative of 2% of your capital.Both Prasa as Lualca entered Realia in 2007 after the IPO in mid of this year's controlled by FCC and Bankia real estate, when they took 5% of their capital each.
Read more: http://www.europapress.es/economia/noticia-economia-empresas-grupo-prasa-sale-realia-visperas-opa-hispania-20150205133823.html
The Extraordinary Shareholders' Meeting of Testa, Sacyr subsidiary, has ratified the appointment by cooptation of Fernando Lacadena Azpeitia as director and is re-elected for the statutory period of four years.The council, the board of administration has expressly grateful to Daniel Loureda López dedication given to the company in the last seven years and has ratified Fernando Lacadena as CEO.In addition, the Board has approved a new distribution agreement between the shareholders fund, by reducing the nominal value of the shares of 669.7 million euros and a distribution of an extraordinary dividend of 527.7 million euros, which should be developed simultaneously with the increase in equity of the company. For this extension, for a minimum amount of 300 million euros, the Board had delegated authority to the board to run in the time when market conditions allow targets to achieve satisfactory Testa and its shareholders.
Read more: https://www.capitalmadrid.com/2015/2/4/36964/testa-ratifica-a-fernando-lacadena-como-consejero-delegado-por-cuatro-anos-mas.html
Investment activity in the commercial real estate sector in Spain has started the year with the same force with which closed 2014. In just one month, the investment volume has risen to nearly 1,100 million euros, roughly the total achieved in the first quarter of last year, according to Savills, international real estate consultancy.This has been the best start of the market in the last five years in terms of transacted volume, although the number of transactions posted up yesterday-nine level is the inconspicuous when compared to other exercises."January and February are dragging operations that could not be closed before the holiday, however, the pipeline of investment operations in retail and offices today exceeds 2,000 million euros. We expect investment volumes similar or even higher than those 2014, "says Luis Espadas, director of Savills Capital Markets in Spain.Two transactions account for almost 80% of the investment. It's Gran Vía 32, acquired by Pontegadea for about 400 million euros, according to market sources, and Puerto Venecia mall, 451 million, the deal was announced at the end of the year, but was finally signed in January."Both operations not only support the trend of rising mega deals (those exceeding 100 million euros), which rose from 2.5% of total transactions in 2011 to 9% last year, but far outweigh the volumes of the largest operations in 2014.In addition, Savills notes that in each case is a unique building, facing two separate portfolios in 2014 (the 70 buildings of the Andalusian reached 300 million euros and Carrefour portfolio of 350 million euros).Office Market SuccessAmong other transactions, again excels interest in the office segment Madrid, who in 2014 broke record reaching the highest number of transactions throughout their historic range, with 71 transactions recorded and has started 2015 off right. Five buildings in two weeks, almost all within the M-30.
Read more: http://www.eleconomista.es/empresas-finanzas/noticias/6450105/02/15/El-mercado-inmobiliario-registra-el-mejor-arranque-de-ano-desde-2010-.html#Kku8NK270LSf6FsF
