Real estate Spain

News

• 08 Nov 2009

  Carlyle completes headquarters for Spanish National Registrars Association in Madrid

  Global private equity firm The Carlyle Group announced the completion of the new headquarters for the National Registrars Association of Spain in Madrid. The 30,000 m² building has been developed on a site that Carlyle acquired in joint venture with Therus Invest in June 2006.
  
  Shortly after purchasing the land, Carlyle and Therus Invest signed a pre-sale agreement for €135 million with the Spanish National Registrars Association (Colegio de Registradores) for the development of its new headquarters on a turn-key basis. During the process, all parties worked together to adapt the new offices to the needs of the future owners.
  
  Rachel Lupiani, Director of Carlyle Europe Real Estate in Spain and Portugal, explains: “We are very proud of the building we have developed for Colegio de Registradores. In addition to having created a unique space adapted to the needs of our client, we are marking a milestone for our real estate activity in Spain by selling the first asset from our local portfolio.”
  
  Javier de Pablo, Associate Director for Carlyle Europe Real Estate and responsible for asset management in Spain and Portugal, has been in charge of the supervision of the project while Therus Invest took care of the development management.
  
  The new headquarters of the National Registrars Association has approximately 30,000 m² of office space and over 500 parking spaces. Work spaces are located in two parallel buildings joined by a central one. Each building has five floors articulated with vertical communication cores. The complex overlooks a plaza with gardens and high quality open spaces.
  
  The new building was designed by Mark Fenwick, Director at RFA Architecture, a leading Spanish architectural firm.
  
  Source: FD
  
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• 01 Nov 2009

  RICS: Sentiment toward real estate shows signs of improvement

  The latest RICS Global Property Survey published yesterday (October 29, 2009) is noticeably more upbeat than the second quarter report both in terms of the lettings environment and investment activity.
  
  Confidence in the outlook for tenant demand over the next three months is either less negative or more positive than was previously the case in every region of the world. This better tone has, significantly, also begun to filter through into rental expectations. Latin American and Asian countries have the most favourable readings when it comes to the outlook for rents with Hong Kong enjoying a particularly big swing in sentiment. In the second quarter of the year, a net balance of 67% of respondents from Hong Kong expected rents to fall further; by contrast in the latest survey, a net balance of 16% of respondents suggest rents are likely to rise over the next three months
  
  Peru, Columbia and Brazil also reported positive net balances on rental expectations while South Korea, China, Thailand and India were only moderately negative. Australia, UAE and the UK also saw rental expectations become less negative over the quarter but the weak results from the US and Japan were not far from the lows touched in the second quarter report. Interestingly, a number of European countries including Ireland, France and Spain have the worst readings on the rental outlook.
  
  The mood among real estate investors also appears to have perked up according to the survey with capital values expected to increase in a number of countries including Brazil, Hong Kong, South Korea, China and India. This more positive mood has also been reflected in activity indicators with number of investment bidders per property picking up sharply not just in Asia and Latin America but also in a number of European countries. This is consistent with the latest data from Real Capital Analytics, which shows either a steadying or a modest increase in transaction levels around the globe.
  
  Sentiment towards capital values in the US is, however, still very negative with 53% more surveyors expecting further declines (rather than increases) in the run-up to Christmas. In the UK, the net balance on capital values expectations is still in negative territory although only marginally so and there has been a noticeable increase in transaction activity.
  
  RICS chief economist Simon Rubinsohn said: “The rebound in Asian economies is clearly being reflected in the more positive responses to both rental and capital value expectations throughout the region. By way of contrast, the relatively sluggish economic revival though much of Europe and the US is consistent with the more downbeat results for these regions.
  
  “This contrast could become even more pronounced through 2010 as any unwinding of the monetary and fiscal stimulus presents a further challenge to the tentative recoveries being experienced in most western economies."
  
  Source: RICS
  
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• 25 Oct 2009

  Multi Development Spain opens Espacio Coruña

  Espacio Coruña, the shopping mall with the largest offer and highest quality in A Coruña, and its metropolitan area, was introduced to the city after 3 years and €120 million invested. 50,000 locals were at the opening day of Espacio Coruña which promotes the economic development of the area and integrates local retailers with multinationals. With a GLA of 41,000 m², it has created more than 700 jobs and provides free parking for over 2,000 vehicles. The center has a rooftop park and children’s playground.
  
  Víctor Manuel Gómez Izquierdo, General Manager of Multi Development Spain, pointed out that: “Multi Development has made a major commitment through a time of economic crisis, that affects both trade and consumers, because we believe in A Coruña as a city and as an economic engineer of Galicia. Espacio Coruña is not a common shopping mall, but a leisure and lifestyle center, a shopkeepers’ center”. Gómez Izquierdo added: “We are especially proud of the results, in the execution and architecture that reflects the city center of A Coruña and from the leasing of the retail spaces, 85% of the mall’s gross area already rented."
  
  The shopping mall is located in Someso, between the university campus of Elviña and Expo Coruña.
  
  A big supermarket of the Mercadona chain and the best local, national and international fashion retailers complete the offer. They include: C&A, Sport Zone, Todo Sport, Décimas, Zippy, Tino González, Ban Ban, Joyería José Luis, Leder Surf, H&M, Massimo Dutti, Zara, Benetton, Punto Roma, Cortefiel, Mango, Amichi, Los Telares, Woman Secret, Polinesia, Oysho, New Yorker, Calzados Semicentro, Celio, Blanco, Springfield, Natura, Patrivan, Stradivarius, Watx, Jack & Jones, Claires, Pull & Bear, Bershka, Calzados Mary Paz, etc.
  
  Espacio Coruña’s 4,000 m² area of leisure and catering offers the best variety and quality. McDonalds, Burger King, Belros, Café & Té, Paraíso de los Niños, Restaurante Asiático, Heladería Ribanna, Jamonería Arrua, Cervecería Celta, Dilemin Turco, Muerde la Pasta, Doner Kebap, Lois, Regaliz and Solpark are some of those represented.
  
  YelmoCinemas has 2,700 m² for 8 screens, one for 3D movies and room for 1,300 people.
  
  Source: Multi
  
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