CG CAPITAL EUROPE: Spanish Real Estate Market Overview (Summer 2021)

The summer period in Spain (June – August) recorded a reduced number of transactions, however, those transactions were significant in volume. Among the main Asset classes, Hospitality and Office Assets have stood out among other sectors.

In the Hotel Sector, the most relevant transactions have been:

• Brookfield acquired 100% of the hotel group Selenta, as well as four of the group’s five assets for a total amount of c.€400 million (c. 2,200 rooms). Transacted hotels were: Hotel Sofia Barcelona, Expo Barcelona, Don Carlos Resort & Spa (Marbella) and Mare Nostrum Resort (Tenerife).
• Meliá sold a portfolio of eight hotels to a new Bankinter’s investment vehicle for more than €200 million. Hotels included were: Gran Meliá Victoria (Mallorca), Meliá Tamarindos (Gran Canaria), Meliá Granada, Sol Beach House Menorca, Meliá Salinas (Lanzarote), Innside Bosque (Mallorca), Meliá Atlanterra (Cádiz) and Innside Zaragoza.
• The acquisition of Hotel Hesperia Presidente (Barcelona) by Grifols’ Family to an undisclosed Catalan Family office for €125 million.

In the Office Sector, the most significant transactions have been:

• KanAm bought the Pentagon portfolio (5 office assets in Barcelona) from Axa for a total €280 million, all of the assets leased to Catalunya’s Regional Government until 2033.
• Also, KanAm has accomplished the second largest office transaction with an acquisition at the 22@ district in Barcelona for €67 million, formerly owned by Enric Gregori´s family. Amazon will be the main tenant, occupying 7,000 sq.m. for its second headquarters in the city.
• DWS sold the prime office building Castellana 42 (Madrid) to March family for €54.6 million and at a capitalization rate of c3.5%. The office building counts with c.4,500 sq.m. and Aedas Homes as main tenant.

During these three months, the Spanish Real Estate sector also held some consequential transactions across different Assets classes:

• Logistics Sector: KKR and Round Hill sold the Pulsar Portfolio to P3 Logistics for €105 million; or the Portfolio held by Meridia, composed by logistics and office assets were sold to Starwood Capital and other international investors for c.€85 million.
• Residential Sector: two Build-to-rent projects outstand among others: 216 homes in Valencia sold by Metrovacesa for €50 million to AEW and a build-to-rent project in Madrid, sold by Twin Peaks Capital Family Office to Patrizia for €40 million.

#CGCapitalEurope #RealEstate #Investment #M&A #Transactions #Investmentbanking #Iberia #Spain

• Compartir en: