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106 // iberian.propery / 2017
dossier// ISSUE: TOP IBERIAN cities
INVESTMENT
Retail
: the solid growth in demand witnessed in the cities of Bilbao and San
Sebastian since 2014 led to the current lack of available product in these
markets. Due to this, it has been progressively difficult to close deals, which has
forced investors to be increasingly creative.
Offices
: several transactions were recorded in the last year in the Gran Via-Moyúa
and Abando zones, with average sale prices of approximately 3.650 €/m² and
3.100 €/m², respectively. Regarding yields, the downward tendency registered
since 2013 (when they were above 6%) should remain in 2017, dropping from 5.5%
in 2016 to a minimum value closer to 5% for prime buildings.
Logistics
: one of the trends that marked 2016was the strong investor interest
in this sector, especially in the Bilbao area. However, the lack of available prime
product seriously limited transactions, which explains the lownumber of operations.
Pressure from investors remains strong this year, which is why CBRE expects a rise
in the number of operations with greater yield compression, citing SOCIMIs and
international Funds as the main players.
Tourism
: throughout recent months, investor interest in Bilbao’s hotel market has
been gaining momentum, with the completion of some purchase operations
involving pre-existing properties to be regenerated into hotels.
sources: Ayuntamiento de Bilbao, Bilbao Turismo, CBRE Market View – Boletín Inmobiliario Bilbao 2017
Portfolio Euroski (11 supermar-
kets + 2 commercial galeries)
Date
02/2016
GLA
----
Price
€ 358 million
Buyer
Invesco Real Estate
Seller
Eroski & Topland
Brokers &
Advisors
Savills
ZUBIARTE SHOPPING
CENTRE, Bilbao
Date
01/2016
GLA
20.640
Price
€ 30 million
Buyer
Activum SG Capital
Seller
Sierra Fund / CBRE GI
Brokers &
Advisors
----
2 RETAIL PARKS: Artea And
Galari, Bilbao and Pamplona
Date
04/2017
GLA
8.400 m²
Price
€ 18,7 million
Buyer
ORES Socimi
(Bankinter & Sonae Sierra)
Seller
Private RE Investment Fund
Brokers &
Advisors:
Savills
TOP DEALS 2016/2017