INVESTMENT FUNDS HOLD 57% OF THE INVESTMENT IN SPAIN

INVESTMENT FUNDS HOLD 57% OF THE INVESTMENT IN SPAIN

 

This is a number very similar to the one registered in the first quarter of the year, and represents an increase of 14% over the same period of the previous year. So far this year, the accumulated volume reached €4,850 million. Positive figures, driven by the good moment experienced by the Spanish economy, together with the good records of the markets fundamentals, with increases in levels of employment, price increases and the good reception by the demand of the new projects that are being incorporated into the market, which is generating an investment pressure for the assets that come to market in Spain.

 

Retail, leading the way

In the second quarter of the year, commercial assets were transacted for a total volume of €950 million. The most outstanding operations have been the purchase of a portfolio with six shopping centers for €182 million by Carmila a Pradera, the sale of the L'Aljub shopping center in Elche, for an approximate volume of €140 million, or the purchase of Parc Vallés in Terrassa, for €85.5 million. In Retail High street, highlights the operation in Gran Vía, 30 and Gran Vía 68 in Madrid, the sale of a portfolio of Stradivarius, for €12.5 million, or the sale of a space located at number 6 of the Great Via de Bilbao, for €6.7 million.

At the end of the year, there are open sales processes of a considerable volume, which advances that the Retail will continue to be a fundamental part in the investment market in the coming months.

In second place on the podium is the residential segment, which reached a volume of €870 million in the second quarter of the year. In this regard, is worth noting the acquisition by Testa of a portfolio of 1,329 houses to Caixa Bank for €207 million.

On the other hand, the activity registered in the office market has been very limited, mainly as a consequence of the shortage of product. Direct investment in logistics warehouses in profitability has not been very dynamic during the second quarter. The investors, in the lack of a finished product offer, are betting on project developments and new investment products. E-commerce is acting as an engine in the development of speculative products.

Investment funds continue to be the main players, from the point of view of the buyer, holding 57% of the total volume transacted in the second quarter.

 

Positive prospects

BNP Paribas Real Estate predicts that, in the second half of the year, the investment activity will continue, in a market context where there will continue to be plenty of capital in the markets, a great appetite for assets in Spain and a shortage of product. The Retail sector will continue to be the main player, due to the good moment of consumption in Spain, with sales increases in retail sector. In addition, there are important open sales processes of commercial assets’ portfolios in the amount of €1,200 million.

 

 

 

Source: BNP Paribas Real Estate

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