Edifício España, Madrid, Spain
This is one of the conclusions from the latest report Raising Capital from Corporate Real Estate published by consultant JLL. Amongst the main operations, the report highlights the sale of two commercial spaces in Edificio España by RIU and the sale of El Corte Inglés at Francesc Maciá in Barcelona, both for around 150 million euro.
Within this "segment ranking", offices came in second with 395 million euro invested in 8 operations (around 26% of the whole). The sale of Torre Telefónica (Diagonal 00, Barcelona) and Plaza Catalunya 16 in Barcelona, both for more than 100 million euro by Telefónica are two examples.
In third place came logistics, which had a total 342 million euro on 11 operations (23%), with one of them being the sale of the assets from Amazon Barcelona Airport for more than 70 million euro. In fourth came healthcare with 220 million euro (14%) and in fifth and last was the alternative segment with 25 million euro (1%).
In terms of buyers’ profiles in Spain, investment funds are the most active, in line with previous years, followed by REITs.
In terms of the current context influenced by the Covid-19 pandemic, Sergio Fernandes, investment business manager at JLL commented that «corporate owners and tenants appreciate more and more the option of using their real estate assets as strategic tools to gain liquidity and maximise their working capital. We started to see an increasing number of companies preparing their assets for sale and this activity is expected to become more predominant during this year’s second semester, as the markets return to normal».