Savills has advised Spanish REIT, Hispania Activos Inmobiliarios SOCIMI, on the sale of Malaga Plaza’s office to New Winds Group. The offices are fully let and have a GLA of 5.862 m2 distributed across two floors.
New Winds had purchased Malaga Plaza’s retail component in 2017 and have now, therefore, gained control of 100% of the ownership of the retail & office building on the coastal city of Malaga.
During its holding period, Hispania has invested capex to improve the facilities in order to meet tenants demands on quality standards and the management of the asset is being adjusted by streamlining costs in order to achieve better profitability. The restyling of common was completed in 2016 and included a modification of the main entrance façade.
The property, which includes 350 parking spaces, enjoys an urban location in the centre of Malaga, located in one of the main office areas of the city and close to the AVE and metro station.
“Investors are increasingly seeking higher yields than those available in the major Spanish capitals and demand from Spanish family offices is strong in coastal provincial capitals like Malaga & Alicante and this deal reinforces that thesis” states Juan Luis Martínez Quevedo, Managing Director of Astorga Real Estate Partners with operations in both cities.
About the Reyzabal family.
Julián Reyzábal, who passed in 1978, built a business empire which included film production, perfumes, cinemas and discos and a real estate portfolio was famous for including the Windsor building which would eventually be burnt down and the Picasso Tower. In May 2006, the mid-2000s the family’s business group was known as Inmobiliaria Asón, was sold to El Corte Inglés department store group for #400 million and his heirs divided the proceeds.
According to SpanishREIT.com’s conversations with people familiar with the group, the inheritance of Julian Reyzabal is divided into five family branches which are distributed (unevenly) the varied real estate that brought together the Real Asón, sold to El Corte Inglés for 400 million in 2006, a year after the fire of the Torre Windsor in Madrid.
Two of the heirs – the Reyzábal González-Aller and Reyzábal Delgado- families have agreed to share investments in the Forter real estate company, RDE, which has an equity of close to 200 million.
New Winds Group (of the Saralegui Reyzábal), has assets under management of over €110 million distributed mainly in four buildings of Madrid and Las Rozas, a mixed-used property as well as investments in solar energy.
The list includes Reyza 2006 (owned by Florentino Reyzábal Larrouy and his daughters) and Greynver (Owned by the Reyzábal.Haya).