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Jeff Bezos’ property empire is now worth almost $600m with his latest purchase in Hawaii

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Amazon founder Jeff Bezos‘ real estate portfolio grew to astronomical new heights in 2021, burgeoning by more than $100 million thanks to a pair of high-profile property purchases in Hawaii and Manhattan.

The purchases saw the Blue Origin founder’s already extensive property portfolio balloon to nearly $600 million, in a year where the e-commerce kingpin relinquished his title of world’s richest man to rival Elon Musk, as well as the title of CEO of the trillion-dollar company he founded nearly three decades ago, out of his garage in Washington state in 1994.  

Since then, Bezos, who boasts a reported net worth of $195 billion – with $5 billion of that coming in the past year – owns 14 pricey properties purchased beginning in 1998, with price tags ranging from $5 to $165 million in places like New York City, California, Texas, his home state of Washington, and Washington, DC.

Amazon founder Jeff Bezos, pictured here in November with girlfriend Lauren Sanchez, saw his real estate portfolio grew to astronomical new heights in 2021, burgeoning by more than $100 million thanks to a pair of high-profile property purchases in Hawaii and Manhattan

Amazon founder Jeff Bezos, pictured here in November with girlfriend Lauren Sanchez, saw his real estate portfolio grew to astronomical new heights in 2021, burgeoning by more than $100 million thanks to a pair of high-profile property purchases in Hawaii and Manhattan

Bezos’s latest purchase came in the form of a private Hawaii estate that spans 14 acres and is surrounded by dormant lava fields. 

The three-building estate, situated on the picturesque La Perouse Bay on Valley Isle in Maui, Hawaii, set the ex-Amazon head back an estimated $78million. 

He is the latest internet billionaire to snap up a waterfront property, despite local discontent. 

Facebook CEO Mark Zuckerberg, 37, recently bought a sprawling 600-acre property for a cool $53million on the island of Kauai. He also reportedly owns a 700-acre property on one of the islands that he acquired for more than $100million in 2014. 

Oracle co-founder Larry Ellison owns most of the property 141-square-mile island Lanai, located eight miles off the coast of Maui.   

It is unclear when exactly Bezos purchased the property, but he donated to the Hawaii Land Trust in mid-September, which is responsible for the environmental conservation in Maui. He and his girlfriend Lauren Sanchez, 51, reportedly donated to several local charities to feel a part of the community.  

The property was sold to Bezos in an off-market deal, with the billionaire buying from Colorado-based holding company Lochland Holdings, which is owned by the Schatz family. Doug Schatz, an energy businessman, was the previous owner, having bought it for $4.2million in 1996.

The property is home to three buildings, including its main structure, which is 4,450 square feet and has three bedrooms and three bathrooms. 

The second building, meanwhile, is 1,839 square feet guesthouse with two-bedrooms and two-and-a-half bathrooms. And the third is 1,815 square feet with three bedrooms and one bathroom. 

The entrepreneur’s new digs also sits on a marine fishing reserve. 

What’s more, the eccentric property is also surrounded by dormant lava fields where the Haleakalā volcano – which is eight times larger than the Empire State Building in New York City and its hotspots can reach up to 2,500 degrees Fahrenheit – last erupted in 1790. It is expected to erupt again within 500 years, scientists say.  

Both Bezos and Zuckerberg have faced backlash from locals for their extravagant purchases, with many arguing the brazen billionaires are raising housing costs by purchasing property on what they call sacred land. 

But that hasn’t deterred the business-minded Bezos, who is reportedly scouting more off-the-market properties in Maui to expand his real estate portfolio in the Aloha State and is reportedly searching for a home for his parents in Montage Kapalua Bay, where he often stays at a luxury resort, per the New York Post. 

Amazon CEO Jeff Bezos purchased a $78million secluded estate surrounded by luscious greenery, palm trees, and a marine fishing reserve

Amazon CEO Jeff Bezos purchased a $78million secluded estate surrounded by luscious greenery, palm trees, and a marine fishing reserve 

The ultra-secluded estate sits on a marine fishing reserve, which is rare to have access too and even fishing boats are not allowed in the waters

The ultra-secluded estate sits on a marine fishing reserve, which is rare to have access too and even fishing boats are not allowed in the waters

The three-building estate is located on La Perouse Bay on Valley Isle in Maui, Hawaii, and is surrounded by dormant lava fields. It is located west of Haleakalā volcano - which is eight times larger than the Empire State Building in New York City - and last erupted in 1790

The three-building estate is located on La Perouse Bay on Valley Isle in Maui, Hawaii, and is surrounded by dormant lava fields. It is located west of Haleakalā volcano – which is eight times larger than the Empire State Building in New York City – and last erupted in 1790

The property is home to three buildings, including its main structure, which is 4,450 square feet and has three bedrooms and three bathrooms

The property is home to three buildings, including its main structure, which is 4,450 square feet and has three bedrooms and three bathrooms

The second building, meanwhile, is 1,839 square feet guesthouse with two-bedrooms and two-and-a-half bathrooms. And the third is 1,815 square feet with three bedrooms and one bathroom

The second building, meanwhile, is 1,839 square feet guesthouse with two-bedrooms and two-and-a-half bathrooms. And the third is 1,815 square feet with three bedrooms and one bathroom

The entrepreneur's new digs also sits on a marine fishing reserve

The entrepreneur’s new digs also sits on a marine fishing reserve

The waterfront compound is located on the southwest trip of the Hawaii island 

Bezos’ other purchase in 2021 served as an addition to a string of apartment purchases he made in years prior on Manhattan’s posh Fifth Avenue, with the billionaire businessman buying up five properties over the course of three years to form a de facto mega mansion.

Picking up a $23 million unit in the same historic building where he had already spent $96 million on four separate homes, Bezos’ most recent purchase in the building situated in the city’s Flatiron District brought his holdings in the building to more than 20,000 square feet.  

Bezos initially bought three apartments in the building, which overlooks Madison Square Park, in 2019, for a cool $80million. At the time, The Wall Street Journal reported that Bezos’s over-the-top purchase was one of the most expensive real estate transactions in New York City for the year. 

The space, which at the time covered a combined 17,000-square-feet with 12 bedrooms and multiple terraces, included a three-floor, 10,000-square-foot penthouse with a grand ballroom, a three-bedroom unit below with high-end finishes, and an adjoining four-bedroom pad with oversized windows on three of its four sides. 

At the time, it was rumored that the space would serve as a love nest for Bezos and his then-wife of 25 years – until the pair divorced in April of that year.

A year later, in April 2020, Bezos bought a fourth unit in the luxe Madison Square Park apartment complex, dropping $16 million for a three-bedroom unit adjacent to the two lower-level units from the original purchase.  

The de facto mega mansion, located in Manhattan’s Flatiron neighborhood, is housed at 212 Fifth Avenue, a building which offers a fitness center, golf simulator, game room and movie screening room.

Bezos' other purchase in 2021 served as an addition to a string of apartment purchases he made in years prior on Manhattan's posh Fifth Avenue, with the billionaire businessman buying up five properties over the course of three years to form a de facto mega mansion

Bezos’ other purchase in 2021 served as an addition to a string of apartment purchases he made in years prior on Manhattan’s posh Fifth Avenue, with the billionaire businessman buying up five properties over the course of three years to form a de facto mega mansion

The pricey purchases, made over the course of three years and costing nearly $120million, includes a three-floor penthouse flat and two units below it

The pricey purchases, made over the course of three years and costing nearly $120million, includes a three-floor penthouse flat and two units below it

Bezos' most recent purchase in the building, in 2021, situated in the city's Flatiron District brought his holdings in the building to more than 20,000 square feet

Bezos’ most recent purchase in the building situated in the city’s Flatiron District in 2021 brought his holdings in the building to more than 20,000 square feet

The deal was rumored to be one of the priciest real estate transactions in Manhattan that year

An interior shot of the apartment is shown above

The initial 2019 deal was one of the priciest real estate transactions in Manhattan that year. Two interior shots from the connected apartments are shown above

The year prior, Bezos purchased a second Kalorama residence in Washington, D.C., across the street from a $23 million property he snapped up in 2016.

The initial $23million mansion, once a former textile museum, boasts 27,000 square foot of space and was built in 1912. It also occupies a spot on the National Register of Historic Places. 

The town is known to be an enclave for Washington power-players including the Obamas, who own a $5.3million home nearby, and Ivanka Trump and Jared Kushner.

Bezos snapped up the second property for a considerably more modest $5 million. At the time, many theorized that the Amazon head made the purchase primarily made for privacy reasons, as the mansion boasts a direct line of sight into the larger, more expensive residence.

Jeff’s other big investment in the nation’s capital came in the form of the The Washington Post, which he purchased in August 2013 for $250million. The paper is included in his estimated net worth. 

In 2016, Bezos dropped a cool $23million on a former textile museum in the exclusive Kalorama neighborhood of Washington, DC

In 2016, Bezos dropped a cool $23million on a former textile museum in the exclusive Kalorama neighborhood of Washington, DC

The Amazon founder purchased the $23million Washington mansion that has undergone over three years of renovations and construction and is tucked in the city's wealthy Kalorama district

The Amazon founder purchased the $23million Washington mansion that has undergone over three years of renovations and construction and is tucked in the city’s wealthy Kalorama district

The 27,000 square foot space was built in 1912 and occupies a spot on the National Register of Historic Places

The 27,000 square foot space was built in 1912 and occupies a spot on the National Register of Historic Places

Plans: This diagram of the property shows the building and gardens which were described as 'beautiful' and 'astonishing' by people who have seen them

Plans: This diagram of the property shows the building and gardens which were described as ‘beautiful’ and ‘astonishing’ by people who have seen them 

Bezos also owns this $5 million mansion in the swanky Washington, D.C. suburb of Kalorama

Bezos also owns this $5 million mansion in the swanky Washington, D.C. suburb of Kalorama

In July 2020, Bezos built upon his already extensive Beverly Hills holdings by purchasing the property adjacent to Assylum Records creator David Geffen’s estate – which he had purchased for $165 million months before – for $10 million,

A considerably more humble abode than Geffen’s historic mansion, the home is still luxurious nonetheless by the average person’s standards. 

The $165 million property, meanwhile, purchased by Bezos in February of that year, is a massive 10-acre estate that boasts a 13,600-square-foot Georgian-style main house, two guest houses, a nursery and three hothouses, a tennis court, a swimming pool, expansive terraces, and a nine-hole golf course. 

The grand motor court even has its own service garage and gas pumps. Another notable feature of the main house is its antique wood flooring, which are imported and believed to be the same floor that Napoleon stood upon when he proposed to his first wife, Joséphine.  

In February 2020, Bezos shelled out $165 million for this 13,600 sq ft Georgian-style mansion next door, which boasts terraces, guest houses, a tennis court, and a nine-hole golf course

In February 2020, Bezos shelled out $165 million for this 13,600 sq ft Georgian-style mansion next door, which boasts terraces, guest houses, a tennis court, and a nine-hole golf course

The opulent nine-acre Beverly Hills estate is seen from the air. It was designed in the 1930s for media mogul Jack Warner

The opulent nine-acre Beverly Hills estate is seen from the air. It was designed in the 1930s for media mogul Jack Warner

Amazon boss Jeff Bezos bought this 11,891-square-foot mansion on North Alpine, Beverly Hills, in 2007 for $24.45 million

Amazon boss Jeff Bezos bought this 11,891-square-foot mansion on North Alpine, Beverly Hills, in 2007 for $24.45 million

Bezos forked out $10 million for a Beverly Hills home located right next door to the initial $165 million compound. His new purchase is pictured above in a 2018 real estate listing

Bezos forked out $10 million for a Beverly Hills home located right next door to the initial $165 million compound. His new purchase is pictured above in a 2018 real estate listing 

A considerably more humble abode than Geffen's historic mansion, the home is still luxurious nonetheless by the average person's standards

A considerably more humble abode than Geffen’s historic mansion, the home is still luxurious nonetheless by the average person’s standards

A 2018 listing photos show the home features a large kitchen and several spacious living areas complete with original fireplaces

A 2018 listing photos show the home features a large kitchen and several spacious living areas complete with original fireplaces

The home boasts plenty of natural light and dark hardwood floors. One of the property's living areas is pictured above

The home boasts plenty of natural light and dark hardwood floors. One of the property’s living areas is pictured above 

Bezos owns two other homes in Beverly Hills. He bought the first for $24.45million in 2007 and snatched up a neighboring property 10 years later in 2017 for $12.9million. 

The first home is a seven-bed, seven-bath Spanish-style mansion with a greenhouse, tennis court, swimming pool, six car garage and four fountains. 

Neighbors reportedly include A-listers Jimmy Stewart, Donna Reed and Walter Matthau.

The second home is far more modest at just 4,568 square feet with just four bedrooms.

Bezos owns two other homes in Beverly Hills. He bought the first (above) for $24.45million in 2007 and snatched up a neighboring property 10 years later in 2017 for $12.9million

Bezos owns two other homes in Beverly Hills. He bought the first (above) for $24.45million in 2007 and snatched up a neighboring property 10 years later in 2017 for $12.9million 

The aerial shot above shows the entire Bezos compound - which consists of two neighboring properties - in Beverly Hills

The aerial shot above shows the entire Bezos compound – which consists of two neighboring properties – in Beverly Hills

With that said, the majority of the Bezos’ land holdings can be found, surprisingly, in West Texas, where the ex-Amazon exec owns an estimated 400,000 acres in Culberson and Hudspeth counties east of El Paso, known as Corn Ranch.

The land was purchased by Bezos for an unknown amount in 2004, as most of the Texas land was bought using limited-liability companies named for famous explorers, the Wall Street Journal wrote at the time.  

The sprawling property includes the his 30,000-acre Figure 2 ranch outside of Van Horn, which serves as a reminder of the summers Jeff spent on his grandparents’ ranch growing up, outside the small town of Cotulla.

Bezos bought the home from attorney Ronald Stasny, who reportedly spent millions renovating the gray stucco, one-story property, built in the 1920s. Stasny added a spa in the bathroom, remodeled the kitchen, put in new tile floors, and refinished its posh porches, The Wall Street Journal reported at the time. 

The ranch serves as the home base for Jeff’s private space company Blue Origin, which was founded in 2001.  

A portion of the Bezos’ net worth comes from Blue Origin, which is valued at somewhere between $1billion and $28billion. 

It is difficult to determine the specific value of the company because of the lack of details available about the enterprise, and the fact that Jeff is the sole shareholder, Chad Anderson, CEO of venture fund Space Angels, told Bloomberg. 

Jeff said in April 2017 that he funds Blue Origin through the sale of ‘about $1billion a year of Amazon stock’.  

The majority of the Bezos' land holdings are in West Texas, where the family owns an estimated 400,000 acres in Culberson and Hudspeth counties east of El Paso. One of the holdings is a 30,000-acre Figure 2 ranch outside of Van Horn (above)

The majority of the Bezos’ land holdings are in West Texas, where the family owns an estimated 400,000 acres in Culberson and Hudspeth counties east of El Paso. One of the holdings is a 30,000-acre Figure 2 ranch outside of Van Horn (above)

Figure 2 is also the home base of Jeff Bezos' space exploration company Blue Origin, which was incorporated in 2001. The firm made history in 2015 when it successfully launched and landed the reusable rocket, New Shepard (above)

Figure 2 is also the home base of Jeff Bezos’ space exploration company Blue Origin, which was incorporated in 2001. The firm made history in 2015 when it successfully launched and landed the reusable rocket, New Shepard (above)

Back in 1999, Bezos, then sporting a net worth of roughly $10 billion, made his first property purchase in New York City, snapping up a pad on Manhattan’s ritzy Central Park West, overlooking Central Park, for $7.7million. The previous owner was former Sony Music executive Tommy Mottola.

The home is made up of not one, but three interconnected apartments in the famed Century building in the city’s Upper West Side  

Back in 1999, Bezos, then sporting a net worth of roughly $10 billion, made his first property purchase in New York City, snapping up a pad on Manhattan's ritzy Central Park West, overlooking the park, for $7.7million

Back in 1999, Bezos, then sporting a net worth of roughly $10 billion, made his first property purchase in New York City, snapping up a pad on Manhattan’s ritzy Central Park West, overlooking the park, for $7.7million

The home is made up of not one, but three interconnected apartments in the famed Century building in the city's Upper West Side

The home is made up of not one, but three interconnected apartments in the famed Century building in the city’s Upper West Side 

Bezos has owned the three apartments in the prominent Upper West Side building for more than two decades

Bezos has owned the three apartments in the prominent Upper West Side building for more than two decades

Bezos first big real estate purchases, however, came in the form of two homes purchased in his home state of Washington in 1998, which the businessman combined into one estate that has served as his primary residence over the past few decades.

The pair of properties, situated in Medina, an exclusive Seattle suburb also home to Bill Gates, cost the then rapidly emerging mogul $10million, for 5.3-acres of property. 

One of the homes covers 20,600 square feet with five bedrooms and five bathrooms. The other is 8,300 square feet with five bedrooms and five bathrooms. The latter is rumored to have cost $53million to build.  

The estate with 310 feet of Lake Washington shoreline underwent a $28million renovation in 2010. 

Bezos owns two homes in Medina, an exclusive Seattle suburb also home to Bill Gate. He paid $10million for the 5.3-acre property in 1998

Bezos owns two homes in Medina, an exclusive Seattle suburb also home to Bill Gate. He paid $10million for the 5.3-acre property in 1998

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Barings provides €72m loan for social housing portfolio (GB)

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Barings has provided a €71.9m (£62.9m), 15-year loan to finance the acquisition of a social housing portfolio in England by Domus Social Housing Ltd (Domus). Provided under its separate account with investor Phoenix Group, the UK’s largest long-term savings and retirement business, it is Barings’ first real estate debt exposure to affordable housing in Europe. 

 

Domus and Fiera Infrastructure Inc, were advised by Excellion Capital on the milestone transaction in which Domus acquired the portfolio, consisting of 54 properties in London, the midlands and the northwest of England with more than 850 beds in the underlying units. The assets are let to UK housing providers that specialise in managing homes for residents with a range of needs, including those experiencing homelessness and domestic abuse. There are over 320,000 people estimated to be sleeping rough, in homeless shelters or in other temporary housing in the UK, according to analysis from Shelter in 2018.

 

Chris Bates, Head of Europe Real Estate Debt Origination at Barings, said: “Having been actively lending against UK and European residential property for some time now, we were keen to explore opportunities in the affordable housing sector and believe this portfolio is a substantially attractive one to launch us into the market. We are increasingly seeking out opportunities to invest in residential property, given that it provides a long-duration, reliable income that hedges against rising inflation, and are interested in a range of asset classes such as affordable housing, student accommodation, build-to-rent and the private rental sector.”

 

Sam Mellor, Managing Director and Head of Europe & Asia – Pacific Real Estate Debt at Barings, said: “Increasing our exposure in affordable housing is the right thing to do from both a social impact and a financial investment perspective, reflecting both Barings’ values as a company and our investors’ priorities. With a housing crisis in the UK, as across much of the world, the social case is crystal clear. Barings has significant expertise and experience in the affordable housing sector in the U.S., upon which we’ve drawn for this investment, and we’re eager to continue to combine our global research capabilities with our on-the-ground knowledge to seek to secure returns for our investors.”

 

Prabjot Mann, Head of Property at Phoenix Group, said: “Phoenix is delighted to have provided €71.9m (£62.9m) for Barings’ first loan supporting affordable housing projects in Europe. Phoenix Group is committed to investments that have a clear social benefit and this loan forms part of our growing portfolio of investments in affordable, supported and social housing. This funding will provide housing to those most in need, and is fully aligned with our approach to responsible investment.”

 

Alina Osorio, President of Fiera Infrastructure, said: “Domus is a new social infrastructure platform focused on providing critical shelter and support to the most vulnerable members of the community. The investment addresses the social housing supply imbalance in the UK by providing quality accommodations in the areas most at need. We plan to grow our footprint through additional acquisitions, which have been identified and secured in areas experiencing housing supply shortages. We are pleased to have worked with Barings on this milestone financing and look forward to witnessing its significant and measurable social impact on the individuals and communities in which Domus operates.”

 

Gareth Taylor, Director at Excellion Capital, said: “We are delighted to support Domus Social Housing with its acquisition by working with Barings to provide funding of socially responsible and much needed supported housing across the UK. These properties give the unhoused and most vulnerable individuals in our society the accommodation and the specialist care they require.”

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How to sell your home in 2023: Ten top tips

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Energy price worries, double-digit inflation, strikes, war and a new government — there’s a lot going on right now, and it’s all beginning to sap the confidence of sellers and buyers.

The market is still robust, with Halifax this month reporting that house prices are 11.5 per cent higher than a year ago, and the typical home now costs a record £294,260. 

But some potential sellers aren’t convinced and believe it’s better to wait until spring to see if buyer confidence returns.

Holding off: The housing market remains robust, but some potential sellers aren't convinced, and believe it's better to wait until spring to see if buyer confidence returns

Holding off: The housing market remains robust, but some potential sellers aren’t convinced, and believe it’s better to wait until spring to see if buyer confidence returns

Of course, the cuts to stamp duty that Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have announced may change a few minds.

But research by savings website VoucherCodes suggests that rising costs have forced 11 per cent of all potential buyers to delay by at least a year.

And a separate study by Nationwide Building Society says seven in ten would-be first-time buyers are putting their plans on ice for some months at least.

So if you’re looking to sell and prevent your home from languishing on the market for months on end, it may be best to spend the next six months getting into pole position for the market in 2023. 

Here are our ten top tips…

1. Take top-quality photos

Choose your estate agent now and make sure they take photographs of your home as soon as possible, while the weather is still relatively good. 

Then it will look its best regardless of when you decide to list it — and you can choose to start marketing at short notice if the conditions are right.

2. Help your buyer

‘Create a pack including everything you can to reassure buyers and cut delays,’ says Clare Coode, an agent with Stacks Property Search, a buying agency.

‘This should include, for example, a certificate for your wood burner, up-to-date electrical certificates, planning permissions, building regulation sign-offs, information about ownership of boundary walls and documents related to access and rights of way.’

3. Fix a mortgage deal

With interest rates rising, and likely to increase for another 18 months according to commentators, securing a competitive multi-year, fixed-rate mortgage in principle now makes sense. 

But many of these deals have to be acted upon within a few months, so ensure you’re in a position to buy before the deadline expires.

4. Boost energy efficiency

This is a key issue for buyers, even after Liz Truss introduced a financial package to ease the burden of increased energy costs.

‘Double glazing, improved insulation or a new boiler could be achieved in a few months, and would likely boost both the appeal and asking price of your home,’ says Location, Location, Location star Phil Spencer. 

‘There are also solar panels, but these won’t add enough value to recover their cost in the short term.’

5. Update the kitchen

Consumer group the HomeOwners Alliance says the kitchen is worth more per square foot than any other room in the house, so it’s worth making it look tip-top.

Spend autumn and winter refacing the cabinets and smartening up the walls and floor. 

But don’t fit a new kitchen — you won’t recover the cost if you sell soon and an installation hitch could derail plans.

6. Be competitive

Try not to pay too much attention to any one house price index, but look at the overall trend and be prepared to set a competitive asking price in the New Year.

Many estate agents say an asking price at the lower end of your expectations will encourage rival buyers to bid against each other — good news for any seller. 

And an overly ambitious price may see the home stuck on the market, especially during a cost of living crisis.

7. Try a neutral restyle

Declutter, of course — but do more than that. ‘If your interior is looking a little dated in style, then redecorate in line with current trends,’ says Alex Lyle, director of estate agency Antony Roberts, based in West London.

‘But try not to be too ‘out there’ as this may put off some potential buyers. Likewise, if carpets are looking a little tired, think about replacing them or switching to wooden flooring.’

8. Spruce up the garden

‘Assess how badly the garden suffered from the drought,’ says Josephine Ashby of John Bray Estates, an estate agent based in North Cornwall.

‘Something planted in the autumn should be thriving by spring. Outside space is important, so doing anything to spruce it up will be rewarded. 

Fresh gravel, a trellis to hide eyesores, dramatic pots and cleaned-up furniture with pretty cushions are all easy fixes.’

9. Remember the lights

‘Swap old halogen lights for LED fittings,’ says Emma Barkes of Stacks Property Search. ‘These use 80 per cent less energy to produce the same amount of light.

‘Make the change early so you can demonstrate lower winter bills and also to give you time to paint the ceilings, as the fittings will almost certainly be a different size.’

10. Finish old projects 

There’s no excuse for outstanding repairs if you have six months to deal with them, but remember that it can take longer than you think to get a tradesman in.

Maintenance firm HelpmeFix says it typically takes four weeks to get a bricklayer or roofer, and at least a week to get a plumber to do a routine boiler check.

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CBRE IM acquires two logistics assets in Madrid (ES)

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CBRE Investment Management has acquired two new logistics assets in Madrid, Spain, owned by DWS, with a total gross lettable area of 67,859m².

 

The first asset, located in Meco, was completed in Q2 2020 and offers 51,969m² of gross lettable space with a LEED Silver rating. The second, in Torrejon, was completed in Q4 2019 and provides 15,890m² of gross lettable space with a LEED Gold rating. Both properties are already leased under triple net leases to leading tenants including a German automotive component manufacturer, a national kitchen equipment distributor and an international sustainable energy company. They both also have EPC ratings of A.

 

Both assets boast excellent locations with easy access to the A-2 and R-2 highways, and good connection with the M-50, Madrid’s outermost ring road. A driving distance of just 30 minutes to Madrid’s city centre means the assets are well positioned to accommodate, amongst others, tenants with a last-mile approach. The assets have been delivered to high technical and environmental specifications, and also benefit from the increased penetration of e-commerce in Spain and the lack of grade A logistics properties in the area.

 

Antonio Roncero, Head of Transactions for Iberia at CBRE Investment Management, said: “This acquisition was a rare opportunity to secure an income-producing grade A logistics portfolio through an off-market process. The Madrid logistics sector is attractive due to the potential growth of occupier demand versus an acute shortage of supply. Despite current economic headwinds, well located, high-quality and sustainable assets such as these are well placed to take advantage of ongoing rental growth in the logistics sector.”

 

Manuel Ibanez, Head of Real Estate Iberia at DWS, pointed out: “In 2017 at DWS we bet on the logistics sector and structured a forward purchase agreement with ICC, which culminated in the purchase of the two newly developed warehouses in 2019 and 2020. Following the leasing of both assets, we decided to divest, closing the circle of this deal, which will be profitable for our investors and is part of DWS’s value add strategy. We will continue working to find investment opportunities in key locations and strategic sectors such as logistics, residential and offices, strengthening our presence in Spain”.

 

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