Yarrells Property cierra una importante renegociación en un centro comercial de Mallorca

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Feb 222016
 

Yarrells Property ha representado a Cinesa, la mayor cadena de multicines de España en la renegociación de su contrato de alquiler en Festival Park, Mallorca.

Después de un proceso de unos 18 meses de negociación, las partes finalmente llegaron a un acuerdo para ajustar cláusulas críticas en el contrato a cambio de una rebaja significativa en el precio del alquiler.

La excelente sinergia entre Yarrells Property y Cinesa ha resultado en unos ahorros de cerca de 10MM€ en sus compromisos de alquiler.

Noviembre 2015

Yarrells Property intermedia el alquiler de edificio de oficinas en Barcelona – 7.000m2

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Oct 212014
 

Yarrells Property ha negociado con éxito el alquiler de cerca de 7.000m2 de oficinas en el parque empresarial Can Ametller en Sant Cugat. El inquilino entrante, Gas Natural Fenosa, ha consolidado en este edificio su parque de proveedores de informática, que estaba ubicado en varios edificios en Barcelona y la periferia. El parque empresarial tiene un total de 28.000m2 sobre rasante, con fachada a la autopista AP7, cerca del centro comercial Sant Cugat. Se entregó en 2008 y es propiedad de un fondo gestionado por AXA Real Estate.

Ésta representa una de las operaciones de alquiler más importantes de Barcelona en 2014 y es una buena noticia para el sub-mercado de Sant Cugat, en la periferia de Barcelona que ha sufrido una tasa de disponibilidad alta debido a la entrega de varios nuevos proyectos al final del periodo de boom que han experimentado una ocupación baja durante unos 5 años de crisis.

Octubre 2014

Yarrells Property ha representado a Cinesa en dos nuevas renegociaciones de contrato – 18.000m2

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Oct 172014
 

Yarrells Property ha representado a Cinesa, la mayor exhibidora de multicines en España, en la renegociación de condiciones de sus contratos de alquiler en los centros comerciales Parque Principado en Oviedo y Nassica en Getafe, al sur de Madrid.

Durante el segundo trimestre, Yarrells Property, como parte de una más amplia revisión de la estrategia inmobiliaria y de costes que está llevando a cabo para el grupo, asesoró y participó en las negociaciones en representación de su cliente, con el propietario Intu, un fondo de inversión en centros comerciales con base en el Reino Unido, que adquirió el centro a mediados de 2013 por unos 162MM€. Se llegó  a un acuerdo que reposiciona los términos del contrato, teniendo en cuenta la situación actual del mercado, y a la vez, acordando mejoras en el centro que beneficiarán a todas las partes.

Durante el mismo periodo, Yarrells Property también asesoró en las negociaciones para llegar a un acuerdo de revisión de los términos del contrato de Cinesa en el parque de medianas y ocio Nassica, al sur de Madrid con el propietario British Land. El parque ha sido vendido recientemente al fondo Norte Americano KKR.

Julio 2014

Yarrells Property representa a Ricoh en expansión y renegociación de sede – 9.000m2

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Mar 062014
 

Yarrells Property ha representado a Ricoh en la renegociación del contrato de su sede en Sant Cugat, Barcelona. Después de estudiar varias oportunidades atractivas de mudarse a un nuevo inmueble en esta ubicación altamente competitiva y con una tasa de vacancia alta, Arrendador y Arrendatario llegaron a un acuerdo de extender el periodo de obligado cumplimiento a cambio de una reducción global en la renta.

A la vez, Ricoh ha expandido superficie en unos 1.500m2, llegando a ocupar cerca de 9.000m2. Esto representa cerca del 90% de la superficie de oficinas alquilable y confirma el compromiso de Ricoh a este edificio altamente visible en la intersección de dos autopistas.

Marzo 2014

 

Yarrells Property ha representado a Cinesa en renegociación de contrato – 8.600m2

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May 042014
 

Yarrells Property ha representado a Cinesa, la mayor exhibidora de multicines en España, en la renegociación de condiciones de su contrato de alquiler en el complejo de ocio Manoteras en el norte de Madrid.

Yarrells Property, como parte de una más amplia revisión de la estrategia inmobiliaria y de costes que está llevando a cabo para el grupo, asesoró y participó en las negociaciones en representación de su cliente, con el arrendador, el fondo abierto alemán, AXA Inmoselect. Se llegó  a un acuerdo en los principales términos del contrato, teniendo en cuenta la situación actual del mercado, y que es considerado win win por las partes.

Abril 2014

Some Tips Regarding Lease Renegotiations

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Abr 072013
 

“Renegotiating a lease is easy”. The country is in recession, office vacancy is rising and many landlords and developers of shiny new buildings delivered with much pomp somewhere in the late/middle noughties are getting to breaking point.

So, all a company director needs to do is get his assistant, secretary or head of maintenance to email or call the landlord and suggest the rent be reduced by a decent sounding percentage. The landlord will inevitably say yes, and the following month’s P&L will show that the cost cutting drive is working.

But are we really getting the right deal? What if the landlord says no? (stubborn short sighted lessors who can’t bring themselves to accept reality abound even today in the Spanish commercial property market).

Is there a plan B? There’s little point in threatening to move if the costs involved far outweigh those of staying and stomaching the passing rent. In cases where there are still 18 months or more left on the lease (Spanish leases are generally 3 to 5 years maximum mandatory periods), the cost of leaving is high (even if the new landlord is offering an ample rent free period). If you add to this the moving and fit out costs, the alternative could well be so prohibitive as to force a humiliating retreat.

Consider therefore the following:

Planning

  • Location: Where do we want to be? Do we really need to stay in the town centre or can we move to a suburban office location with better buildings and an opportunity to dramatically reduce the rental obligation, rather than shave a nominal percentage?
  • Space: What is our real space requirement? Many small and medium sized companies occupy space because it’s there and not having undertaken a detailed space planning study. Modern office floors also tend to be more efficient, meaning that part of the saving we could achieve in a new building is via space reduction.
  • Future growth projections: It is true that most companies are not yet thinking about expansion of staff and consequent space requirements, but at some point in the future this will be an issue. One question to ask is can we get flexibility in a new office building? Landlords of high vacancy buildings are often more prepared to accept flexible space occupation, or reservations of contiguous modules or floors for specified periods of time.
  • What are the options in our current location? If the existing location is the only one that works, then we need to be very clear as to the availability, rents and other concessions in the area. If there is nothing suitable, this will inevitably condition the approach we make to the current landlord.

Strategy

Once we are clear of the precise requirements and alternatives available to us, it is wise to develop a strategy for how we go about approaching the Landlord.

Do we call the Landlord first and give them the chance to negotiate terms?  This may be recommendable if there is a good historical relationship. However, in other cases, it may be more advisable to start making some noise so that the landlord is aware of the risk of losing a tenant before the call is made.

If a Landlord hears through a third party that his tenant is looking at alternative properties, it is more likely that they will make the first move. You are in a stronger position if the renegotiation is proposed first by the Landlord.

Do we do it ourselves or do we send a messenger? I refer for example to a company or professional who will represent you in the negotiations with the Landlord and in the search for alternative premises. As a professional in the sector, I would always advise this option, but the arguments for and against are for another discussion.

Contract Detail

It’s not necessarily just the short term rent that we should be focusing on. A renegotiation is an opportunity to review the overall conditions of a lease that was perhaps signed by a predecessor or agreed under very different market circumstances, years previous.

Clauses such as mandatory periods, renewals, rent reviews, guarantees etc., stepped rents and even a new rent free period may all be worth revisiting.

Like in any negotiation, it’s not about winning every clause. We need to put ourselves in the position of the Landlord. What matters to them? In many cases the answer will be “commitment”, the longer we can commit to a revised lease, the better deal we are likely to get.

The likelihood that the office letting market is going to improve significantly in the next two to three years is low. And for once it appears that players on all sides of the table are tending to agree.

These are just some initial thoughts when, as an occupier, you are considering trying to get a rent reduction. Don’t wait until the lease is about to expire, plan with good time and make sure you have a clear alternative that you are prepared to carry through if you can’t reach agreement.

8th April 2013

Yarrells Property alquila edificio corporativo en el centro de Barcelona

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Jul 082013
 
Unique lease opportunity in the heart of Barcelona

Yarrells Property ha asesorado al Family Office IES en el alquiler de un edificio de 1.200m2, ubicado en la calle Rivadeneyra Nº 4 a solo 20 metros de la Plaza Cataluña.

El edificio ha experimentado en los últimos 12 meses una reforma integral, convirtiéndolo en un edificio de oficinas de última generación, único en su combinación de superficie y ubicación.

El inmueble ha generado mucho interés de potenciales inquilinos tanto para sede corporativa, como centro de formación o consulado.

El nuevo inquilino es una empresa dedicada a gestionar viajes y turismo, principalmente para turistas de Rusia y países aledaños, sin duda uno de los sectores de crecimiento potencial y demanda.

Diversos servicios de la empresa se ofrecerán en este inmueble.

Junio 2013

 

 

 

Yarrells Property representa a Oxford House en traslado de sede

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Ago 302013
 

Oxford House, uno de las escuelas de idiomas más prestigiosas de Barcelona contrató a Yarrells Property de forma exclusiva para representarle en la búsqueda de un inmueble para relocalizar sus actuales centros en una sola y muy representativa.

Después de un proceso de análisis y comparación que duró varios meses y abarcó a más de 50 potenciales inmuebles, el equipo formado por Yarrells Property y directivos de Oxford House, eligió un local muy prominente de unos 1.200m2, ubicado en la esquina de las calles Diputación y Pau Clarís, a escasos metros de Paseo de Gracia.

Agosto 2013

The spanish property market comes to life

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Oct 272013
 

ACP Portfolios Newsletter Octubre 2013

2013 has seen a dramatic increase in investment activity from international investors into the Spanish market.

What a difference a year can make. In the summer of 2012, the market was paralyzed on account of the crisis of confidence in the Euro Zone countries and doubts about future of the Euro itself. This, after 4 years of almost no activity as the whole real estate sector in Spain behaved like a rabbit caught in the headlights.

Economic and Political Fundamentals

There is little in the Spanish economic and political climate that one can point to as a catalyst for this change. Unemployment continues to rise with the latest OCDE previsions suggesting it will reach over 28% by the end of 2014; government debt to GDP ratio which was a little over 60% in 2011 is now at record levels above 90%; and it is also very unlikely that Spain will reach its revised deficit targets for 2013 or 2014.

Meanwhile on the political front, Mariano Rajoy’s governing conservative party faces continuing accusations over funding in a snowballing expense scandal, and the Catalan government is seeking a referendum in 2014 for independence from Spain.

What are the drivers for this increase in activity?

So why then, amidst all the turmoil is the news that foreign investment activity in real estate has risen dramatically since April?

Since the height of the euro crisis (Summer 2012), the Madrid Stock Exchange (IBEX 35) has risen by over 65% to 10,000 (October 2013); the country risk premium has fallen from >600bps to around 238bps and the Euro has remained strong. This would appear all based more on investor sentiment than on economic fundamentals. There is a sense of confidence in the prospects for the Spanish economy has returned as well as for the wider European economies.

This confidence appears to have filtered through to the real estate market as equity starts to flow again.

Other factors include:

  • A growing acceptance of the new pricing reality on behalf of vendors after 5 years of «Denial»
  • Accumulated provisions imposed on property valuations on bank balance sheets
  • The creation of the «bad bank» (SAREB) operational from January 2013
  • Local and regional governments’ need for equity
  • High levels of liquidity amongst international institutional investors, private equity and hedge funds
  • The perception of overheating values in other markets such as Germany and UK

 

A broad spectrum of deals in 2013

What is perhaps more surprising is the variety of property related deals we have seen.

It was anticipated that at some point the hedge funds and private equity groups that have been hovering for years would start to acquire portfolios of assets and debt from the banks. Yet curiously these portfolio deals have been limited during the recent flurry of activity to date. The majority of “headline” values of portfolios have been in the region of 100M€ and have included a significant element of “financial engineering” with actual equity commitments significantly lower.  This contrasts to the scale of the “problem” in the banks and SAREB.

  • H.I.G. Capital acquired a majority share  51% of close to 1000 residential units in a JV with SAREB at a total value in the region of 100M€
  • Banc Sabadell agreed a syndicated deal based around a financial instrument of some 950 units at a reported volume of approximately 90M€ with a consortium of investors.
  • Baupost have acquired approximately 1000 properties with an estimated value of 100M€ from BBVA

However, there are currently a number of portfolios from SAREB under sales processes which are of significantly larger volumes.

Meanwhile there have been several agreed acquisitions of the banks’ debt servicing companies as investors seek to develop platforms from which to take a slice of the huge future pie. In the summer Catalunya Caixa agreed the sale of CXI to Kennedy Wilson /Varde; Bankia agreed the sale of Bankia Habitat to Cerberus and the TPG acquisition of the majority stake in the Servihabitat from CaixaBank is also currently about to be completed. Furthermore, Santander and Popular have announced the proposed sales of their in-house debt/property service providers.

Local and regional governments have also been active. A fund managed by AXA REIM acquired a 13 building sale and lease back portfolio from the Regional Government of Catalunya for approximately 170M€, and close to a 10% yield. The Madrid Regional government sold approx 3000 social housing units to a Goldman Sachs’ fund for 201M€, whilst the Madrid city council closed a similar deal with Blackstone for 1860 units in a deal volume of close to 130M€. Further local and Central Government deals are anticipated.

Finally, there have been several core and value added single asset deals in the commercial real estate sector. El Corte Inglés department store sold Plaza Catalunya 23, Barcelona at reportedly around 100M€ to IVA Capital Partners; German funds GLL Partners and DEKA acquired leased assets accumulatively  worth some 50M€ in prime central Barcelona; and Intu/CPPIB acquired the regional shopping centre of Parque Principado in Asturias for a reported 160million€. Whilst in a value added deal of approximately 50M€ Meyer Bergman acquired Serrano 60 in Madrid from CaixaBank.

Looking Forward

Whilst the kick start we have experienced over the past six months is unquestionably good news for the property sector, it is still only a drop in the ocean, given that the top 5 Spanish banks had a combined gross exposure of 113billion€ to bad debt and repossessed properties as at 2012 and the SAREB a further 50billion€ on its balance sheets.

The banking sector is still concentrating most effort on “retail” via the sale of individual units and this will remain an important part of the banking sector strategy.

SAREB is under financial pressure to balance its books and achieve sales. At the same time the wider banking sector is endeavouring to clear balance sheets in the short to medium term. Therefore, the “wholesale” approach to foreign funds will be an essential part of any viable strategy.

Another factor in the market is that the once domestic dominance of the major PROPCOs  such as Colonial, Metrovacesa, Realia, Sacyr Vallehermoso will all be “net sellers”.  This “gap in the market” will potentially create significant opportunity for foreign investors in the commercial property sector. A number of sales processes are underway.

Similarly in the commercial sector, a number of funds that invested in Spain have been in recent years in perpetual “roll over”; however, many of these will need to liquidate and return money to investors in the near future.

On the assumption, of no underlying shocks to the economy occurring, the current trend of deal activity is anticipated to increase.  Despite, a relatively stagnant underlying economy in terms of growth prospects etc, investor confidence is likely to be bullish “that the worst is over” which will drive activity in the market.

October 2013

Disclaimer

This document has been prepared for information purposes only, and does not constitute in whole or part, a contract. No responsibility to third parties is accepted. The present document may not be published nor quoted in documents, declarations or circulars, nor communicated to third parties without our prior written consent. Whilst the document has been prepared with the utmost attention to detail, we cannot guarantee the veracity of the information, and therefore this document is subject to errors and omissions for which we accept no responsibility.

Yarrells Property asesora a Gas Natural Fenosa en París

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Oct 272013
 

Yarrells Property ha asesorado a GNF en el proceso de selección de un Corporate Services Partner para la búsqueda de una nueva sede en París. El rol de YP incluyó la preparación de la documentación, el análisis comparativo de las propuestas, entrevistas con las empresas y asesoramiento e la selección final. La búsqueda de la nueva sede ha iniciado con vistas a un traslado en el primer semestre de 2014.

Agosto 2013