Last updated: 11:35 / Friday, 16 May 2014
In Parque Diagonal Mar

Hispania Acquires 213 Apartments in Barcelona from Santander’s Real Estate Fund

Hispania Acquires 213 Apartments in Barcelona from Santander’s Real Estate Fund

Hispania Activos Inmobiliarios, through its subsidiary Hispania Real Socimi, has acquired -in a deal out of the market- from Santander Banif Inmobiliario F.I.I., 213 apartments located in the residential complex Isla del Cielo, in Parque Diagonal Mar in Barcelona. The deal has amounted to 63.8 million euros, fully paid with Hispania’s own funds.  The acquisition also includes 237 underground parking slots within the same residential complex.

Isla del Cielo residential complex comprises 2 apartment towers – Tower A, with 17 floors and 104 flats and Tower B with 21 floors and 150 flats- as well as an underground car park. The complex also has communal garden areas and outdoor swimming pool. The built surface of the complex amounts to approximately 38,000 square meters, including the underground floors. The acquisition includes all 150 apartments located in Tower B, 63 apartments emplaced in Tower A and 237 underground parking slots.

The acquired apartments currently enjoy an occupation rate of 90% by means of rental contracts. 

Diagonal Mar is located in Barcelona’s seafront, at the beginning of the emblematic Avenida Diagonal, and represents the most relevant real estate development in the city. The area includes a commercial area of more than 88,000 sqm, one of the biggest shopping malls in Catalonia, 68,000sqm of office Surface, a number hotels and the second biggest park in Barcelona, with a 14 hectares surface, designed by Enric Miralles, where Isla del Cielo is located.

Hispania business plan’s main focus is to invest in the asset and to increase benefits and services in order to transform it into an emblematic complex of apartments for rent in Barcelona, intended for professional and international customers.

“With this second acquisition in Hispania, we remain loyal to our strategy of investing in quality assets with a clear potential for value creation by means of and investment and management plan. Isla del Cielo, as a flat for rent complex, stands as one of the main competence and focus areas of Hispania. We are very excited with the opportunity of creating value with these assets, which are located in an area of great projection in Barcelona”, said Concha Osácar, Board Member of Hispania and co-founder of Azora, Hispania’s investment manager.

Azora, investment manager of Hispania, has extensive experience in the investment, repositioning and management of residential assets for rent, by means of its team, made up by more than 96 professionals, expert in residential buildings, who manage around 100 buildings comprising more than 10,200 apartments on a leasehold basis.

Finally, Hispania has informed that last 1st of April, 2014 it established, through deed of incorporation, the subsidiary Hispania Real -100% of the latter-which has agreed to fall under the special tax regime envisaged for real estate investment listed companies (SOCIMIs). This has been communicated to the tax authorities to all appropriate effects. It is therefore expected that Hispania Real acts as "Subsidiary Socimi", as conveyed in the informative prospectus prepared by Hispania on the occasion of the initial public offering of its shares in the Spanish Stock Exchange Market.