Tuesday, June 6, 2023

Iberdrola studies rental housing plan to squeeze its land portfolio

Rental housing is attracting more and more companies and investors. real estate iberdrola, promoter of the energy group, could be the next to land, with the relevance that this company is one of the largest landowners in Spain. This real estate division is studying whether or not to enter this business, for which Already doing soil analysis in different cities to enhance projects building for hire (In the jargon of the sector and in English, Build to Lease).

The company is currently testing the soil Madrid, Murcia and Malaga According to sources in the area, to cope with this new business. The promoter has declined to divulge details of its plans.

Unlike other developers who create turnkey projects for third parties as an additional way of selling homes to individuals, Iberdrola Inmobiliaria is looking to enter this residential business to remain as a landlord. In this way, it will complete the full circle: it gives the land, promotes the work and remains the owner to lease it out to tenants, for which it is known as property business.

Big promoters only Ninar Homes He has taken this step, building on his own land and creating the Ninar rental division for which he receives recurring income as a landlord of homes. Nevertheless, the Basque company is in the process of divesting this portfolio (which is currently mostly under construction).

Although the region is aware of Iberdrola Inmobiliaria’s interest in this new location, sources indicate that a decision on the energy company has not yet been made. The company is also evaluating various soils for other new areas of activity such as the famous Staying together (residential rental with shared services) and housing for the elderly.

People familiar with the plans say the group’s promoter is headed by Ignacio Sanchez Gallon There is not only land, but also knowledge and Financial Capability To cope with the creation of a residential portfolio for rent.

Iberdrola’s leap into rental housing may be relevant to the extent that it is one of Spain’s largest landlords. real estate Has a land portfolio of three million square metersAlthough it is unknown in what proportion they are plot and finalists (with permission to develop).

The company has plots in several provinces, such as Madrid, Murcia, Malaga, Granada, Seville, Cadiz, Cantabria, Navarra, Barcelona, ​​Girona, Valladolid or Salamanca, among others. It also has a land portfolio abroad, in Mexico (mainly) and Bulgaria, totaling over half a million square metres.

Gross value of all your property, land and tertiary assets (such as office) exceeds 1,400 million euros now-a-days.

Iberdrola’s interest in rental housing comes at a time when international capital is increasingly pouring into the business. fund and signature like Nuveen, CBRE IM, Primonial, Greystar, Aberdeen, AEW, AXA, Allianz, DWSand Singapore Sovereign Wealth Fund GICAmong others, increasing the portfolio for leasing due to product constraints.

This developer was created in 1991 by Energy Group and grew with land purchases, mainly during the brick boom period before 2008, although it continued to buy land afterwards. That portfolio doesn’t come from land that could be in the electricity business. President of the Real Estate Division jose sanz and serves as CEO Emilio Sanchez Castellano,

According to 2021 accounts (the latest ones submitted by the promoter), it billed 28.9 million euros (2.3% less than a year earlier), mainly from the sale of its promotions. For this year, the real estate company plans to deliver 200 homes and around 300 next year, depending on the size, in the middle range of developers in the country.

also enter logistics

BCN Fira District Complex, built by Iberdrola.

In this diversification, Iberdrola inmobiliaria has also entered the logistics business to create a portfolio to rent to main operators, a business driven by the rise of electronic commerce and the need for warehouses from which to make deliveries. company Work has already started on a warehouse in Torrejón de Ardoz (Madrid) and predictsStart construction of another soon in Cabanillas del Campo (Guadalajara)In one of the main transport hubs near Madrid.

The business in the property business of this Iberdrola subsidiary covers 150,000 square meters of surface area. This company has built one of the main office complexes in Barcelona, ​​called bcnfira district, is composed of two towers with a combined area of ​​45,000 square metres. One of them is already renting at 60%. at that place he sold Esteve Tower for KGAL investment of about 100 million, known after being transferred two years ago Auditorium Tower Aberdeen at that venue also for 98 million. except, The A2 Plaza Complex in the Las Mercedes Industrial Estate has just been completed Madrid, with which it brings to the market another 50,000 m² office.

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