IBERDROLA Inmobiliaria has signed the first agreement in its new integrated management of projects for third parties business area with Ofilgeanés S.L., which is managed by CarVal Investors , This business involves developing real estate initiatives for third parties all the way from their inception to the delivery of the final product.
With this agreement, IBERDROLA’s real estate arm will provide asset management services to CarVal Investors for its Soho Leganés development in Madrid. Specifically, the company will carry out the construction, delivery, marketing and property management of the US investment group’s Spanish asset.
Located in sector PP10 of the town of Leganés, Soho Leganés comprises 264 top-quality professional offices with shared services, e.g. swimming pool, gym, cafeteria and spa. Each unit has two floors, with nearly six-metre high ceilings, parking facilities and a storage area.
Founded in 1987, CarVal Investors has acquired more than $33 billion in assets in some 3,900 transactions in 57 countries. Today, it manages some $9 billion in assets, operating in four business sectors: real estate, high yield corporate securities, loan portfolios and special opportunities.
This agreement marks IBERDROLA Inmobiliaria’s first transaction in the new integrated management of projects for third parties business line, set up this year and expected to contribute around 5% of the company’s revenue in 2011.
IBERDROLA Inmobiliaria launched this business line after detecting a need among many companies, both domestic and international, and of differing profiles (e.g. financial entities, investment funds, foreign developers) to carry out real estate projects that lacked the necessary infrastructure and know-how to be carried out efficiently.
Given this situation, IBERDROLA’s subsidiary decided to offer these types of clients all its expertise as a top-tier developer and its capacity to manage an experienced and multidisciplinary team.
It will develop these projects with its architects, lawyers, economists, town planners, surveyors, and salespeople, who have wide-ranging experience in urban planning, developing both residential and tertiary real estate projects, and in integrated property management.
The company bring its ample management experience in each autonomous region to the projects. It has offices in central Spain (Madrid, Castile-La Mancha and Castile-León), Andalusia; and Northern Spain, (Cantabria, Basque Country, Navarra, La Rioja, Asturias and Galicia), as well as in Catalonia, Levante and the Balearic Islands, in addition to its international division, all of which work in perfect harmony with the different local governing bodies which are involved in real estate projects.
IBERDROLA Inmobiliaria offers a broad portfolio of products, ranging from primary residences to holiday homes, office buildings, industrial warehouses and shopping centres, and property support consulting and third-party property management. The company currently owns rental property with more than 245,000m2 of gross leasable area (GLA).
This information does not constitute an offer to buy, sell or exchange, nor does it constitute the solicitation of an offer to buy, sell or exchange securities. Iberdrola, S.A. shares may not be offered for sale or sold in the United States except through a statement of effective notification in conformity with the provisions of the Securities Act or when a valid exemption from the obligation to provide such notification has been granted.