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industrial Market News: Spanish Real Estate Intelligence

Merlin to Invest €500M to Double its Logistics Portfolio

Merlin to Invest €500M to Double its Logistics Portfolio

15 February 2019 - Eje Prime

Merlin Properties is also joining the logistics boom. The real estate company is preparing a new development plan for warehouses and storerooms to double its existing logistics portfolio in Spain and Portugal over the next four years. The objective of the company is to incorporate an additional 1 million m2 into its portfolio in this sector with an investment of €500 million, according to reports from Cinco Días.

The real estate company, which forms part of the Ibex 35, already owns logistics platforms spanning 1.1 million m2, spaces that are leased to various operators in the sector. Currently, Merlin is developing the so-called plan Best II, scheduled for 2021, with the construction of 500,000 m2 of logistics space in Madrid, Guadalajara and Toledo, and it is already working on Best III, which sources at the company explain will add another 500,000 m2 by 2023, in that case also on land in Portugal.

With the construction of these warehouses, Merlin’s objective is to diversify its portfolio and improve its yield, given that these types of assets offer a higher return. Currently, the Socimi owns assets worth €11.8 billion, of which €780 million correspond to logistics properties, accounting for just 6.7% of the portfolio.

Original story: Eje Prime 

Translation: Carmel Drake

 
Iberian Capital & AEW Logistics Invest €150M in Torrejón de Ardoz

Iberian Capital & AEW Logistics Invest €150M in Torrejón de Ardoz

14 February 2019 - Eje Prime

E-commerce needs logistics and Torrejón de Ardoz is getting ready to host a new platform. The property developer Iberian Capital Corporation (ICC) and the US investment fund AEW Logistics are going to invest €150 million over the next four years in the development of a logistics park in the new Los Almendros Industrial Estate in Madrid.

The new platform will have a surface area of 37,818 m2 and will be available from the second quarter of 2020, according to Iberian Capital. The logistics park will be able to accommodate up to eight tenants, will have a free storage height of twelve square metres and 38 loading docks.

The location of the new platform is one of its main strengths, according to its promoters. Located in the Henares industrial and business corridor, the complex will be 13 kilometres from Madrid Barajas Airport and 21 kilometres from the centre of Madrid (…).

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

 
BNP Paribas: Valencia's Logistics Stock Set to Rise by 100,000 m2

BNP Paribas: Valencia's Logistics Stock Set to Rise by 100,000 m2

12 February 2019 - Valencia Plaza

The logistics capacity in the province of Valencia is going to increase by 99,457 m2 this year with the launch of five new platforms located in Riba-roja, Torrent, Paterna and Loriguilla, according to the latest report from BNP Paribas Real Estate.

Moreover, there are locations that will offer the possibility of “turnkey” constructions with a total constructed surface area of more than 200,000 m2.

The purchase price of logistics space has risen to €200/m2-€220/m2 in the most sought-after locations due to the interest in the purchase of land from property developers and investment funds, in an area where available logistics space currently accounts for just 2.8% of the total, and 77% of that surface area is located in Riba-roja.

Due to the lack of availability, maximum rental prices have increased slightly to reach €4.5/m2/month in Riba-roja.

In 2018, demand for logistics space remained high and 24 operations were signed, three more than during the previous year. The most sought-after area was Riba-roja, which accounted for 30% of the space leased.

Nevertheless, last year closed with 127,502 m2 of logistics space leased, a very similar figure to the average for the last four years although somewhat lower than in 2017 (by 30,000 m2).

The fourth quarter of 2018 saw high leasing activity and accounted for 43% of all of the surface area leased during the year.

Original story: Valencia Plaza 

Translation: Carmel Drake

 
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