industrial Market News: Spanish Real Estate Intelligence

Montepino Invests €6M+ in a New Logistics Centre in Madrid

10 September 2018 - Eje Prime

Montepino is continuing to invest in the logistics sector in Madrid. The property developer has just finalised the construction of a logistics and innovation centre on the Alcobendas industrial estate, in which it has invested €6 million.

The space measures 6,300 m2, comprising a warehouse spanning 5,000 m2 and an adjoining building for offices. The plot, which will house the distribution operations for CooperVision on the peninsula, has a parking area spanning 16,000 m2, with capacity for 128 vehicles.

Montepino has led the design of the plans and the execution of the construction work, entrusted to the construction company MLN S.A. and completed within a period of six months. The project has been designed so that, in the future, the space may be extended by an additional 2,000 m2.

Several companies from the pharmaceutical and healthcare sector also have operations on the Alcobendas industrial estate, where this new logistics complex is located. The area is considered a strategic location in which many companies centralise their distribution operations for the rest of the peninsula.

Montepino will include this new asset in the portfolio of the recently created joint venture between the property developer and the manager CBRE Global Investors. Montepino’s objective is to expand and double the current value of its partnership through the completion, during the course of 2018 and 2019, of the more than 300,000 m2 of space currently has under construction, as well as the acquisition of new opportunities.

Original story: Eje Prime

Translation: Carmel Drake

Merlin Buys Several Logistics Warehouses for €78.6M

10 September 2018 - Expansión

According to a statement issued by Merlin, the recent acquisitions made by the Socimi – since July – will add an estimated rental income of €6 million p.a. to the asset portfolio, with a gross estimated yield of 7.6%.

In Cabanillas (Guadalajara), Merlin has acquired a logistics warehouse spanning 15,075 m2, which is leased in its entirety to Jaguar Land Rover under a 10-year contract, with a gross yield of 6.2%.

Moreover, also in Cabanillas, Merlin is going to start construction work on two logistics warehouses spanning 42,500 m2 with an estimated gross yield of 7.7%.

In Vitoria, on the Júndiz industrial estate, Merlin has acquired two logistics warehouses, which span 26,775 m2 and are leased to DHL under a supply contract with Mercedes-Benz, and which have a gross yield of 7.5%.

The company has also signed a turnkey project for a warehouse spanning 35,282 m2 on an industrial estate in Ribarroja, with connections to the A3 and A7 motorways, close to Valencia. The delivery of the warehouse is scheduled for the middle of 2019, with an estimated gross yield of 7.2%.

Other Merlin projects include the start of a “built-to-suit” site and a speculative project in the ZAL of Sevilla, with a gross surface area of almost 18,500 m2 and an estimated gross yield of 9.9%.

Original story: Expansión 

Translation: Carmel Drake

JCDecaux Leases 2,500 m2 Warehouse in Badalona (Barcelona)

7 September 2018 - Eje Prime

JCDecaux España has arrived in Barcelona. The outdoor advertising company has just signed the lease on a 2,500 m2 warehouse on the Besós industrial estate, in the urban area of the Catalan capital. The operation has been brokered by NCI Asesores Inmobiliarios.

The French company will allocate this space to offices, its fleet of vehicles and the storage of tools and other materials. JCDecaux España is going to invest between €300,000 and €400,000 in the remodelling of the warehouse, according to explanations provided to EjePrime by NCI Asesores Inmobiliarios.

The company that owns the warehouse is a leading player in the food sector and is in turn owned by an investment group.

JCDecaux recorded revenues of €3.472 billion in 2017. The group, founded in 1964 by Jean-Claude Decaux, owns more than a million advertising boards in more than 75 countries. Moreover, the multinational employs 13,040 people all over the world.

The headquarters of JCDecaux is located in Neuilly-sur-Seine, close to Paris. In Spain, the company currently carries out its activities in another warehouse in the municipality of Badalona, with more than 500 workers. At this stage, it is unknown whether the new centre leased on the Besós industrial estate in Barcelona will replace or be added to the portfolio of centres that the multinational owns in Cataluña.

Cataluña: a logistics epicentre 

JCDecaux’s operation follows another deal closed on Wednesday by CN Logística. That company, specialising in logistics for the health, food, consumer goods, industrial and promotional sectors, has leased a warehouse spanning 7,400 m2 in the town of Parets del Vallès in the province of Barcelona, which has been advised by Forcadell.

In Cataluña, logistics demand grew by 50% during the first quarter of the year with respect to the same period in 2017. Until March, 187,000 m2 of land was leased in the Mediterranean region, according to data from the consultancy firm Cushman&Wakefield.

The volume leased during the first quarter was also 73% higher than the quarterly average for the last five years. In Barcelona alone, eighteen transactions were closed during that period, 38% more than the thirteen operations that were signed during the same period a year earlier, according to a report prepared by Savills Aguirre Newman.

By area, 44% of the operations were closed in the Barcelona and Baix Llobregat areas. Similarly, the volume of space leased in counties such as Vallès also rose, to account for 38% of total demand in Cataluña during that period, and in other areas with logistics activity such as Camp de Tarragona, Penedès and Girona.

In addition, the average size of the space leased during the first quarter grew by 8% and amounted to between 10,000 m2 and 12,000 m2. Prime rents in Barcelona currently amount to €6.50/m2, which represents a YoY increase of 8%.

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake