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industrial Market News: Spanish Real Estate Intelligence

Aena Commissions Real Estate Plans for its Airports in Palma, Málaga, Valencia & Sevilla

7 December 2018 - Voz Pópuli

Aena’s real estate development of its two main assets, the Adolfo Suárez Madrid-Barajas and Barcelona-El Prat airports, is going to continue at other major airports in the network where the company has land reserves. At least, that is the intention of the company chaired by Maurici Lucena (pictured below), who has commissioned research to analyse the options for generating returns from its land at the airports in Palma de Mallorca, Málaga, Valencia and Sevilla.

The airport manager, in which the State owns a 51% stake, is going to invest more than €2 million to engage an expert to analyse the options for the plots and, where appropriate, develop the real estate plans, which will follow in the footsteps of those already designed for Madrid and Barcelona, where the combined investment is going to exceed €4.6 billion (most of which is expected to be financed by the private sector).

The strategy involves devising an identical roadmap to the one followed for the plans at the two major infrastructures, namely: engage an external advisor to analyse the plots that Aena has in the area around the four airports and identify opportunities for the development of real estate activities that could be performed on them. Based on the results of the reports, the company will decide whether to go ahead with the operations, as well as on the definitive design of them.

Although the manoeuvre is still at an early phase, all indications are that, in theory, activities relating to logistics and air cargo are those that have the greatest potential for capturing a leading role in the future development of the four infrastructures.

Airports on the rise

Palma de Mallorca and Málaga-Costa del Sol are the two busiest airports with the greatest passenger numbers in the Aena network, aside from Madrid and Barcelona. The former has seen an increase of more than 17% in passenger numbers over the last two years and closed last year with a record of almost 28 million visitors, which could be pulverised in 2018, with a figure that may exceed 30 million.

Meanwhile, Málaga has experienced an increase of almost 30% in passenger numbers over the last two years and is also on track for a record year in 2018, which could close with around 20 million users.

Valencia and Sevilla are in the top 12 of the airport ranking in Spain by passenger numbers although, in their cases, the appeal of their land stems more from their proximity to the two most populous cities in the country outside of Madrid and Barcelona.

1,000 hectares still available

According to the figures presented by the company when the details of its strategic plan for 2018-2021 were published, Aena owns a potentially marketable surface area of around 2,000 hectares, of which 50% corresponds to the airports in Madrid and Barcelona (…).

Aena’s plans were launched during the company’s previous stage, under the presidency of Jaime García-Legaz. The current management team is not only continuing that strategy, but it also seems to be willing to bet decisively on it.

Indeed, the strategic plan emphasises the need for the company to diversify its revenue streams, both through the commercial operation of its airports and through real estate plans designed to generate returns from its land around Madrid-Barajas and Barcelona-El Prat (…).

Original story: Voz Pópuli (by Raúl Pozo)

Translation: Carmel Drake

 
Neinver Sells a 55-Asset Logistics Portfolio to Blackstone for €300M

10 December 2018 - Europa Press

Neinver, a company specialising in the investment, construction and management of real estate assets, has sold a portfolio of industrial and logistics assets to the real estate fund managed by Blackstone, for approximately €300 million.

Specifically, the transaction, which represents the largest logistics operation of the year, includes 55 logistics assets and 162,000 m2 of land for industrial use, of which Neinver is the owner, co-owner and manager, according to a statement.

Of the total portfolio managed by Neinver, which spans more than half a million m2, 37 assets are owned by Colver, the joint venture that the Spanish company created together with Colony Capital at the end of 2014.

Over the last three years, the joint venture has almost tripled its volume and achieved occupancy rates of 98%, generating rental income of more than €11.5 million.

Neinver has specified that this transaction forms part of its growth strategy based on the rotation of assets and investment in new business opportunities in the retail and industrial and logistics sectors. Moreover, with this operation, it strengthens its position as an investor and manager of real estate assets.

The director of the Industrial and Logistics area at Neinver, Juan Carlos Ortega, has explained that the sale of the portfolio is a “strategic divestment” for the company, which culminates a process of several years of work where value has been created through the design of a portfolio of high-quality and versatile assets in strategic locations distributed across the main logistics axis of Spain.

In this way, the portfolio has national coverage, with a presence in 26 Spanish provinces, including Madrid, Barcelona, Vizcaya, Navarra, Málaga, Sevilla, Valencia and Zaragoza, amongst others.

Original story: Europa Press 

Translation: Carmel Drake

 
Patrizia is On The Hunt for New Purchases in Bilbao, Sevilla & Valencia

10 December 2018 - Eje Prime

Patrizia Immobilien is confirming its interest in the Iberian real estate market. The German investment manager, which has been present in Spain and Portugal since 2015, has set itself the short-term objective of entering Bilbao, Sevilla, Valencia and Oporto, through the purchase of new assets, according to comments made by Borja Goday, the Director General of the company in the Iberian Peninsula, speaking to Eje Prime.

Until now, the company has invested €870 million in total in real estate in the Spanish and Portuguese markets. Madrid, Barcelona, Málaga and Lisbon are the cities in which Patrizia is already present, “with minimum investments of €15 million but where that figure could exceed €500 million if the operation is worth it”, explained the executive.

In fact, the manager participated in the process to acquire one of the office buildings that comprise the Cuatro Torres Business Area in Madrid. Moreover, the company not only invests in the office segment, it is also committed to other markets such as the residential, retail, hotel, logistics and alternative asset segments (including student halls, complexes for the elderly and parking spaces).

Currently, Patrizia’s asset portfolio in Spain includes Serrano 90, located on Madrid’s golden mile and Gran Vía 21, also in the Spanish capital, which houses a hotel and a retail premise. Nevertheless, the latest major operation by the manager on the peninsula was the purchase of an industrial plot spanning 66,424 m2 in Toledo for €37.5 million. The other three logistics platforms that the company owns in Spain are located in Madrid and Barcelona.

Patrizia and its great interest in Spanish property

With its headquarters in Madrid and a staff of eleven, Patrizia arrived in Spain just three years ago. “At the end of 2017, we purchased Triuva and Rockspring, two companies that already owned assets on the peninsula”, explained Goday, who added that “the rapid growth of the group in both the Spanish and Portuguese markets is due to those two acquisitions”.

“Spain is still an attractive market, we still have demand and that is why we are launching new operations on such a frequent basis”, said the director. Since the beginning of the year, the manager has been on the hunt for capital from Spanish institutional investors, although, as Goday explains, it is not an easy task, since “they do not invest from one day to the next”.

One of Patrizia’s other plans on the peninsula is to strengthen its presence in the rental market. “It is a segment that we like a lot and for that reason, if we find an appropriate residential or office building, then we would not rule out buying it”, explained the executive. Nor does the group rule out alliances with Socimis or the acquisition of a property developer to grow in the Spanish residential sector. In this sense, Goday says that “a good opportunity has not presented itself yet” and that “it would all depend on the quality and location of the land that they own”.

Patrizia is currently present in more than twenty European countries, including, besides Spain and Portugal, important markets such as Italy, France, the United Kingdom, Ireland, Belgium and Luxembourg. The group’s main focus of activity is Germany, where it launched its activity 32 years ago and where it is a listed company (…).

Original story: Eje Prime (by B. Seijo)

Translation: Carmel Drake