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industrial Market News: Spanish Real Estate Intelligence

The Lack of a Spanish Government Halts Aena’s Real Estate Ambitions

The Lack of a Spanish Government Halts Aena’s Real Estate Ambitions
14 October 2019 – The airport operator Aena has yet to get approval to go ahead with construction on two residential developments around Madrid-Barajas and Barcelona-El Prat due to the lack of a political agreement to form a new Spanish government. The firm had hoped to start the works in Madrid and Barcelona this year. However, the plots of land are still untouched. Aena’s project in Madrid will occupy around 200,000 square meters of land in a total investment forecast at €2.997 billion over the next 40 years. Existing plans divide the space into four areas: a logistics hub, airport services, an aeronautical maintenance centre and leisure areas. In Barcelona, ​​the 300,000 square meter area will have a total investment of €1.264 billion. The project will try to attract technology companies and logistics platforms as well as hotels, restaurants and offices to service the airport. Funds that invest in the airport operator have been pushing the government to install an independent CEO, separate from any governmental changes, to facilitate work. Original Story: Economía Digital - Carles Huguet Adaptation/Translation: Richard D. K. Turner
 
Investment “Last Mile” Logistics Platforms Takes Off  

Investment “Last Mile” Logistics Platforms Takes Off  
14 October 2019 – The boom in e-commerce is sparking a revolution in the logistics markets as industry players seek to increase the speed of deliveries. The ability to deliver goods quickly in cities such as Madrid and Barcelona is leading firms to acquire logistics platforms that are located close to city centres. Market watchers refer to the "last mile" - the final delivery of goods to the customer’s home. Thus, the industrial estates that surround Madrid and Barcelona are slowing being repurposed as logistics platforms. The most sought-after are less than 10 kilometres from the most central neighbourhoods. In an example of the tendency, the Spanish real estate group Allegra recently finalised the sale of a logistics park in the Marconi industrial estate, to the south of Madrid in Villaverde. The logistics platform consists of two warehouses measuring 9,798 and 7,676 square meters, respectively. The US-fund Hines, one of the four most important real estate management companies in the world, acquired the asset for 22 million euros. It was Hines first investment in the logistics sector in Spain. According to data from the real estate consultancy JLL, though the price of logistics assets in Barcelona are currently higher than in Madrid, €7/m2 on average, compared to €5.5 in the capital, Madrid is seen to have major potential. The allocation of such platforms soared from 185,000 square meters in the third quarter of 2018 to 290,000 m2 this year, an increase of 48%. JLL also estimates that developers are working on another half a million square meters of platforms in Madrid, compared to 182,000 square meters in Catalonia. Original Story: ABC - Adrián Delgado Adaptation/Translation: Richard D. K. Turner
 
Total Investments in Spain’s Logistics Market Reach €1.1 Billion in Year to September

Total Investments in Spain’s Logistics Market Reach €1.1 Billion in Year to September
14 October 2019 – The total volume of investment in the Spanish logistics market reached €1.1 billion by the end of the third quarter of 2019, an increase of 22% year-on-year. Market sources state that this increase is due to the exponential growth of e-commerce and it attendant increase in demand for logistics platforms. In a sign of the heightened investor awareness, one of the year’s most significant real estate transactions was Prologis’s €425 -million acquisition of Colonial’s logistics portfolio. Original Story: Bolsamania / Europa Press Adaptation/Translation: Richard D. K. Turner
 
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