Investments in Zaragoza’s Logistics Sector Up 400%

14 November 2019 –In the first nine months of the year, firms in Aragon have invested 128 million euros, an increase of 400% compared to all of 2018. Investments in October and November have so far added another 45 million euros to the tally. The figures have established Zaragoza as a major logistics pole after Madrid and Barcelona, accounting for 10% of the investment in Spain as a whole.

A study prepared by CBRE notes that the increase is largely tied to two major transactions in the Plaza logistics centre, involving a total of 145,000 square meters. The deals have typically offered returns of between 5% and 6%.

Original Story: Heraldo – Chus García

Adaptation/Translation: Richard D. K. Turner

Roebuck Acquires Logistics Platform in Zaragoza for €78 Million

8 November 2019 – The property management firm Roebuck has acquired a logistics facility in Zaragoza, previously owned by the Pikolin group, for 78 million euros. The latter firm, a Spanish mattress manufacturer, will continue leasing the site, in a sale and leaseback operation. The facility, located in the Plataforma Logística de Zaragoza, has a useful area of ​​92,723 m2 on a 225,000-m2 plot of land.

The platform includes 11 production facilities (including a polyurethane foam factory), two storage warehouses, 2,500 m2 of workshops and 10,000m2 of offices. The facility is the largest and most modern in Europe for the production of mattresses.

Original Story: Idealista – Custodio Pareja

Adaptation/Translation: Richard D. K. Turner

Javier Faus Launches the Meridia IV Real Estate Investment Fund

8 November 2019 – Javier Faus, the president of Meridia Capital and the Múrcia-based Círculo de Economía, announced the launch of his fourth investment fund, Meridia IV. The fund will start with an initial investment capital of 250 million euros and is forecast to invest more than 500 million euros in real estate assets during the coming years.

Meridia IV is likely to acquire between 10 and 15 real estate assets, principally offices, industrial warehouses and hotels. Faus added that the fund would focus on Madrid and Barcelona, though he is also slating 10% for investments in Portugal.

Original Story: Economia Digital

Adaptation/Translation: Richard D. K. Turner

Forcadell Reports That Take-Up of Logistics Assets Up 33% Y-o-Y in Catalonia

8 November 2019 – Between July and September of this year, operators snapped up 132,509 square meters of logistics assets in the province of Catalonia, an increase of 33% year-on-year. Operators took up a total of 465,352 square meters of surface area in the first nine months of the year, comparable to the year before, according to a new report by the Spanish real estate consultancy Forcadell.

Prime logistics assets have provided an average yield of seven euros per square meter per month. Second and third-tier assets paid six and 3.5 euros, respectively.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Montepino Snaps Up Two Plots of Land for Logistics Platforms in Castellbisbal

28 October 2019 – Montepino, a developer controlled by the Europroyev Group, has acquired two plots of land destined for logistics platforms in Castellbisbal, Barcelona. The consultancy CBRE advised Montepino on the transaction.

With this acquisition, the firm now has a total of 85,000 square meters of land in Catalonia, with the capacity to build two logistics platforms measuring 13,000 and 16,000 square meters, respectively.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

HNA Acquires Logistics Platform in Guadalajara for €10.5 Million

28 October 2019 – HNA has acquired a logistics platform in Alovera, Guadalajara, from an undisclosed family office in Madrid for 10.5 million euros. The consultancy Knight Frank and InmoKing Real Estate advised on the deal.

The acquisition of the 16,674 square-meter asset is part of HNA’s current strategy of increasing its investments in the real estate sector.

In February, the company also acquired the office building located at Calle Emilio Vargas  2, in Madrid. The 7,574-m2 building has seven floors and is currently 100% leased.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Contracted Logistics Space Reaches 1.9-Million-m2 in the Year to September

21 October 2019 – The Spanish logistics sector allocated 1.19 million square meters in the year to September, a decrease of 14% compared to the year before. At the same time, however, investments increased by 16% to €1.302 billion, according to data from CBRE.

The allocation of logistics centre in downtown areas reached 432,000 square meters during the same period, a fall of 31% y-o-y. The market, however, reacted calmly to the decrease, as other transactions are expected to be finalised this year, according to the consultancy. Contracted space is expected to reach 600,000 square meters this year.

Rental costs continue to lead the market in Madrid and Catalonia, at 5.5 euros and 7 euros/m2/month, respectively.

Original Story: La Vanguardia / Europa Press

Adaptation/Translation: Richard D. K. Turner

LaSalle Investment Acquires Logistics Centre in Zaragoza for €20 Million

21 October 2019 – The pan-European real estate fund LaSalle Investment has acquired a logistics centre leased to Dia for more than 20 million euros from an undisclosed seller. The logistics centre, located in Zaragoza, has 31,000 m2 of surface area and was built in 2016. The supermarket chain will remain at the site.

The acquisition is not LaSalle Investment’s first foray into Spain’s logistics sector. In July, the firm acquired Metro Properties, a real estate subsidiary of Metro, consisting of a portfolio of six properties leased to Makro in Spain for 73 million euros.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Investment Recovers to New Highs Two Years After Referendum on Catalonian Independence

21 October 2019 – The Barcelona Meeting Point (BMP), the largest real estate fair in Catalonia, opened its doors just two days after Spain’s highest court convicted many of the leaders involved in Catalonia’s referendum on independence on October 1, 2017. Even as major riots shut down the airport and filled the city with the smell of burning plastic, investors appeared unruffled. The region’s real estate market has come back strong after having taken a nosedive in the two quarters during and after the bid for independence.

The last edition of the BMP, two years ago, was held just fifteen days after the referendum, and the difference from today was stark. Attendees referred to the fair as something of a funeral rite as the referendum led to plummeting investment. Hundreds of companies at the time decided to move their headquarters away from Barcelona. That uncertainty caused two quarters of sharp reductions in real estate investment in Catalonia. The market, however, has come back roaring.

Investment in the office real estate sector fell by half in the two quarters after the referendum in 2017, shocking many investors at the time. But by the summer of 2018, Blackstone finalised one of the most important transactions in the office market. The giant US fund acquired the historic headquarters of Grupo Planeta from the Lara family for 210 million euros. During the same period, Solvia sold three hospitals in Barcelona, ​​Bilbao and San Sebastián to Carmen Godia for 200 million euros.

Total investments between January and September of this year reached €4.5 billion, near to the levels of the last two years and above the tally in 2008, which set the record high for the previous real estate cycle of €4.4 billion. It remains to be seen whether the rioting after the Supreme Court’s ruling will depress investments once again, but most investors appear to be sanguine.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

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