Cifuentes To Value Plot Next To Inditex’s Facilities In Meco At c. €100/m2

23 January 2017 – El Confidencial

Around €100/m2. That is the valuation that Nuevo Arpegio, the public company that manages land in the Community of Madrid, is going to assign to the plot that it owns in the town of Meco, next to Inditex’s large logistics centre. The Galician company has already expressed its interest in operating on the adjacent site. The regional Government, chaired by Cristina Cifuentes, approved the partial modification of the urban plans for Meco in December, which was necessary to reorganise the 1.93 million m2 space and protect the wetland containing protected birds that has been artificially created in the area.

Having taken this step, Nuevo Arpegio is now finalising the process to sell a plot measuring 100,000 m2, which according to sources in the autonomous government, could have an asking price of €10 million. The plot is the ideal site for the Galician company to expand its facilities, which already occupy 300,000,m2 next door. Inditex has been expressing interest in this plot since 2014, although officially it has not revealed its cards. Meanwhile, Nuevo Arpegio wants to generate revenues in every way it can and is putting a large volume of land up for sale across the Community of Madrid. (…).

Sources in the real estate sector indicate that, in theory, offering the land for an asking price of €100/m2 would represent an “attractive” offer, although urbanisation costs would cause the price to rise to €130/m2 or €140/m2. The same sources say that Inditex has continued to show interest in these plots adjacent to its large logistics centre to enable it to expand it, but it is possible that Inditex will not purchase the land itself, but rather allow a real estate developer that specialises in logistics to buy the land and then lease the facilities that its constructs.

The Corredor del Henares is still one of the most attractive areas in Madrid. Of the 45 operations closed in the logistics market in 2015 (data for 2016 has not been published yet), 26 were recorded along the A-2 axis, covering a surface area of 213,000 m2 and accounting for 56% of the total. The municipalities of Cabanillas del Campo, Alcalá and Azuqueca de Henares were in most demand, accounting for 40% of the total volume leased, according to a report from the consultancy firm CBRE. (…).

Original story: El Confidencial (by David Fernández)

Translation: Carmel Drake