14 December 2018 – Valencia Plaza
The company behind the offer received by the Valencia Port Authority (APV) to purchase a plot of land measuring 280,000 m2 in Parc Sagunt is Tempe. That firm, a subsidiary of the textile group Inditex that has its headquarters in Elche, is planning to build one of its centres on the plot that is located right next to the 350,000 m2 plot on which Mercadona has already started work to build its largest logistics block in Spain.
The APV announced this week that it had received, through its subsidiary Valencia Plataforma Intermodal (VPI), a purchase proposal for that plot, although it did not reveal the amount of the bid or the identity of the candidate. The Board of Directors of VPI considered the bid to be “in the port’s interest” because the project presented fulfils the requirements in terms of the movement of goods through the Port of Sagunto, which VPI included in the public tender convened previously for the sale of this plot.
The company has opened a period of 30 calendar days to give other applicants the option to submit alternative offers, and so if that does not happen before 11 January, them the land will be awarded to the footwear subsidiary of the textile group founded by Amancio Ortega (…).
The 280,000 m2 plot, which VPI was awarded at the time for €30 million is currently worth €25 million, but the entity has already recognised a provision in its accounts for the adjustment in the value of the land. In the tender documents, the company established a minimum price of €30.7 million plus €300,000 for notary fees, payable in cash (…).
Tempe is the Inditex subsidiary that specialises in footwear and accessories for the eight chains that belong to the group: Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius Oysho, Zara Home and Uterqüe. It is responsible for the design, sale and distribution of those products. Its headquarters are in Elche, one of the main manufacturing nuclei in Spain, and occupy 200,000 m2. From there, it distributes 100 million units around the world each year.
In 2017, Tempe broke sales records once again by registering a turnover of €1.246 billion, according to its accounts for the year. The company is owned by Inditex (50%) and the businessman Vicente García Torres. Its profit amounted to €81 million and Inditex received €21 million in dividends from the company.
Logistics is one of the fundamental areas of Inditex’s business. In total, 8,565 workers are dedicated to it, equivalent to 5% of its employees. The distribution of clothes, footwear, accessories and household goods of all of its chains is carried out from fourteen logistics centres located across Spain (…).
Original story: Valencia Plaza (by Xavi Moret)
Translation: Carmel Drake