Funds, Socimis, El Corte Inglés & Seur Compete in the Urban Logistics Segment

9 March 2019 – Expansión

Investors and logistics operators alike are setting their sights on urban hubs to benefit from the boom in e-commerce. According to data from CBRE, investment in the logistics sector is thriving – it amounted to €2 billion in 2017, €1.5 billion in 2018 and is forecast to reach €1.2 billion in 2019. Active players in the sector include the Singapore sovereign fund through its Socimi P3, Blackstone, Prologis, Logicor, CBRE GI and Montepino, and Merlin, amongst others.

Urban hubs are gaining significant weight in the sector thanks to their ability to reduce transport costs, avoid the new traffic restrictions and resolve the problem of product returns.

According to the CNMC, Correos and Correos Express currently deliver 44% of all packages in Spain, followed by MRW and Seur (14% each) and DHL (4.5%).

In terms of retailers operating in this space, Amazon set the ball rolling by opening a logistics centre in the heart of the Eixample district of Barcelona and in the Méndez Álvaro area of Madrid. Other large retailers are following suit by opening distribution centres inside major cities, such as Decathlon, MediaMarkt, Ikea, Aki, Carrefour and Worten.

The investment firm Azora has also announced its intention to invest €250 million in logistics hubs in urban centres, which it will lease to delivery specialists such as Seur, DHL and MRW. Seur already has eleven urban logistics centres and plans to open another nine this year. Meanwhile, DHL already has ten such hubs and plans to open two more this year.

In the same vein, the department store giant El Corte Inglés has also launched an ambitious omnichannel logistics strategy, which will convert its 94 shopping centres into storage points for the management of online purchases.

Original story: Expansión (by I. de las Heras & R. Arroyo)

Translation/Summary: Carmel Drake

Veracruz Properties Acquires Parla Natura Shopping Centre

4 August 2016 – Mis Locales

Veracruz Properties has acquired the Parla Natura shopping centre (in Madrid) in an operation advised by Cushman & Wakefield and Savills, marking a new milestone in the sale and purchase of shopping centres in Spain.

Opened in 2009, Parla Natura has a gross leasable area of 18,000 sqm spread across twelve stores, which are leased to brands such as Decathlon, Aki and Kiabi, as well as 1,200 parking spaces. Moreover, its location is unbeatable, given that it is easily accessible from the A-42 motorway that links Madrid and Toledo.

Salvador González, Director of Retail Investment at Savills, commented that “Investor appetite for retail parks in Spain is still very strong, primarily due to the product’s future potential both in terms of revenues and profitability. At Savills Spain, we have always been committed to the retail park sector, and proof of that is the strong track record of transactions that we have advised in this segment. We have successfully closed this operation, together with Cushman & Wakefield.

Rupert Lea, Head of Retail Capital Markets at Cushman & Wakefield Spain explained that: “The sale of Parla Natura is another example of the strong interest that international investors, in this case, from Latin America, have in the retail sector in Spain. Together with our co-agents, Cushman & Wakefield, we have successfully closed another transaction for our client”.

Original story: Mis Locales

Translation: Carmel Drake