Tag: Aldi

Ores Acquires Millenium Retail Park in Madrid for €31M

20 July 2018 – Eje Prime

Ores is still on its shopping spree in Spain. The Socimi owned by Bankinter and Sonae Sierra has acquired the Millenium retail park in Madrid from the property developer Procinco for €31 million. The investment reinforces the new asset purchase plan that is being developed by the company, the most active of the entities listed on the Alternative Investment Market (MAB) so far this year.

Millenium is a commercial complex located in El Carralero, within the municipality of Majadahonda, which was inaugurated in 2002. It has a gross leasable area of 11,353 m2 and its tenants include Media Markt, Aldi and Toys’r’us. Savills Aguirre Newman and JLL have advised Procinco on the sale.

“This operation demonstrates the high degree of interest from institutional investors in retail parks in Spain”, says Salvador González, National Director of Capital Markets at Savills Aguirre Newman.

In June, Ores purchased a package of four retail premises from Inditex for €12.5 million. With these latest operations, the Socimi is continuing with its new growth phase, which is going to be financed with a €140 million loan. With that financial injection, the group is going to undertake new real estate acquisitions in Spain and Portugal.

Original story: Eje Prime

Translation: Carmel Drake

Aldi to Invest €97M in 32 New Store Openings Across Spain in 2018

1 June 2018 – Eje Prime

Following in the footsteps of one of its main competitors, Aldi is looking for new plots of land and commercial establishments across Spain. Whilst last November, it was Lidl that was explaining that it has already invested more than €2.6 billion in the Spanish real estate sector, now it is Aldi that wants to follow in that firm’s footsteps, with the activation of the search for plots of land measuring up to 8,000 m2 and new commercial premises in which to open supermarkets under its brand.

“We want to continue growing so that increasingly more people will be able to try our products”, explained the group in an interview with El Español. For this reason, it is looking for plots and commercial premises in different places across Spain.

Specifically, plots measuring between 4,000 m2 and 8,000 m2 or even larger sites in the main towns of the country as well as commercial premises in the large cities with a minimum useful surface area of 1,600 m2.

Moreover, on Aldi’s wish list is the fact that the stores should preferably be distributed over one floor and have around eighty parking spaces, as well as have the infrastructure necessary for unloading lorries.

Aldi is going to invest more than €97 million in 32 new openings in Spain in 2018, of which seven will be located in the Community of Madrid. For the time being, Aldi has around 270 stores in Spain, less than half as many as the other German firm Lidl, which has almost 550 establishments.

Original story: Eje Prime

Translation: Carmel Drake

Savills: RE Inv’t In Retail Parks Reaches Historical Peak

3 May 2016 – Mis Locales

Retail parks are sparking interest in the real estate investment market in Spain. In 2015, investment in this type of asset amounted to €500 million, i.e. seven times more than in 2014. In the context of total retail investment, that figure represented 21% of total volumes in 2015 and accounted for 20% of the total amount invested in this segment since 2000, according to a specialist report about the market, which the international consultancy firm Savills publishes each year.

So far this year, investment in retail parks already amounts to €122 million, i.e. 18% of the total amount invested in the retail sector. Although the majority of that figure relates to the sale of six retail parks by Bogaris to the JV created by Redevco and Ares for €95 million, Luis Espadas, Capital Markets Director for Savills Spain, says that “this operation is evidence of the interest being generated by these types of assets, which are attracting both new profiles of investors and new property developers. The investment figures registered so far this year exceed those recorded during the same period in 2015.”

From the point of view of real estate investors, this sector, which generates returns of 6% for prime products and which is prone to decrease due to the imbalance between supply and demand, is very interesting in the context of the recovery in consumption, given that it requires only moderate investment volume and generates higher levels of profitability than for other retail products. Moreover, it is “safe”, due to the quality of its tenants and the fact that it barely requires any management following the purchase.

Retail space in retail parks, just over 1.85 million sqm, now accounts for 12.5% of the retail real estate market and construction activity is continuing to grow, boosted above all by traditional domestic players in this segment in the retail sector, although other investor profiles, such as the Socimis, have also started to develop retail parks, such as the complex that Grupo Lar has announced that it will construct in Sagunto. In addition, international property developers are expected to enter the market, especially from France, to actively seek out land.

According to the consultancy firm, all of this will boost investment forecasts, on the one hand, along with the arrival of new operators to the format in the retail sector, on the other hand.

For the time being, the expansion plans of operators familiar with this format, such as Leroy Merlin, which expects to open 25 new stores between now and 2020; Ikea, with new formats such as the new delivery point in Navarra; Media Markt, Sprinter and supermarkets such as Lidl and Aldi, as well as the entry into retail parks of less typical brands, such as H&M, C&A and Mustang, are proof of the consolidation of the retail park segment. (…).

The report also identifies which provinces have the greatest potential for the construction of retail parks, based on retail density and the spending capacity of each population. País Vasco, Cataluña, the Balearic Islands and Castilla León are the regions with the most suitable provinces for this business niche.

Original story: Mis Locales

Translation: Carmel Drake

Celsa Sells Land In Santander To Ratisbona For €1.1M

3 May 2016 – Expansión

Celsa is selling land in Cantabria. The steel group owned by the Rubiralta family, which began negotiations to refinance its bank debt (€2,700 million) a few weeks ago, is finalising an agreement to sell off some land owned by its subsidiary Global Steel Wire (GSW) in Santander. The land in question is assigned for non industrial use. The plot is located on the Nueva Montaña industrial estate and has a total surface area of 3,167 m2.

According to sources close to Celsa, the sale is expected to be completed before the end of the month, for a consideration of €1.1 million. The purchaser is Ratisbona, a German company – with a subsidiary in Spain – which is dedicated to the promotion, construction and sale of warehouses assigned to supermarkets and retail parks, and which has carried out projects for chains such as Aldi, Lidl, Mercadona and Aki.

Background

This is not the first time that Celsa is selling land in Santander. In 2014, it sold another plot in Nueva Montaña, where the chain Bricomart built a centre. In 2015, the group commissioned Aguirre Newman to sell a portfolio of real estate assets owned by GSW in Santander, Castellbisbal and Sant Andreu de la Barca (Barcelona) and Toledo.

In the context of its negotiations with the banks, Celsa has submitted an industrial plan to its lender entities, which features a lamination factory in Bayone (France) as its star project, with an investment of up to €60 million.

Original story: Expansión (by J.Orihuel)

Translation: Carmel Drake

Redevco Iberian Ventures Buys 6 Retail Parks From Bogaris For €95M

27 April 2016 – Expansión

The shopping centres are located in Extremadura and Andalucía and have a combined surface area of 84,250 m2.

Redevco Iberian Ventures, the joint venture created between Redecvo and the funds managed by Ares Management, has acquired six retail parks located in Extremadura and Andalucía from the property developer Bogaris for approximately €95 million.

The parks, which have a combined surface area of 84,250 m2, are leased almost in their entirety to tenants such as the supermarket chains Mercadona, Aldi and Día, the fashion brands C&A, Kiabi and Merkal Calzados, and operators Burger King, Media Markt, Sprinter and Aki Bricolaje.

Specifically, the parks are: Mejostilla, in Cáceres; Kinepolis Pulianas, in Granada; Marismas del Polvorín, in Huelva; La Heredad, in Mérida; Retail Park, in Motril; and La Serena, in Villanueva de la Serena.

Ares and Redevco announced the creation of Redevco Iberian Ventures in September 2015 and following this operation, the total capital invested by the joint venture now exceeds €200 million. JLL and Deloitte acted as advisors to Redevco Iberian Ventures in the operation.

Original story: Expansión

Translation: Carmel Drake