Corp Promotors Acquires Plot Next to La Sagrera Station in Barcelona for €10.4M

17 October 2018 – Europa Press

The real estate company Corp Promotors has acquired a plot of land spanning 1,512 m2 located next to the future La Sagrera AVE train station in Barcelona for €10.44 million.

The Catalan firm has fought off competition from three companies in the bid for the plot, which was opened by the public company responsible for the development of the station, an entity in which the Ministry of Development, La Generalitat de Cataluña and the Town Hall of Barcelona all hold stakes.

The plot, which is located in an area that has “great potential for growth” in Barcelona, can be used for building both homes and commercial premises.

Specifically, it has a buildability of 8,221 m2, of which 7,346 m2 will be used for homes and the remaining 875 m2 will be used for shops.

The land forms part of the plots freed up for railway use generated by the construction of the station. The amount obtained from its auction will contribute to financing the new railway.

In fact, the joint venture company that is developing the station has obtained 63% more than the estimated sales price for this plot, of €6.4 million. That was what allowed Corp Promotors to acquire the land and fight off competition from the other three firms that were also bidding for it.

The company behind the construction of La Sagrera station is owned by the Ministry of Development through its companies Adif, which holds a 37.5% stake, and Renfe, which owns another 12.5% stake. The Town Hall of Barcelona owns 15% and La Generalitat the remaining 25%.

Original story: Europa Press

Translation: Carmel Drake

Spain’s First Logistics Megahub will Open in Antequera (Málaga) in 2019

19 April 2018 – Cinco Días

The first logistics megahub in Spain is starting to become a reality almost a decade after it was initially proposed. The entity known as Megahub Andalucía – a public-private initiative – has engaged the consultancy firm CBRE to search for the first major operators ahead of the imminent authorisation of the project that the Junta de Andalucía is expected to grant in June. At stake is €350 million of investment in an industrial hub for the south of Spain and north of Africa, which should be ready by 2019.

Megahub Andalucía is located in the municipality of Antequera (Málaga), in what the European Union calls a multi-modal hub, given that the European Atlantic and Mediterranean railway and road goods corridors meet at this point, the ports of Algeciras, Málaga and Sevilla are all close by, as is the AVE station in Antequera and the airport of Málaga (the fourth largest for cargo transport in Spain).

“Megahub Andalucía is located in the centre of Andalucía with respect to the large populations, both in terms of consumption and production”, says Ramón Vázquez, head of the project at CBRE. The word hub is used because several European transport networks converge on this point and the pre-fix mega has been added, in turn, because the warehouses that are going to be constructed on the plots will extend up to 200,000 m2.

The Junta de Andalucía holds a 40% stake in the company, through Red Logística de Andalucía, and the remaining 60% is held by a private company Puerto Seco de Antequera, which comprises, in turn, several companies, most notably Acotral, a local operator that has been an integrated supplier of Mercadona since 2003.

The Junta is expected to approve the special plan in June, which will allow work to start of the urbanisation of the area, after many years of delays. “The project was launched 10 years ago but has been delayed on several occasions due to urban development problems and due to the crisis. It was conceived as a logistics area and is now being reborn as a logistics megahub”, says the expert at CBRE.

The urbanisation work may begin in June and will have an estimated cost of €70 million, which will be funded by the Junta and the company Puerto Seco de Antequera. Later, around €280 million of funding will be received from investors and operators to build the macro logistics warehouses and production centres. In theory, the megahub should be operational by the end of 2019 or beginning of 2020.

The logistics hub in Antequera spans 3.3 million m2, of which 1.03 million m2 is going to correspond to logistics warehouses. There will also be an industrial park, destined to production activities, measuring 919,000 m2, plus a service centre (comprising a hotel, restaurant, training centre, businesses…) spanning 317,000 m2 and finally a railway terminal, which will connect with the goods station in Bobadilla (owned by Adif).

The project coincides with the huge boom that the logistics market is sparking in Spain, due to the reactivation of the economy, the pull from e-commerce and the needs of the major operators such as Amazon. Last year, more than 1.5 million m2 of logistics space was leased, according to data from CBRE, up by almost 20% (…).

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Invesco Invests €80M in Madrid Logistics Park to be Built by Pavasal

19 March 2018 – Expansión

The Valencian construction company Pavasal and the investment fund manager Invesco have reached an agreement to develop the largest available area of logistics space for rent in the city of Madrid, with an investment of €80 million.

The project will involve the construction, by Pavasal, of a logistics park spanning 90,000 m2, just 8km from the centre of the Spanish capital, which Invesco will subsequently purchase. The operation has been advised by the consultancy firm BNP Paribas Real Estate.

The Madrid M-40 Logistics Park (PAL-40), which is going to be located alongside the M-40, will be built in two phases. The first phase will involve the construction of a building measuring more than 45,000 m2. This property may be leased in modules upwards of 2,500 m2 to several tenants or be occupied by a single logistics operator.

Work on the first phase is scheduled to begin during the second half of 2018 and the keys are expected to be handed over during the third quarter of next year.

Meanwhile, the second phase of the project will include another 45,000 m2 of logistics space, which may be used for turn-key projects adapted to the needs of operators.

Last mile delivery

The park is going to be constructed on the basis of a ratio of more than 2,000 delivery operations per day and will optimise delivery times thanks to its location with respect to the large population nuclei and logistics activity centres. Moreover, it will receive an energy efficiency certificate, according to those responsible for the project.

Specifically, the platform will have a 336-metre long façade overlooking the motorway and will be accessible by vehicle from Avenida de Andalucía, which the logistics sector call the last mile.

In this way, the new logistics park is going to be located less than 8km from Puerta del Sol, close to the Atocha AVE station and 19km from the airport.

The logistics sector was one of the segments that performed the best last year, as shown by the large volume of land that was bought and sold thanks to the growing demand for logistics space by companies dedicated to e-commerce.

Thus, the level of uptake in the sector in the market of Madrid and its area of influence reached historical highs in 2017, with 886,405 m2 of space leased, according to data compiled by BNP Paribas Real Estate.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Savills: Occupancy Rate of Málaga’s Prime Offices Reaches 90%

15 March 2018 – Eje Prime

The sun is shining over the office market in Málaga once again. The capital of the Costa del Sol achieved an occupancy rate of 90% in its prime office area, a figure that has not been seen since the start of the crisis.

The Málagan office market experienced significant demand last year in the central and financial districts of the city. In both areas, there was a notable reduction in office stock and rental prices rose to €18/m2 on the central street Calle Larios, according to a report from Savills Aguirre Newman.

In addition to Calle Larios, thoroughfares such as Corte-Inglés-Vialia recorded an increase in rents for spaces in the area up to €13/m2-€14/m2.

The main driver of the office market in 2017 was, precisely, the real estate sector. It was followed by technology companies, which, as usual, requested space in the most central parts of the city for offices with surface areas of less than 1,000 m2. Nevertheless, the tech companies that needed more space opened their offices in the Andalucía Technological Park in Málaga, according to the study.

Construction companies, law firms and telemarketing companies are also players with significant demand in the city’s office market, in which Savills Aguirre Newman has brokered operations spanning more than 10,000 m2 of office space over the last 15 months.

The consultancy firm indicates, moreover, that this trend is going to continue in 2018, which means that buildings that have been available for almost a decade will finally be occupied by new tenants. This growth in demand will lead to a record volume in terms of the number of rental transactions in the Málaga office park.

For this reason, Savills Aguirre Newman considers that, given the positive trend for the next few months in the office market, there is a need to develop new projects and to convert existing spaces in order to expand the office stock in Málaga. The Head of the Office Market at the consultancy firm in Andalucía, Aranzazu García, believes that “it is extremely important to identify an area of the city where we can establish future projects”, although, she says that “they must be conceived as exclusive-use spaces, to replace the mixed-use buildings that traditionally have carried a lot of weight in the city, with a market share of close to 50% in the city centre”.

In this sense, the executive believes that “the new projects must be positioned architecturally to house the corporate headquarters of international companies, to respond to their needs in terms of technical features, efficiency and sustainability standards, and locations that allow easy connections with the rest of the city, the airport, the AVE station and the main public transport services”.

Málaga’s Silicon Valley  

In addition to requesting new projects, García reflects on the use that may be given to the Andalucía Technological Park, located in Málaga. The director of Savills Aguirre Newman in the autonomous region calls on the competent authorities to collaborate in this area to position it as “the ideal enclave for the office market in the city or as the Silicon Valley of Málaga”.

In this regard, the executive hopes that they will resolve some of “the problems generated by the inadequate public transport network, with no forecast for a future metro line, service area and parking for users”.

Original story: Eje Prime (by J. Izquierdo)

Translation: Carmel Drake

Senator Buys Hotel Parque Central de Valencia From Sareb

21 July 2017 – Hosteltur

Senator Hotels & Resorts has purchased Parque Central Hotel de Valencia from Sareb. The chain has operated the establishment since 2010 under its urban Senator Hotels brand. It has also taken ownership of the property’s garage.

The hotel in question comprises 192 rooms and is located in the subsequent development of Parque Central de Valencia next to the AVE station, in a very central area and close to the city’s historical centre and shopping district.

The establishment also has meeting rooms with capacity for up to 1,100 people, which are ideal spaces for holding conferences and banquets.

Original story: Hosteltur

Translation: Carmel Drake