Tag: Bershka

Inditex to Build a Logistics Centre Next to Mercadona’s in Parc Sagunt

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

Itaroa Shopping Centre (Navarra) Goes Up For Sale

15 March 2018 – Expansión

The shopping centre sector is still red hot. After the intense investment activity of last year, which has continued during the first few months of 2018, new assets are still coming onto the market. The latest is Itaroa, a shopping centre located in Huarte (Navarra), which has hung up the for sale sign, according to market sources speaking to Expansión.

The asset, managed by the local property developer Javier Gómez, has a surface area of 42,000 m2 and contains a Hipercor, owned by El Corte Inglés, which would not form part of the sales process. To search for potential buyers, the owner has engaged the consultancy firm Colliers International Spain, formerly Irea.

The vendor is asking around €90 million for the asset. The Itaroa shopping centre is mortgaged to the German financial institution Aareal Bank by way of guarantee for a €71 million loan. The mortgage was constituted in 2003 and has been renewed on several occasions, according to the latest information available from the Mercantile Registry.

Last year, Itaroa launched a renovation of its leisure and restaurant area to expand and improve the offer at the centre with the incorporation of new brands. It spent €4 million on that expansion.

Itaroa’s tenants in the fashion and accessories sectors include brands such as Zara, Sfera, Merkal, Bershka and Décimas. The shopping centre is also home to a Yelmo cinema.

This move comes in addition to the sale of a portfolio by Sonae Sierra and CBRE GI comprising three assets and the sale of the Ballonti centre (Vizcaya). Last year, the investment market for shopping centres reached a volume of around €2.7 billion, thanks to record operations such as the purchase of Xanadú, in Arroyomolinos (Madrid), for €530 million. The investor appetite is expected to continue this year, which has led some owners taking advantage of the situation to divest.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel

German Fund Deka Puts Ballonti Shopping Centre (Vizcaya) Up For Sale

26 February 2018 – Expansión

Deka wants to make some cash and has hung the “for sale” sign up over the Ballonti shopping centre, located in the municipality of Portugalete (Vizcaya). The German fund, which acquired the asset in 2010, at the height of the economic crisis, has decided now, eight years later, to put it up for sale and has engaged the consultancy firm CBRE to manage the process, according to reports from market sources speaking to Expansión.

The German group purchased the shopping centre from Eroski for €116 million and the current valuation could reach €150 million, in such a way that Deka could obtain significant capital gains from the sale.

In any case, sources in the sector consider that the timing of the operation will depend on the evolution of the sales process involving a portfolio of three shopping centres by Sonae and CBRE Global Investors, which is expected to come onto the market within the next few days. That portfolio of assets, which includes the Gran Casa shopping centre (Zaragoza), the Valle Real shopping centre (Cantabria) and the Max Center (Barakaldo), may be sold for around €500 million.

Ballonti, inaugurated in 2008, has a surface area of more than 50,000 m2 spread over two floors, and its tenants include Primark, H&M, Springfield, Bershka, Pull & Bear, Stradivarius, Lefties and Women’s Secret. Moreover, the shopping centre is home to a large Eroski hypermarket spanning a surface area of more than 13,000 m2.

The retail space includes an upper floor dedicated to leisure with a cinema, an adventure park, a gym and a restaurant area with brands such as Burger King, Foster’s Hollywood, 100 Montaditos, Krunch, Mr Wok, Café and Bodega Ballonti.

Investor appetite

After the significant investment drive in shopping centres last year, which ended with a transaction volume of around €2.7 billion, thanks to record operations such as the purchase of Xanadú, in Arroyomolinos (Madrid) for €530 million, investor appetite is expected to be maintained this year.

According to data from the Spanish Association of Shopping Centres and Retail Parks (AECC), last year, 29 transactions were closed involving 36 assets for €2.7 billion, which represents growth of 35% with respect to the previous year.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Inditex Buys a 22,000 m2 Plot in Sant Adrià de Besòs (Barcelona)

7 February 2018 – Eje Prime

In recent weeks, the Galician fashion retail group has formalised the operation, which it began to study a year ago. For the time being, the company has not decided what to do with the plots. 

A real estate operation on the edge of Barcelona. The Galician group Inditex, the largest fashion retailer in the world, has signed the purchase of 22,000 m2 of land in Sant Adriá del Besòs in recent weeks. The land acquired corresponds to plots that used to be occupied by Schott Ibérica.

According to explanations provided by sources close to the operation, the acquisition has been carried out by the group’s parent company, Inditex. The sale and purchase has been brokered by the real estate consultancy JLL, according to market sources.

The company chaired by Pablo Isla started to study this move a year ago. Although initially, the possibility of using this land to house the new headquarters of the Bershka chain was considered, sources close to the operation indicate that Inditex has not decided what to use the site for yet. The acquisition is looking to anticipate possible future needs.

Schott Ibérica’s plant in Sant Adrià closed its doors at the end of 2014. The company, which is dedicated to the manufacture and sale of glass tubes for pharmaceutical use, employed more than 100 people on the site at the time of its closure. The plot had attracted interest from several operators.

Inditex has a presence throughout Spain. The headquarters of Zara and Zara Home are located in Arteixo (A Coruña), along with the corporate offices; the headquarters of Pull&Bear are located in Narón (A Coruña); the offices of Uterqüe, Massimo Dutti, Bershka and Oysho are located in Tordera; Stradivarius, in Sallent; and Tempe in Elche (Alicante). In addition to its offices, the group has an extensive logistics presence in Spain, with distribution platforms in A Coruña, Alicante, Zaragoza, León, Barcelona, Madrid and Guadalajara.

In the case of the headquarters in Cataluña, Inditex started to move some of its operations closer to the Catalan capital several years ago, with the aim of improving its ability to attract talent. In fact, Stradivarius moved its design centre to Cerdanyola del Vallès (Barcelona) last year following the acquisition of land there, measuring 18,911 m2, from the Generalitat de Catalunya. That brand’s logistics activity, however, is still located in Sallent (…).

With a network of more than 7,500 stores in 94 countries, Inditex ended 2016 with revenues of €23.311 billion. As we wait for the company to announce its results for 2017, we see that it recorded profits of €3.157 billion in the previous year.

Original story: Eje Prime (by Custodio Pareja & Pilar Riaño)

Translation: Carmel Drake

Carmila Secured 91 New Tenants During H1 2017

29 August 2017 – Expansión

Carmila, Carrefour’s real estate subsidiary, has closed the first half of the year having signed 213 commercial operations in Spain, according to a statement issued by the company.

Specifically, the company led by Sebastián Palacios signed 91 new rental operations during H1, corresponding to an increase in the gross leasable area of more than 10,000 m2.

In addition, Carmila signed 122 rental contract renewals with operators that decided to continue their agreements with the company, covering another approximately 10,000 m2 in terms of surface area.

By retail sector, the largest volume of space secured was recorded in the restaurant segment, with 13 new contracts. Specifically, brands such as Burger King, Gino’s, Lizarrán and La Tagliatella signed up to join Carmila’s centres.

That segment was followed by the fashion sector, with the signing of new contracts with brands such as Zara, Bershka and Free Base.

For the second half of the year, Carmila forecasts “very favourable” results, not only in terms of new contracts but also renewals.

In this sense, during the second half of the year, the company will launch the renewal of the rental contracts for eight shopping centres, including the Los Patios Shopping Centre in Málaga.

Carmila was constituted in April 2014 by Carrefour, which controls 42% of its capital, with the aim of obtaining value from the shopping centres located next to its hypermarkets. The other shares in the company are held by large institutional investors.

According to the latest published data, Carmila owns 70 assets in Spain worth €1,100 million.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Zriser Sells Building On Paseo de Ruzafa In Valencia

21 November 2016 – Real Estate Press

Grupo Zriser, the investment firm owned by the siblings Ana and Pablo Serratosa, has sold a property on Paseo de Ruzafa, 18, six months after buying it.

The property has a surface area of more than 2,200 m2 spread over the basement, ground- and mezzanine-level retail premises, as well as four additional floors measuring 400 m2 each.

The retail premises used to be occupied by Bershka, until it opened its flagship store on Calle Colon 32, in January this year.

The store is located on the section of the street that connects Plaza del Ayuntamiento with Colón and its extension along Calle Ruzafa runs as far as the new retail space, measuring more than 7,000 m2, where Primark is due to open a new store after Christmas.

A few months ago, Grupo Zriser also sold the Generali building, located at number 29 on Plaza del Ayuntamiento in Valencia, to the businessman Juan Luis Gómez-Trenor, founder of the now extinct firm Colebega and shareholder of Coca Cola Iberian Partner.

Zriser acquired the building, which it has sold to a Valencian family office, in an operation advised and brokered by Olivares Consultores, who are also marketing the rental of the property, through the second fund managed by the group owned by the Serratosa siblings, with significant Valencian investors.

Original story: Real Estate Press

Translation: Carmel Drake