Cilsa Buys 52,000 m2 Of Logistics Warehouses In Port Of Barcelona

12 July 2017 – Eje Prime

A logistics operation has been closed in the port of Barcelona. Cilsa, the management company of the ZAL zone at the Port of Barcelona and in which the Socimi Merlin Properties owns a stake, has agreed with the Socimi Luri 6 (formerly Santander Banif) to acquire 51,988 m2 of warehouses located in the port area for €16.4 million.

The warehouses acquired by Cilsa have an occupancy rate of 77%, in such a way that the company currently has 11,767 m2 of available space to lease. The operation will be formalised with a loan issued by the Port of Barcelona.

With these new assets, Cilsa will have 451,032 m2 of warehouses at the ZAL Port, which it leases out, as well as a Service Center office building measuring 11,250 m2.

In addition, Cilsa has granted surface area rights to clients who have constructed another 232,000 m2. Last year, the company recorded a gross operating profit of €20 million and a net profit of €5.2 million.

Original story: Eje Prime

Translation: Carmel Drake

Merlin Hopes To Buy Saba Logística For €150M After The Summer

26 February 2016 – Expansión

Merlin expects to complete its purchase of Saba’s logistics assets after the summer. The Socimi, which is listed on the Ibex, signed a contract with the company led by Josep Martínez Vila, to enable its acquisition of the stake that the company, controlled by Criteria CaixaHolding, holds in assets in Cataluña, Sevilla, Álava and Lisbon, which cover a surface area of 389 hectares. The purchase price is expected to amount to around €150 million, including debt.

Saba already sold the 32% stake that it held in Cilsa to Merlin last October for €50 million. Cilsa is the company that operates the Logistics Activity Area (‘Zona de Actividades Logísticas’ or ZAL) in Barcelona. Cilsa announced yesterday that it will invest €30 million over the next year and a half in the development of 50,000 m2 of logistics space in Barcelona and El Prat. It will be its first investment of this kind since 2008.

Original story: Expansión (by A. Zanón)

Translation: Carmel Drake

Merlin Buys Saba’s Stake In Cilsa For €50M

23 October 2015 – Expansión

The real estate company Merlin has paid €50 million for a 32% stake in Cilsa, the company that operates the ZAL (Logistics Activity Area or ‘Zona de Actividades Logísticas’) in the Port of Barcelona. The stake was previously held by Saba, which is divesting its logistics business to focus on its core car park activity.

Original story: Expansión

Translation: Carmel Drake

Saba Sells Toulouse Logistics Park To CBRE For €23M

18 September 2015 – Expansión

The group is focusing on its car parks / The company has sold a logistics park in Toulouse for €23 million.

Saba is continuing to take steps to exit the logistics sector and focus its activity on its core car park business. Yesterday, the group led by Salvador Alemany announced the sale of a logistics park in Toulouse (France) to CBRE Global Investors for €23 million.

The asset has a surface area of 20 hectares and was one of the company’s key sites, thanks to its strategic location in the neighbouring country, 30 kilometres away from the French city, one of the centres of the global aviation industry.

This divestment whereby reduces the group’s international presence to Lisbon, where it owns a site with a surface area of 100 hectares. The economic crisis in Spain has been more intense than in Spain and the demand for logistics space is not as great as in the areas close to the cities of Madrid and Barcelona.

In 2012, Saba began its exit from this business segment with the sale of a logistics park in Chile for €56 million, a deal that allowed it to begin its policy of shareholder remuneration.

In Spain, Saba is about to sell its 32% stake in Cilsa, the company that operates the Logistics Activities Area (ZAL) in Barcelona, measuring 208 hectares and located in one of the best areas of the Catalan capital. It is the last major logistics asset that Saba still owns.

The Competition Commission is studying Saba’s exit from this company; its stake is due to be acquired by Merlin. One of the unresolved questions is whether Sepes will hold onto its 5% stake in Cilsa – which does not even entitle it to sit on the Board of Directors – or whether Merlin will acquire the whole package.

Background

In Spain, Saba – which is controlled by Criteria CaixaHolding – last year sold a logistics park in Coslada (Madrid), some land in San Fernando and a logistics park in Penedés (Barcelona), in a deal worth €100 million.

The firm has continued to withdraw from its logistics business, whilst at the same time closing operations that have enabled it to make important in-roads into the car park sector, with new contracts at Adif train stations, Aena airports and with the Town Hall of Barcelona.

Saba generated revenues of €215 million in 2014 – the logistics division accounted for 19% of sales and car parks accounted for the remainder. In Spain, Saba still owns logistics assets in the provinces of Barcelona, Álava and Sevilla.

Original story: Expansión (by A. Zanón)

Translation: Carmel Drake