Tag: Corredor de Henares

Drago Leases 1,300m2 of Office Space in San Fernando to Mitsubishi

28 February 2019 – Eje Prime

More engineering in San Fernando. The Madrilenian business park has signed the rental of 1,300 m2 of offices to Mitsubishi Electric. The operation has been closed just a month after Indra leased another 2,500 m2 in the business park for its subsidiary Prointec (…).

Mitsubishi Electric has signed a five-year contract to lease offices in the complex’s Europa building. The space in San Fernando is also going to house a training centre and a showroom. Savills Aguirre Newman has brokered the operation and its Savills Arquitectura department is going to take responsibility for the plans and implementation work.

Mitsubishi also has offices in Barcelona, located in the town of Sant Cugat del Vallès and regional offices in Sevilla, Vitoria, Palma, Bilbao, Valencia and Málaga.

With these operations, the San Fernando Business Park has absorbed almost 4,000 m2 of leasable office surface area, which represents 10% of the total office surface area leased in the Corredor de Henares area during 2018.

The park, located in San Fernando de Henares, was constructed in 1992 and expanded in 2009. Currently, it comprises a gross leasable area of 86,000 m2 and is home to giants such as Coca Cola, Volvo, Baxter and Continental.

In total, the complex has sixty tenants distributed across thirteen buildings. The park is located at the southern end of the Corredor de Henares, the capital’s main logistics and industrial axis.

The San Fernando Business Park changed hands in June 2018 when Oaktree Credit sold it for €120 million three years after acquiring it. Since July 2018, the park has been managed by Drago.

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

Aena Mobilises Mega-Investments in Barajas & El Prat Amounting to €4.2bn

29 November 2018 – El Confidencial

The largest property developer in Spain is not a real estate company, it is AENA, a company that does not depend on the real estate sector for its business, on the contrary. It has started a race, together with external partners, to mobilise investments worth more than €4.2 billion focused on two projects: the urban development of Barajas and El Prat, annexes of the airports in Madrid and Barcelona. Together they represent the largest real estate project in Spain, and they are very focused on logistics due to the proximity to both airport centres, but also on offices. In office space, alone, the firm wants to promote almost 1 million m2 across the two urban areas.

This contradiction that the largest property developer is not an agent of the real estate sector is due to the fact that AENA is a very large landowner. For years, all of its plots have aged as if they were wine. The airport city in Barcelona, for example, was projected more than 14 years ago. But only now has Deloitte been engaged to look for international funds to mobilise that investment and Garrigues been contracted for legal advice about the monumental project.

And it is a long-term project. In the case of Barcelona, the most advanced of the two, it plans go out 20 years. In Barajas, the proposal is twice as long, 40 years. Moreover, according to sources in the sector, of the 622 hectares of net plots in Barajas, 396 hectares are awaiting development.

Given that the blocks of land are so close to the airports of the two capitals, logistics is the fundamental basis of the proposals. According to the latest report from Jones Lang Lasalle, logistics assets are generating yields of between 6% and 7%, a high rate when interest rates are so low. In the case of Barajas, for example, the planned logistics development represents the bulk of the project, 1.2 million m2 of constructed space, which will be the largest logistics centre in Spain, with the added synergy of connecting the current airport cargo area with the so-called Corredor del Henares.

In terms of office space, the plans also involve enormous dimensions. At El Prat, 362,000 m2 of constructed space is planned, almost as much as in the whole of the 22@ district promoted to date (…). And in the case of Madrid, it is even larger. At Barajas, the volume of planned offices is triple that figure, although it will have to be constructed over four decades.

In addition, there will be hangars, commercial areas, hotels and cargo services for aeroplanes. In practice, it will be like building two new cities, one in Barajas and the other in El Prat.

The immediate plans

The closest projects are the phases that have been planned for the next five to eight years. At the airport in Barcelona, the phase that AENA has called “catalysing” spans the first five years, during which time €387 million will be invested in total to promote almost 400,000 m2 in different types of urban planning projects.

These investments will run in parallel to the airport projects that have already been approved. In this way, AENA has already committed investments amounting to €690 million in El Prat, which include a new satellite terminal (…), to be carried out over the next four years.

This phase is longer at Barajas. It will last for eight years and will involve a forecast investment of €953 million, according to the Adolfo Suárez Madrid-Barajas Real Estate Plan. During this phase, more than 500,000 m2 will be constructed (…).

Original story: El Confidencial (by Marcos Lamelas)

Translation: Carmel Drake

Mountpark to Invest €30M in a Macro-Warehouse for XPO in Toledo

23 October 2018 – Eje Prime

A new macro-operation is on the cards for Plataforma Central Iberum. The logistics developer Mountpark is going to invest €30 million in the development of this enclave to the south of Madrid in an asset measuring 44,000 m2 for XPO Logistics. In turn, the logistics operator has already agreed to rent the space to a large fashion chain, according to explanations provided to Eje Prime by the Director General of Mountpark for Spain and Portugal, John Derweduwe.

This warehouse is being promoted under the turnkey model and it is scheduled for completion and opening in June 2019. The latest-generation asset is going to be located 35 km from Madrid, in the municipality of Illescas, in Toledo. The real estate consultancy Estrada&Partners has been responsible for advising this operation.

The future tenant of the warehouse of Mountpark and XPO, is going to be the Swedish fashion retailer H&M, which will use the platform for its e-commerce logistics. The boom in e-commerce is also the reason why other overseas giants have also set up shop in Plataforma Central Iberum, which has converted the park and its surrounding area into the new prime axis of the real estate logistics market in the centre of the country.

Mountpark is entering a platform where Amazon, Airbus, Michelin and Toyota, amongst others, are already present. Located on a plot spanning more than 3.5 million m2, Plataforma Central Iberum is also the largest eco-industrial park in Spain.

The platform that it is building for XPO will not be the only one that Mountpark is promoting in this park. The company owns a second plot measuring 89,000 m2 in Illescas for which it is currently finalising a rental agreement with a high-profile domestic retailer.

“This project is just the start of an ambitious future for Mountpark in Spain” highlighted Derweduwe. The director, formerly the Vice-President and Administrator of Prologis Spain between 2002 and 2006, is “heavily committed to the south of Madrid”, where he plans to constitute a “significant” land bank to be able to respond to “the new logistics needs of the 21st century”, added the executive.

Specialising in the construction of so-called XXL assets (those spanning a surface area of more than 40,000 m2), Mountpark already owns a 99,000 m2 plot in Alcalá de Henares and is working on another land bank spanning several million square metres.

Changing trend in Madrid

Regarding the arrival of giants such as Amazon to Illescas, Derweduwe points to the “saturation” of the Corredor de Henares thoroughfare, which is leading to a “change of trend” in which the province of Toledo is gaining a lot of notoriety due to its proximity to Madrid and because “being located in Castilla-La Mancha also has benefits for tenants”, said the executive.

As well as the central area, Mountpark is also looking “seriously” at Cataluña and Valencia (…).

The parent company of the Iberian subsidiary led by Derweduwe is Mountpark Logistics, a joint venture between Usaa Realco-Europe Holdcom, the Dutch subsidiary of Usaa Real Estate, and Mountpark Finco Sarl (Mountpark). The joint venture promotes large logistics buildings all over Europe, but with the focus primarily on the United Kingdom, Western Europe and Central Europe. Mountpark has a portfolio comprising 16 assets with the potential to offer logistics facilities spanning more than 1.85 million m2 in the continental market.

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

Eurofund Logistic Capital Partners Acquires a 130,000 m2 Plot in Corredor de Henares

15 October 2018 – Eje Prime

Eurofund and Logistic are continuing to push ahead together in the Spanish logistics sector. The joint venture, created by the two groups in 2017, Eurofund Logistic Capital Partners (Elcp), has purchased a plot of land measuring 130,000 m2 in the Corredor de Henares for the development of a new logistics project on the site, according to explanations provided by the company to Eje Prime.

The plot is located in the third ring of Madrid, on a large industrial estate in Torija (Guadalajara), with direct access to the A2 motorway, one of the main logistics axes in Spain that links Madrid and Barcelona.

Elcp is going to develop a Class A logistics project spanning 80,000 m2 on the site. Located 30 minutes from Barajas airport and 45 minutes from the centre of the Spanish capital, the land is “one of the few available buildable sites with the capacity to house a new building of this size”, said the Director-General of LCP, James Markby.

Marketing of the project, which is going to be a turnkey development, will begin immediately. On the same industrial estate in Torija where it has purchased this land, Eurofund Logistic already owns logistics centres leased to large multinationals such as Primark, Leroy Merlin and Bridgestone, amongst others.

During the nine months to September, logistics leasing in Spain amounted to 1.38 million m2, up by 17% with respect to the same period in 2017. In parallel, investment exceeded the €1.1 billion threshold during the first nine months of the year, up by 43%, according to data from the consultancy firm CBRE.

In Madrid, 632,000 m2 of logistics space was leased, almost equalling the figure recorded during the same period in 2017. Of that amount, more than 50% of the assets corresponded to operations involving warehouses with a surface area of more than 20,000 m2.

Eurofund Logistic: almost 1 million m2 under management

The latest purchase by Eurofund Logistic forms part of the growth plan that the company has underway in Spain and Portugal. Created in February 2017, the joint venture currently has 775,000 m2 of logistics assets under management.

Moreover, the joint venture is planning to start work on 650,000 m2 of logistics properties. One of the parties, Eurofund Capital Partners is a subsidiary of the Spanish group Eurofund, which, in addition to the logistics sector, also develops and manages assets, primarily in the retail segment.

Last week, Eurofund was given the green light for its new commercial macro-project in Lleida, as reported by Eje Prime. That project is known as the Torre Salses retail complex; it has a surface area of 56,000 m2 and construction of it will begin in the autumn of 2019.

Original story: Eje Prime

Translation: Carmel Drake

Savills Aguirre Newman: Logistics Investment Fell by 17% in H1 2018 to €400M

31 July 2018 – Europa Press

The volume of investment in the Spanish logistics market amounted to €400 million during the first half of the year, down by 17% with respect to the same period in 2017, when the figure amounted to €490 million, according to figures compiled by Savills Aguirre Newman for its report entitled “The Logistics Market in Madrid and Barcelona, H1 2018”.

The entity explained that the decrease is due not to a reduction in investor appetite, but rather to a shortage of available supply in the main markets (Madrid and Barcelona), which is placing the focus of investors on secondary markets (Valencia, Zaragoza and Sevilla).

The initial yield for prime assets remains at around 6%, although for certain operations it has decreased to 5.5%.

In Madrid, according to the report, during the first half of the year, demand in terms of the leasing of logistics space was 17% higher than during the same period last year, with 451,000 m2 of space leased through 36 operations during H1 2018, compared with 387,000 m2 in the same period in 2017.

Four of the operations undertaken in Madrid, exceeding 20,000 m2 each, accounted for 48% of the total space leased. Activity in the Spanish capital was concentrated in Corredor de Henares, where 11 operations were closed, accounting for more than 118,000 m2 of the space leased (52% of the total).

In terms of the land market in Madrid, the report details that six operations were registered, accounting for a volume of more than 280,000 m2 altogether; one purchase stood out, in particular, spanning more than 95,000 m2, in Alcalá de Henares.

On the other hand, during the same period, 390,678 m2 of space was leased in the logistics market in Barcelona. Savills Aguirre Newman highlights the operation to lease a 48,000 m2 warehouse by Vente Privee.

During the first half of the year, 36 transactions were recorded in Barcelona in total, compared with 22 in 2017. One of the trends that has become clear is the projects being developed in the Logistics Activities Zone (ZAL), one of which involves a warehouse measuring 20,500 m2.

Moreover, a total of eight operations exceeding 20,000 m2 were closed, of which five were completed in the second quarter.

Original story: Europa Press

Translation: Carmel Drake

CV-Grupo Acquires Logistics Plot in San Fernando de Henares (Madrid)

16 March 2018 – Inmodiario

The Valencian firm CV-Grupo has purchased a plot measuring 12,500 m2 in San Fernando de Henares (Madrid) on the Puerta de Madrid industrial estate, alongside Amazon and other large companies, where it is going to construct a logistics warehouse.

In this way, CV-Grupo is expanding its land in Madrid. The Valencian property developer is led by Salvador Vila and specialises in the construction and promotion of assets in the logistics and industrial sectors. The firm has purchased the plot in Madrid in order to expand its portfolio of industrial properties through the promotion of a logistical warehouse. Its portfolio now spans a surface area of more than 200,000 m2, including the assets in Valencia and Madrid.

The acquired space is located on the A-2 highway, in the heart of the Henares corridor, in the town of San Fernando de Henares, on the industrial estate known as Puerta de Madrid (…).

The asset will allow CV-Grupo to develop a logistics warehouse measuring 8,500 m2 on the Puerta de Madrid industrial estate, by the A-2 and M-45 highways, one of the most sought-after in the sector in the Spanish capital. There, its neighbours will include, amongst others, multinational firms such as Amazon, Tdn, XPO and Plaza supermarkets. This industrial estate is considered as one of the fastest growing and best located in the Community of Madrid.

CV-Grupo began its activity in Madrid in 2000 in the Corredor de Henares, where it undertook developments in Coslada, San Fernando and Torrejón de Ardoz (…).

The construction work on this site, which is due to start in the second quarter of the year, will be completed before the end of the year (…).

Original story: Inmodiario 

Translation: Carmel Drake

Meridia Capital Acquires Logistics Platform in Guadalajara for €10M

8 March 2018 – Eje Prime

Meridia Capital is fattening up its asset portfolio. Today, the company announced the purchase of a logistics platform spanning 27,500 m2 in Alovera (Guadalajara) for €10 million. The asset has been acquired through the real estate vehicle Meridia III.

Constructed in 2006, the warehouse is located on the Corredor de Henares axis, an industrial area where companies such as Volvo, Eroski and Mahou are situated. The first warehouse that Meridia III acquired in April 2016 is also located there.

Following the signing of this agreement, Meridia Capital’s logistics portfolio will span a surface area of 112,000 m2 in total, of which 73,000 m2 has been purchased through Meridia III.

Meridia Capital is an independent manager that manages assets worth almost €1 billion (including debt). In recent years, it has established itself as one of the main regulated alternative investment managers in Spain.

Original story: Eje Prime

Translation: Carmel Drake

VGP Leases 16,000 m2 Warehouse in San Fernando de Henares to Rhenus

17 January 2018 – Cadena de Suministro

VGP has leased a warehouse measuring almost 16,000 m2 to Rhenus Logistics on its logistics park in the Madrilenian town of San Fernando de Henares, which is owned by the European real estate investment group VGP. The deal has been advised by the real estate consultancy JLL.

The operator will use the facility to provide services to various clients in the retail sector, as well as to other companies in the cold-food distribution segment, which means that VGP will have to adapt the original design of the warehouse to suit to the specific needs of both projects.

VGP’s logistics park is located in Corredor de Henares, a growing area that concentrates a large part of the logistics activity in the centre of the peninsula between Coslada and Guadalajara, and which forms part of the first logistics ring around the city of Madrid.

The park is located just five kilometres away from Barajas Airport, at the intersection between the A-2 motorway, which links Madrid with the city of Barcelona, and the M-50, one of the main ring-roads around Madrid and the outer ring of the capital’s metropolitan crown.

Original story: Cadena de Suministro

Translation: Carmel Drake

Quabit’s President, Félix Abánades, Increases his Stake in the Property Developer to 28.6%

15 December 2017 – Valencia Plaza

The President of Quabit, Félix Abánades (pictured below), has increased his stake in the real estate company to 28.6% from the 21% that he had held until now, as the largest shareholder, following the materialisation of a land swap for shares. In this way, Abánades holds an almost 30% stake in Quabit, the threshold above which the law would oblige him to launch a takeover bid for 100% of the company.

The President of the firm has already expressed his intention to sell his shares on the market to move away from that legal limit. “Nevertheless, I will sell a few shares as possible, given that I trust in the company’s capacity to push up its share price”, said Abánades recently, talking to Europa Press. In any case, he will retain at least a 20% stake in the company.

The President of Quabit, through his construction company Rayet, is one of six investors with which the real estate company recently closed land purchases in exchange for shares. The operations materialised through a series of non-monetary capital increases, which amounted to €47.7 million in total, and which were approved in November by an Extraordinary Shareholders’ Meeting.

The largest of these operations was precisely the one closed with the construction company owned by Abánades, which transferred developable residential land located in the Corredor de Henares to Quabit for €30.14 million. The plots span a surface area of 131,000 m2 and have capacity for the construction of 1,053 homes. Specifically, in exchange for transferring these plots, Abánades received 15.77 million new shares in Quabit, taking his stake in the company to 26.65 million shares, equivalent to 28.639% of the share capital, according to the registers of Spain’s National Securities and Exchange Commission (CNMV).

Moreover, all of these operation form part of the active land purchase investment policy that the real estate company has carried out this year and which has caused it to almost double the objectives set out in its strategic plan. In this way, Quabit plans to develop 7,880 new homes between now and 2022, compared to the 4,100 forecast initially.

Abánades is currently the only significant shareholder of Quabit, together with Sareb, which holds a 5.52% stake that it foreclosed from an investor. Nevertheless, the company said that with the aforementioned land exchange operations, other minority interest shareholders now own stakes in its share capital.

Original story: Valencia Plaza

Translation: Carmel Drake

INBISA To Construct 38,000m2 Logistics Centre For GreenOak

22 September 2017 – Observatorio Inmobiliario

INBISA has started work on the construction of a logistics centre comprising two buildings covering a surface area of 38,000 m2 in San Fernando de Henares (Madrid), under orders from the real estate investment company Talus Real Estate, which will be responsible for managing the asset.

The property is owned by the investment fund GreenOak Real Estate and the construction work is expected to be completed by February 2018. The fund has commissioned this project for its subsequent lease or sale.

The centre will be divided into two buildings of equal size and will have a total constructed surface area of 38,255 m2, plus 24,062 m2 of urbanisation. The work to be undertaken by INBISA Construcción at this site, known as “Puerta de Madrid”, constitutes a significant construction challenge, given that the company has to finish both buildings in a very short time period.

INBISA Construcción has vast experience in the industrial-logistics sector and has carried out several major projects in the sector, such as the construction of the Manzanares Business Centre on the ‘Los Gavilanes’ industrial estate in Getafe.

According to Jesús Herrera, Director of Business Development at INBISA Construcción’s Central Offices, “the construction of this large logistics space consolidates our presence in the Corredor de Henares. It is a very significant challenge for INBISA Construcción, given that the timeframe for completion is very ambitious, just 7 months. With this new project, we are continuing to deepen our industrial-logistics specialisation at the national level and we thank GreenOak and Talus Real Estate for the trust that they have placed in us”.

INEL 2000 has participated in this project as the architect and technical manager, and Soluciones Transparentes has served as the Project Manager. Both companies have extensive experience in the industrial/logistics sector.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake