Tag: demolition

Segro Plc Acquires Its First Assets In Spain For €10.4M

30 September 2015 – Company Press Release

Segro Plc has completed its first acquisition in Spain, with the purchase of 5.6 hectares of industrial land near Barcelona for €10.4 million. It purchased the plot, which has scope for the development of logistics platforms and warehouses measuring up to 36,800 m2, through its company Asociación Logística Europea SEGRO from Domar, SL.

The plot is located in the industrial area of Martorelles, approximately 20 km northeast of Barcelona, near the A7 and AP7 highways, which lead to France and the national highway network. The site is currently home to a disused industrial building, which will be demolished to make way for a new development that will be equipped to the latest-generation, highest quality facilities.

David Alcázar, Director of SEGRO in Spain, said:

“Securing a significant development opportunity in a privileged location is a great first step for the expansion of our logistics operations in Spain. We are going to continue our search for opportunities to grow our presence in the main markets of Barcelona and Madrid, focusing on development, since our aim is to provide high quality storage space in these markets”.

Martorelles is a magnificent setting, as it provides a strategic link between Spain and the rest of the continent. It is currently used by companies such as Coca Cola for manufacturing and distribution, as well as by Mango, which is constructing a 460,000 m2 distribution centre 8km away.

SEGRO was advised by Estrada & Partners, the company appointed to market the logistics platform.

About SEGRO and SEGRO Asociación Logística Europea (“SELP”):

SEGRO UK Real Estate Investment Trust (REIT) is a market leader in the development and management of logistics platforms, storage facilities and data processing centres.

It owns and manages 5.7 million m2, with assets worth €6,000 million (as at 31 December 2014), serving 1,200 clients across a wide range of industrial sectors. Its properties are located on the outskirts of major conurbations and in key transport hubs in eight European countries, primarily France, Germany, Poland and UK.

SEGRO Asociación Logística Europea (“SELP”) is a JV company in which SEGRO owns a 50% stake. It was created in October 2013 and has €1,700 million in assets under management (as at 31 December 2014) in seven continental European countries. (…).

Estrada & Partners is a national real estate consultancy firm, specialising in the industrial and logistics sectors, as well as real estate investment. It renders the following services: brokerage, property management, asset valuations, consultancy and land development. It is currently marketing logistics parks comprising more than 200,000 m2 in Spain and it has three offices, in Madrid, Barcelona and Valencia.

Original story: Company Press Release

Translation: Carmel Drake

Meridia To Build A Hotel In Henkel’s Former Headquarters

26 January 2015 – Expansión

Barcelona / The fund will demolish Henkel’s old offices near the Sagrada Familia.

The real estate fund Meridia is joining the latest trend in the real estate sector in Barcelona: the demolition of old offices to build large hotels and attract international hotel brands. The fund led by Javier Faus, the Vice-President and Head of Finance and Strategy of FC Barcelona, will knock down the former headquarters of Henkel Ibérica to convert it into a complex containing a four star hotel, a block of flats and several townhouses.

The name of the chain that will run the hotel has not been revealed, but sources close to the transaction said that Meridia is finalising an agreement with a company that does not yet have a presence in Spain. The total investment, including purchase of the land, will amount to around €40 million.

The hotel project envisages the construction of 182 rooms and a 100-space car park. The complex, located near the Sagrada Familia, will also include a block of 33 flats and space for six terraced houses.

Other similar projects are already underway in Barcelona: the Deutsche Bank building, which currently serves as the headquarters of the law firm Cuatrecasas, will be demolished and replaced by a hotel that may be managed by Four Seasons. The Torre Agbar will be converted into a hotel to be run by Hyatt, although in this case, the external structure of the building will remain intact. Another building to be demolished is the old Hotel Barcelona, which will be replaced by a new hotel to be managed by Melia.

Original story: Expansión (by M. Anglés and J. Orihuel)

Translation: Carmel Drake