Tag: distribution

Revised Legislation: Socimis to Pay Tax of 15% on Retained Profits

11 January 2019 – Expansión

The General State Budgets for 2019, which are going to be approved by the Council of Ministers today (Friday) and which are going to be presented to the Congress on Monday, will include a tax charge on the undistributed profits of Socimis, to which a tax rate of 15% will be applied, according to reports made by sources speaking to this newspaper. The measure was agreed between Podemos and the Tax Authorities although the Government did not include it in the Budget Plan that it sent to Brussels in October or in the draft bills that are already being processed. The General Secretary of Podemos, Pablo Iglesias, blames the Socimis for the “rental bubble”.

This measure follows other initiatives agreed with Podemos, which cause the greatest impact of the increase in taxes set out in the budgets to fall on companies: they include a tax of 5% on overseas dividends and the imposition of a minimum taxable base of 15% in terms of Corporation Tax, which will be added to the draft bills to create the Google tax and the Tobin tax.

Socimis (Listed Public Companies for Investing in the Real Estate Market) were created by Zapatero’s Government in 2009 to revitalise the real estate market. They enjoy a very beneficial tax regime. The rate of Corporation Tax applicable to them is zero, provided they fulfil a series of requirements: their minimum capital stock is €5 million, which may be invested in a single property; a minimum of 80% of the profits obtained from rental must be distributed in the form of dividends; and a minimum of 80% of the value of the assets in urban buildings must be leased for three years. For the rents received from other types of activities, the Socimis have to pay tax at a rate of 25%.

From now on, a tax rate of 15% will have to be paid on all of the profits not distributed by these types of entities.

“We need to discourage the promotion of these types of companies that promote the bubble model, undermine the public coffers and represent a grievance for competition. We consider that the special regime afforded to the Socimis, whose main feature involves a tax rate of 0% for Corporation Tax, needs to be reversed”, said Podemos in a recent document. It regards it as “necessary to reverse Government policy, based on forcing tax regulation to create a tax haven for companies that promote a new housing bubble”.

Original story: Expansión (by Mercedes Serraller)

Translation: Carmel Drake

SEGRO to Build New 36,000 m2 Distribution Centre in Getafe (Madrid)

12 July 2018 – Press Release

SEGRO, the British investment fund specialising in the industrial and logistics real estate sector, is consolidating its position in Spain with the development of an additional constructed surface area of 36,000 m2 for distribution activities in Getafe, Madrid. Specifically, the 6-hectare plot is located in the “Puerta Mayor-Los Gavilanes” Business and Logistics Park, a strategic area where SEGRO already has another project under construction.

Through this operation, SEGRO is continuing to pursue its aim of becoming one of the main players in the logistics-real estate sector in Spain, where it has a total portfolio of 340,000 m2 comprising buildings and land for latest generation logistics and distribution activities. The firm is committed to high-quality facilities and locations.

SEGRO’s commitment to developing projects located in privileged areas is furthered with this new plot located just 14km to the south-east of Madrid, on the A-4 (Madrid-Andalucía) motorway and with direct access to the M-50. This enclave has a total surface area of 1,700,000 m2 and is one of the most modern external urbanisations around with 500,000 m2 of green space. It facilitates distribution in the capital, as well as to other parts of the country. Moreover, several multinational companies are located in the same area, including Amazon, Decathlon, CostCo and Coca Cola, reinforcing its position as a strategic enclave.

Flexibility is one of the defining characteristics of SEGRO, and for this reason, this new distribution centre may be adapted to the needs of its clients in order to ensure the fulfilment of their logistics needs. The project is going to be built in accordance with the latest environmental standards and with the aim of obtaining the BREEAM “Very Good” certificate, in line with SEGRO’s strategy to build modern, high-quality and flexible buildings.

Meanwhile, the firm’s first platform, measuring 47,000 m2, located in the same business park in Getafe, is in the final phase of construction and is expected to be completed by the end of 2018 (…).

SEGRO is now one of the largest logistics and distribution real estate firms in Spain and around Europe. It works on new build projects, as well as on the reconversion of existing industrial facilities.

Original story: Press Release

Translation: Carmel Drake

Amazon To Construct New Logistics Centre In Barcelona’s Zona Franca

27 October 2017 – Eje Prime

Amazon is redoubling its commitment to Barcelona. The US group has leased a plot of land in the city’s Zona Franca Consortium, which will become its fifth logistics centre in Cataluña. The plot of land measures 20,000 m2 and the plan is to build a warehouse on the site, with a surface area of 9,300 m2, according to Expansión.

The US group has agreed to pay €7.6/m2/month to the property developer Goodman, according to sources familiar with the operation. Sources at Amazon have declined to confirm or deny the operation, which is likely to have been signed during the third quarter of the year.

The decision to locate the new logistics centre in the Zona Franca reflects Amazon’s willingness to establish itself strategically close to the city of Barcelona, given that proximity is a key factor for the distribution of last mile delivery products.

Goodman plans to build another warehouse measuring approximately 10,000 m2 close the warehouse that the US company will occupy, although it does not have a tenant for that property yet.

Following this deal, Amazon will have five logistics centres in Cataluña (in El Prat de Llobregat, Castellbisbal, Martorelles and Eixample), and it plans to open a new research and development centre specialising in artificial intelligence, which will employ more than 100 people.

The company started to set up its own structure in the country in 2012, with the launch of its first complex in Illescas (Toledo). In Madrid, it opened a large complex in San Fernando de Henares and it is currently building two more in Alcobendas and Getafe. In Barcelona, the group is finalising the launch of its platform in El Prat, whilst it has one platform in Valencia and is building another one in Sevilla.

Original story: Eje Prime

Translation: Carmel Drake

Elektro3 Opens State-Of-The-Art Logistics Centre In Tarragona

13 October 2017 – Mis Naves

Elektro3 is opening a new logistics centre in Vilaseca-Salou with a total surface area of 15,500 m2, of which 8,000 m2 is going to be used exclusively as a warehouse. The centre currently has capacity for 14,000 pallets and 12,500 bins.

The company, whose main operations involve the import and distribution of hardware products, is continuing its expansion process. The main improvements are expected in the storage, preparation and shipment of orders with refurbished industrial machinery and a new rail guidance system.

In turn, the centre has seven loading bays, which allows it to receive and ship all of the company’s products anywhere on the peninsula within 24 hours.

With these new facilities, Elektro3 is expected to be able to reach its objective of managing 8,500 product references, thanks to the implementation of a specialist framework of warehouse management systems. Also, a new 600 m2 showroom has been created inside the new platform, with an area specialising in the display of all products relating to lighting.

Original story: Mis Naves

Translation: Carmel Drake

Amazon Opens New Logistics Centre In Madrid

26 July 2017 – Expansión

Amazon has announced the inauguration of a new logistics depot in Getafe (Madrid), which will see the creation of around 80 direct jobs next year. This centre will allow Amazon “to operate in Spain with greater capacity and flexibility and whereby offer faster deliveries to its clients and a better service to businesses who sell their products on Amazon and use its logistics network”, according to the dot.com.

Moreover, Amazon has introduced new software for the distribution companies that work with it so that they can optimise their delivery times through route recommendations and, for example, by factoring in speed limits and daily traffic patterns.

The company led by Jeff Bezos may be planning to open a logistics macro-centre in Toledo and two more facilities in Madrid, which would create a network of 25 warehouses spread all over the country. For the time being, Amazon’s logistics network in Spain includes the San Fernando de Henares centre (Madrid) and a centre in Castellbisbal (Barcelona) dedicated to Amazon Pantry, as well as two urban centres in Madrid and Barcelona to serve its Prime Now users.

Original story: Expansión (by M. Juste)

Translation: Carmel Drake

Merlin’s Profits Soar By 1,000% After Metrovacesa Merger

2 March 2017 – Expansión

In 2016, the listed real estate investment company (Socimi) Merlin Properties managed to turn itself into one of the largest real estate companies in Europe. It also made the leap onto the selective Ibex 35, which had not featured a single company from the property sector since 2008.

And, it achieved these milestones thanks to the completion of the largest corporate transaction between real estate companies since the burst of the real estate bubble – the integration of the historical firm Metrovacesa, and that had a significant impact on its income statement for the year.

In this way, in 2016, Merlin saw its net profit soar by 1,087% to €582.6 million, thanks in large part to the contribution of Metrovacesa’s assets, which increased the value of its portfolio to €9,824 million.

In the case of revenues, the Socimi generated 362.8 million, the majority of which (€351 million) came from rental income. Last year, the contribution of rental income rose by 64% compared to 2015.

The firm’s operating profit or EBITDA amounted to €303.6 million, whilst its net debt, at the end of the year, stood at €4,471 million.

Dividend

The company, which has just appointed Francisco Javier García-Carranza Benjumea, the Deputy General Manager at Banco de Santander, as its new President, to replace Rodrigo Echenique, has announced the distribution of an extra dividend, amounting to 20 cents, which will take the remuneration per shareholder in 2016 to €0.40 per share.

Likewise, the Socimi, which owns a 16.1% stake in Testa Residencial, has said that it will increase the distribution of profits amongst its shareholders by 10% in 2017 (as a Socimi, it is obliged to distribute 80% of its profits) to 44 cents, which will involve the distribution of more than €207 million.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Gesvalt: Madrid’s Logistics Sector Grows For First Time Since 2009

13 February 2017 – Observatorio Inmobiliario

The leasing of industrial warehouses in the Community of Madrid increased in 2016 for the first time in eight years following a recession in the logistics sector. The evolution of the market in the region last year confirms the positive forecasts that experts predicted at the end of 2015. Nevertheless, it is worth noting that this increase in the volume of space leased in the logistics sector was mild and gradual over the whole period, according to the conclusions of the latest report from Gesvalt, a consultancy and asset valuation company.

Sandra Daza, Director General at Gesvalt, considers that “these are noteworthy figures because they are evidence of the reactivation of the sector, which will also undergo more changes over the next few years, due to the reactivation of consumption and the evolution of e-commerce”. In this sense, Daza forecasts that “we are going to see an increase in the supply of these types of industrial warehouses, especially in Madrid and Barcelona”.

In the province of Madrid, which has 43 industrial estate areas, the distribution of industrial space is divided as follows: 32% production, 22% storage, 12% logistics, 7% commercial and 27% business parks.

The extractive and manufacturing sectors are giving way to the drive from the storage and distribution sectors. Large firms dedicated to this activity are moving into the region and are demanding large surface areas, close to large populations and with access to fast roads. Nowadays, these types of assets are the star product in the logistics and industrial sector in Madrid. By contrast, investors have lost interest in smaller warehouses on old industrial estates and the few operations that are taking place are being closed at almost cost prices.

In 2017, the aforementioned change is expected to be consolidated, with slight increases in rents. Returns could reach 7% and a minimal increase is expected in the volume of operations.

Almost 50% of the investors that are operating in the industrial market in the region are domestic and international institutions, whilst the other half comprise Socimis and family offices. By contrast, large financial institutions are the main vendors of these types of products.

80% of the operations in the Community of Madrid in 2016 were located in the Corredor del Henares, although the volume of surface area leased was still low (150,000 m2).

The interest in the market for rental over sale, the scarcity of land in really attractive areas and the relative low rates of return (6%) confirm that although the recovery of the sector is underway, it still has a long way to go.

Within the Community of Madrid, the municipality with the greatest volume of industrial activity is Fuenlabrada, which accounts for 25% of the total and is home to 21 industrial estate areas.

The large Mercamadrid industrial estate, located in the industrial area of Villa de Vallecas, is the largest in the Community of Madrid (1,8000,000/2,000,0000 m²), followed by the Vicálvaro industrial estate, which is as big as the Cobo Calleja de Fuenlabrada estate (1,750,000/1,800,000 m²). (…).

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Mercadona Acquires Logistics Plot In Valencia For €24M

9 December 2016 – Expansión

The supermarket chain Mercadona is preparing to build a new logistics centre in Parc Sagunt, the largest industrial estate in the Community of Valencia, which is almost empty at the moment.

The firm has acquired a plot measuring 358,270 m2 for €24 million, on which it will construct a logistics block. The centre will not be used to supply the chain’s stores directly, like its existing centres, but will instead centralise the storage and distribution of products to the other logistics centres. It will be the first point of receipt for products that due to their nature require this kind of logistic management, for example, perishable goods, goods from the same supplier and goods imported through ports.

Sources at Mercadona explain that, for the time being, the definitive design for the centre and the total investment have not been defined.

The chain currently operates thirteen logistics centres and three satellite warehouses. In total, it has a surface area of 854,000 m2. In 2007, the company launched a strategy involving intelligent logistics centres, which kicked off with the construction of a centre in Ciempozuelos (Madrid) and was subsequently extended to include centres in Ribarroja (Valencia), Villadangos (León), Guadix (Granada) and Abrera (Barcelona). The final phases still need to be incorporated into this last block. Around €300 million has been invested to date.

In recent years, Mercadona has invested €700 million in its logistics platforms. It will open its next centre in Vitoria, whose first phase will be operational next year, following a €50 million investment.

Relief for Parc Sagunt

This operation was approved on Wednesday by the Board of Directors of Parc Sagunt, the property developer of the land that is jointly owned by the Generalitat Valenciana and the state owned company Sepi (50% each), which have invested €132 million. Mercadona’s arrival at the industrial estate represents a breath of fresh air for the space that had become something of a problem for the Administration. Even though the majority of the site has been completed since 2008, only three companies currently operate there and most of the land is still up for sale.

The plot that Mercadona has acquired is well known, given that in 2007, it was awarded to the Ros Casares group to open its major steel works Brava Steel, but that was never built. Now it has been sold for 41% less.

There are currently 26 other plots of land for sale and experts expect that, thanks to the arrival of Mercadona, demand for those plots will now increase, after years of paralysis.

Original story: Expansión (by J.B. and A.C.A)

Translation: Carmel Drake

ECI Opens Logistics Platform In Tarragona

4 August 2016 – Logística Profesional

El Corte Inglés has opened a new logistics platform in the Tarragonese town of La Bisbal del Penedès. The facilities, located on a plot of land measuring more than 230,000 sqm, has a storage surface area of more than 45,000 sqm as a result of the first phase of construction, which has involved investment of almost €70 million.

The new platform, according to sources at the company, will serve to “complement” the storage and distribution centre that the Group has in Montornès del Vallès (Barcelona), with a surface area of 200,000 sqm.

The centre, which may be enlarged in the future, will serve to support the company’s activities in Cataluña, Aragón, Levante, Murcia and the Balearic Islands.

Besides its logistics centres in Cataluña, El Corte Inglés group owns another platform in Valdemoro (Madrid), whose storage surface area exceeds 500,000 sqm.

Original story: Logística Profesional

Translation: Carmel Drake

ECI Invests €70M In New Logistics Centre In Tarragona

28 July 2016 – Expansión

El Corte Inglés has inaugurated a new logistics platform in La Bisbal del Penedès (Tarragona) to strengthen its service in Cataluña and the rest of the Mediterranean area. It has invested almost €70 million in the site.

According to a statement issued by the company on Wednesday, the new centre is located on a plot of land measuring more than 230,000 sqm, but the first phase occupies just 45,000 sqm.

The aim of this platform is to complement the group’s warehouse and distribution centre in Montornès del Vallès (Barcelona), operational since the end of the 1970s and with a 200,000 sqm extension.

The company has indicated that the centre in La Bisbal del Penedès has capacity to grow in the future in order to improve service and distribution, not only in Catalunya, but also in Aragón, Levante, Murcia and the Balearic Islands.

With this inauguration, El Corte Inglés now employs almost one thousand workers in the logistics and distribution segment in Cataluña.

Besides its logistics centres in Cataluña, the group also owns a platform measuring more than 500,000 sqm in Valdemoro (Madrid), which has around 3,000 employees and warehouses more than 15 million product units.

Original story: Expansión

Translation: Carmel Drake