Blackstone Considers Buying Neinver from the Losantos Family for €500M

23 January 2019 – El Confidencial

Neinver, a property developer and operator of shopping centres, specialising in outlets – focused on offering discounted products – is up for sale and the US fund Blackstone is one of the buyers that is evaluating the operation. The Losantos family is asking around €500 million for the company, which has become one of the major operators in the shopping centre sector in Europe, and which would fit well into Blackstone’s portfolio given the stable rents generated by its properties and land, according to explanations provided by sources in the real estate sector.

Spokespersons from Neinver consulted about the negotiations indicated that “they decline to comment on rumours” regarding the sale operation, one of the largest underway in the sector in Spain this year from a corporate perspective.

Nevertheless, other financial sources have assured that the Losantos family has entrusted the sale of the company to Credit Suisse, which has drawn up a sales book that it has been promoting since the end of the year and which is being considered by several funds.

Blackstone is the favourite because it has already acquired assets from Neinver. In November last year, the property developer placed a package of industrial warehouses and logistics assets with Blackstone for €290 million. Therefore, this fund, the largest overseas investor in the Spanish real estate sector, is an old acquaintance of the Losantos family.

Neinver is chaired by José María Losantos del Campo. It is the largest operator of outlet centres in Spain and Poland, where it operates under two own brands: The Style Outlets and Factory. It has developed some of its assets in association with the fund TH Real Estate. In total, it has promoted and managed 16 outlet centres, and six shopping centres and retail parks (…). It has a presence in seven countries, including France, Italy, Germany, Portugal and the Czech Republic.

Neinver in numbers

Neinver recorded revenues of €93.6 million in 2017, according to the consolidated accounts filed with the Mercantile Registry. That figure represented an increase of 27% compared with the previous year.

Nevertheless, the strong performance in terms of sales was not reflected in its profits. Neinver is selling more but earning less. In 2017, its net consolidated profit amounted to €4.7 million, a third of the €16.1 million that it earned in 2016. The decrease in profitability was due in large part to the projects underway and its indebtedness.

According to the group’s consolidated accounts, the gross debt at the end of last year amounted to €466.3 million, €30 million more than during the previous year, “due to debts stemming from the new companies incorporated into the Neptune joint venture”. Neptune is the joint venture owned by Neinver and TH Real Estate.

Valuations

The €500 million asking price is without the debt. The book value of the company’s assets amounts to €913 million, according to Neinver’s own accounts. The main appeal of the company is the revenue stream stemming from the rental of its assets (…).

Original story: El Confidencial (by Marcos Lamelas)

Translation: Carmel Drake

Monter to Invest €30M in its Largest Ever Production Plant

11 June 2018 – Eje Prime

Monter is going to double its production capacity to supply cold meats to Mercadona stores across the country. The meat group, which is the main supplier of cold cuts to Mercadona, is going to build a factory spanning 30,000 m2 in Girona. The planned investment amounts to more than €20 million.

The complex will be located between Besalú and Sant Ferriol, in the province of Girona, and will be equipped with “the latest technology in terms of digitalisation and robotisation”, as reported by the company to Crónica Global. Cured pork and turkey cold meats will be manufactured at the plant.

With this new development, the company is going to increase its industrial assets in Cataluña to five, most of which are located in the region of La Garrotxa. Currently, Monter has plants in the Girona municipalities of Sant Jaume de Llierca, Les Planes d’Hostoles and Serinyà, and a fourth in the Barcelona city of Vic.

Original story: Eje Prime

Translation: Carmel Drake

Baraka Invests €40M in Another Logistics Asset

13 March 2018 – Expansión

Grupo Baraka, the corporate holding company chaired by the Murcian businessman Trinitario Casanova, is maintaining its commitment to the logistics sector. After purchasing a plot spanning more than 30,000 m2 in Barcelona from Consum in February for the construction of a logistics warehouse, the company has now acquired 95,600 m2 of industrial land in Alcalá de Henares (Madrid) on which it is going to construct a logistics platform.

Grupo Baraka plans to invest around €40 million in the project, including the acquisition of the plot and the commissioning of the logistics platform, which is expected to be ready within eight months and which will occupy a surface area of 45,000 m2, according to explanations provided by the company yesterday.

Specifically, the land acquired by the real estate group is located on the El Encín industrial estate, where the US multinational Owens Corning used to operate a factory, until two years ago.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Nuñez I Navarro Restores Former Panrico Factory In Barcelona

25 September 2017 – Mis Naves

The former Panrico factory, the company’s distribution centre for the whole of Barcelona, is coming back to life. Núñez I Navarro has recovered the building and has restored it for industrial use.

The building is distributed over five floors: two are allocated for parking, two for industrial use and one floor for offices and a terrace. To cover logistics needs, it has two hoists, loading docks, two lifts, storerooms and 136 parking spaces. Moreover, it also offers open plan spaces with several bathrooms and changing rooms on each floor, as well as fire detectors, concrete floors and a stone floor on the second level.

The property is located in Calle Binéfar in Barcelona, in the Sant Martí district of the city, and is equipped with all of the facilities of a large conurbation: restaurants, shops, supermarkets, sports facilities and schools, as well as excellent transport connections with the rest of the city by metro (La Pau, L2 and L4) and bus (Lines 33, 36,143, B23 and H10). Moreover, the site is also accessible from the Ronda Litoral (exit 24) and is just two minutes from Rambla Prim.

Altogether, the property has a total surface area of 14,857 m2, although its distribution means that the property could be divided into two completely independent and identical buildings. As such, in the event that a smaller surface area was required, two spaces measuring around 7,500 m2 each could be created. For the Marketing Director at Núñez I Navarro, Daniel Zafra, the building “represents an excellent opportunity for companies with logistics requirements that typically find themselves outside of the urban nucleus and which can now enjoy the benefits of a city such as Barcelona”.

Original story: Mis Naves

Translation: Carmel Drake

Airbus Unveils Plans For Its New Offices In Getafe

10 November 2016 – Expansión

The Airbus group has decided to unify its offices in Madrid into one large site. (…).

The new facilities will be located on land that Airbus owns alongside its factory in Getafe. Lamela, the architecture firm that won the tender to design the site, is drawing up plans for the complex, which will have a total surface area of 54,000 m2 and which will house 1,600 staff.

According to sources at the architecture studio, the new campus will include three new spaces: two modules for the central offices, buildings for IM (Information Management) and CPD (Data Processing Centre), a canteen, with capacity for 3,000 people, and an identification centre.

According to the proposed timetable, the plans will be ready during the first quarter of 2017 and construction work will begin soon after that, with the likely completion date at the end of 2018. (…).

Original story: Expansión (by R. Arroyo and R. Ruiz)

Translation: Carmel Drake

Half Of Cruzcampo’s Former Site In Sevilla Goes Up For Sale

13 June 2016 – Andalucía Información

Investors and governments alike are trying to take advantage of the improvement in the economic environment to reactivate the real estate market in Sevilla. Whilst on Thursday, the Town Planning department put 19 plots of land in Sevilla, on which 1,440 homes may be built, up for forced sale through public auction, now comes the mandate for the confidential sale of half of the urban development rights over the large site of the former Cruzcampo factory, where the PGOU has authorised the construction of 1,963 homes, in addition to tertiary uses.

The site of the historical brewery on Avenida de Andalucía had gone from being a star project to a failing project. The Basque real estate company Urvasco, which acquired the plot during the golden years of the real estate boom, commissioned the design of a “high standing” neighbourhood to four of the star-architects at the time: Norman Foster, Jean Nouvel, Arata Isozaki and Guillermo Vázquez Consuegra, who…even had their photo taken together with Monteserín, the then mayor, on the balcony of the Town Hall, in 2006. At the time, sourcecs spoke about an investment of €750 million in the construction of a luxury neighbourhood that was going to boast a high category hotel with around 150 rooms.

Nevertheless, with the burst of the (real estate) bubble just two years later, the project ended up foundering, along with its developer, Urvasco, which was unable to meet its obligations with the banks that had lent it €330 million and so it had to hand over the land to a pool of financial entities and companies linked to them (around a dozen in total).

The ‘Compañía para los Desarrollos Inmobiliarios de la Ciudad de Híspalis’ is the owner of half of the urban development rights of this land (49.91% to be exact). The Company was constituted by Banco Popular, CajaSur, Caja Granada, Caja España, Caixa Catalunya, Cajastur, Caja Laboral, Bancaja and Caja de Ahorros de Extremadura.

This company, which had accumulated debt amounting to €294 million and losses of €200 million, filed for voluntary bankruptcy in January 2016 in the Commercial Court of Madrid, and its application was approved on 22 February. However, that has not represented an obstacle to the process to sell its urban development rights, entrusted to an intermediary company, which is looking for potential investors in a restricted process that will run until Friday (17 June), the deadline for the acceptance of offers.

The sales brochure highlights that the plot has a surface area of 18,286 sqm and is located just 400m from El Corte Inglés on Nervión Plaza (presented as the main shopping centre in Sevilla), as well as from Sevilla F.C.’s stadium and the Santa Justa train station.

The Interior Reform Plan definitively approved the development of 1,963 homes, of which 890 will be allocated for social housing, as part of a total constructible area for residential use of 225,823 sqm, as well as a further 29,345 sqm for tertiary use. Therefore, the gross buildable area amounts to 255,168 sqm.

All of this will be constructed on wide blocks located in the Southern area of the plot. The Northern section will be a green area covering more than 70,000 sqm. According to the sales brochure, “the proposed plans seeks to achieve a maximum liberation of space, of around 35% in total, for the enjoyment of citizens. To achieve this, the plans propose the construction of tall buildings, which in the case of the residential units will be 15-storeys high”.

Original story: Andalucía Información (by M. J. Florencino)

Translation: Carmel Drake

ZFV To Invest €75M In Warehouses For PSA

26 October 2015 – Expansión

The Free Trade Zone Consortium (in Vigo, also known as the ZFV or ‘Zona Franca de Vigo’) is throwing itself behind the PSA-Citroën factory, which is gearing up for the production of a new generation of vans, as part of the industrial project known as K9. The Free Trade Zone will invest €75 million between 2014 and 2017 in the Balaídos industrial estate, where the factory is based.

Most of the investment will go into (the construction of) more warehouses and land (€60 million) to enable PSA to get closer to its suppliers and to encourage those suppliers to substitute their stock systems with “tight flow” supply systems. The Director of the factory, Yann Martin, has insisted that the aim is to reduce production costs at the centre itself and between the auxiliary industry and logistics.

The first supplier to move into the industrial estate was the logistics company Azkar. In July, another warehouse measuring 42,000 m2 will become operational, in which the Free Trade Zone will invest €15.7 million. It will employ 500 people during the construction phase.

The forecast investment for 2016 and 2017 will amount to €11 million and will endow the Balaídos industrial estate with services such as a test track, another warehouse and the renovation of existing warehouses.

The Consortium will also construct an electricity sub-station, which will allow the industrial estate to save around €1 million per year on its electricity bill.

Galician suppliers have already been awarded contracts for the new vans amounting to €370 million and this figure is expected to increase to €600 million. PSA Peugeot-Citroën employs 6,000 people in Vigo.

Original story: Expansión (by A. Chas)

Translation: Carmel Drake