Tag: GreenOak

Barings Finalises Purchase of 4 Office Buildings from GreenOak

2 December 2018 – Eje Prime

Barings is on the verge of acquiring 100% of Avalon. The British fund manager is finalising the purchase from GreenOak of the four office buildings that it owns in the Madrilenian business park. If the operation goes ahead, the British company will become the owner of the nine properties that make up the complex.

Avalon Business Park is an enclosed business park, with a total surface area of 47,000 m2 and 1,000 parking spaces, located in the Julián Camarillo area of Madrid. Barings has been present in the complex since the end of the summer when it purchased five office buildings, with a combined surface area of 25,785 m2, from Meridia Capital for €73 million.

Now, the fund manager wants to advance with its growth plan in Spain by acquiring the four remaining properties, owned by GreenOak, which have a combined surface area of 21,170 m2. The US fund has owned the assets since 2015 when it purchased them from Banco Santander for €40 million. Almost four years later, the price of the properties amounts to around €60 million, according to reports from Expansión.

Barings arrived in the Spanish market three years ago and has already undertaken several investments in other real estate segments. In November 2017, the company purchased a logistics centre in Plaza (Zaragoza) from Deka, which it added to another logistics asset that it acquired in Madrid in April last year for €35 million.

The fund manager also has a portfolio of retail assets, which includes the Berceo shopping centre in Logroño (La Rioja). The British group acquired that complex, which has a gross leasable area (GLA) of more than 34,000 m2 at the beginning of 2018, after reaching an agreement with CBRE Global Investors, the former owner.

Original story: Eje Prime

Translation: Carmel Drake

Invesco Buys 2 Warehouses in Madrid’s Prime Logistics Area from GreenOak

21 November 2018 – Eje Prime

Invesco is raising its commitment to the Spanish logistics sector. The British real estate group has purchased two warehouses located in the Puerta de Madrid Logistics Park from the US fund GreenOak. The two warehouses have a surface area of more than 38,000 m2, according to a statement from the company.

The assets are located on Calle de los Tapiceros in San Fernando de Henares, an area very close to the Spanish capital and the A-2 motorway, the busiest road in the last mile market. Invesco expects that the warehouses, which have a high degree of occupancy, will be finished by the end of the year. The operation has been advised by the real estate consultancy Cushman & Wakefield.

This new investment in Madrid, whose amount has not been revealed, follows the group’s search for a tenant for the 30,000 m2 logistics platform that it owns in Los Gavilanes, in Getafe.

Moreover, across the whole of Spain, Invesco has undertaken several operations in the logistics market over the last year. One of the most important took place last December when the real estate group acquired the facilities that house the headquarters of Mango in Palau-solità i Plegamans (Barcelona) for more than €100 million.

Original story: Eje Prime 

Translation: Carmel Drake

P3, Airbus’s New Landlord, is Preparing its Reign in Spain’s Logistics Market

10 October 2018

The socimi, which acquired GreenOak’s logistics portfolio in the country in 2017, plans to strengthen its presence in the short term in cities such as Barcelona, ​​Madrid, Zaragoza and Valencia.

P3 Logistic Parks is looking to take first place in Spain’s logistics market. The group, owned by the sovereign fund Singapore GIC Private Limited, is continuing to follow its previously disclosed growth strategy in the country and has set as one of its short-term objectives the goal to increase its presence in the Mediterranean corridor and the Central corridor, as the company explained to EjePrime.

The socimi, which started trading on the Alternative Stock Market (MAB) last December, wants to position itself as “real estate developer and real estate investor in Spain,” a market in which it has been present since 2015. To do this, the company considers it essential to acquire new logistics assets in Barcelona, ​​Málaga, Valencia, Madrid and Zaragoza.

One of P3 Logistic Parks’s most recent operations in the country was carried out near the Spanish capital, in Toledo. The company finalised an agreement yesterday with Airbus to develop a new 31,000-square-meter logistics platform in the municipality of Illescas, as EjePrime reported. The socimi plans to begin work on construction by the end of the year so that the aerospace company can move into its new facilities in the third quarter of 2019.

P3’s largest operation in Spain, however, occurred in April 2017, when it took over GreenOak’s logistics portfolio. The company acquired a set of eleven industrial warehouses spread out over different localities from the North American fund. Through the operation, the socimi added more than 400,000 square meters to its portfolio, which currently consists of a total of eighteen logistics assets.

” P3’s strategy in Spain is based on a long-term vision, since we have numerous assets in the logistics field, in consolidated locations and areas of great interest,” the company stated. The group is following the same trajectory in the rest of the European countries in which it is present: the Czech Republic, France, Germany, Italy, the Netherlands, Poland, Romania and Slovakia.

The company has more than 185 warehouses and logistics parks (totalling 4.2 million square meters), a land bank of more than 1.8 million square meters and a portfolio of 400 customers in Europe. Among the tenants of P3, apart from Airbus, there are companies such as Lamborghini, Ducati, British American Tobacco, Antalis and BSH Electrodomésticos.

Currently, Spain accounts for about 12% of the company’s total business. One of the challenges pursued by the company is to improve its presence “in the Central corridor, especially in key areas such as Madrid and Zaragoza, where there is less supply of available space, but where demand continues to be high.”

P3 Logistic Parks belongs to the P3 Group, the European parent company that controls the acquisition, lease and sale of logistics properties throughout the continent. The Spanish company, with headquarters in Madrid, was created on May 5, 2017, under the name of Chadwicks with capital from TMF Participation Corporation and TMF Participations Holdings. Today, the sovereign fund of Singapore GIC Private Limited holds the majority stake of the company.

Original Story: EjePrime – Berta Seijo

Translation: Richard Turner

GreenOak Acquires 720,000 m2 of Logistics Space in Spain and France

25 September 2018 – Eje Prime

GreenOak is on the hunt for logistics assets in Europe. The fund manager has purchased 720,000 m2 of industrial space in France and Spain. These latest acquisitions increase the company’s logistics assets and projects under development to 1.8 million m2.

GreenOak’s Spanish investments comprise two cold storage facilities in Barcelona and Valencia, leased in their entirety to Spanish companies in the food logistics sector.

In France, the manager has acquired twenty warehouses and cold storage facilities, located mainly around the principal nuclei along the logistics corridor between Paris, Lyon and Marseille. Its tenants include Carrefour, Easydis, CDiscount and Dachser.

GreenOak owns a portfolio of logistics assets in France, the Netherlands, Italy and Spain. Most of its assets are facilities with an average size of 37,000 m2.

The fund is present in almost all of the markets of the Spanish real estate sector. One of its main assets is Las Mercedes Business Park, one of the largest business parks in Madrid.

Original story: Eje Prime

Translation: Carmel Drake

GreenOak Acquires Office Complex in Madrid

30 August 2018

Axa placed the asset, located at 34 Calle Albarracín, on sale for 25 million euros last March. The transaction’s final price was not disclosed.

GreenOak is expanding its real estate portfolio in Spain. The US fund just completed its acquisition of an office complex in Madrid. The asset, located at 34 Calle Albarracín, has an area of ​​9,800 square meters. The price paid by GreenOak was not disclosed.

Axa initially announced its intention to sell the property for 25 million euros, last March, hoping to take advantage of the growth of the office market in Madrid. The building, which houses the headquarters of the Euromaster tire group and the CTO Group, was completely rehabilitated in 2016. Clifford Chance and Arcadis acted as advisers to GreenOak, and Savills Aguirre Newman advised the seller.

The complex has a 92% occupancy rate and both Euromaster and CTO have long-term leases. In addition to the three offices, the asset also has 194 parking spaces.

GreenOak is present in almost every sector of the Spanish real estate market. One of its principal assets is the Las Mercedes Business Park, one of the largest business parks in Madrid.

Original Story: EjePrime

Translation: Richard Turner

 

Barings Finalises Purchase of 5 Office Buildings in Madrid from Meridia

27 July 2018 – Eje Prime

The office market in Madrid is just a few days away from seeing the completion of a deal that is shaping up to be the largest operation of the summer. The British fund Barings is finalising the purchase of five office buildings owned by Meridia Capital in the Avalon business park, which have a total surface area of 25,785 m2, according to confirmation provided by sources close to the operation speaking to Eje Prime.

The American fund Starwood Capital was also a finalist in the bid for this portfolio of assets, but in the end, Barings has fought off the competition to seal the deal. The total amount of the operation has not been revealed, but the transaction is expected to be signed within the next few days. The real estate consultancy firm Savills Aguirre Newman is advising Meridia on the sale.

Located in the Julián Camarillo district, the new tech area of the Spanish capital, the Avalon business park comprises nine buildings and spans a total surface area of almost 47,000 m2. The rest of the properties in the complex are owned by GreenOak, which purchased its four assets from Banco Santander in 2015 for €40 million.

That same year, Meridia also completed its entry as an owner of the Avalon properties. In May 2015, the Catalan fund, led by the businessman Javier Faus, acquired the five Madrilenian buildings, as part of its purchase for €60 million of 33 assets from Naropa Capital, the family office owned by the Fernández Fermoselle family. The offices in Julián Camarillo were the main assets in the portfolio, but it also included commercial premises, residential properties and even a plot of land in Valencia.

With this operation, Barings is acquiring five assets that, in addition to a vast office space, have 423 parking spaces in a highly sought-after area of Madrid, close to the Adolfo Suárez-Barajas airport.

Diversification: after logistics and retail come offices

Barings is on fire in the Spanish real estate market. This latest operation that it is on the verge of signing in Madrid follows several others that it has closed over the last year, to take advantage of the new upward cycle in the real estate sector.

Nevertheless, Avalon is the first large portfolio that the British fund has purchased in the Spanish office market. Barings is, therefore, diversifying within the real estate sector, where it has made investments in the logistics and retail segments in recent months (…).

€23 million more for new purchases and to create a Socimi 

In the framework of its new roadmap for the Spanish real estate market, Barings carried out a capital increase amounting to €23.1 million last February for its Spanish subsidiary Barings Core Spain.

The reason for this reinforcement to its financial muscle resulted from the British fund’s interest to convert the company into a Socimi. The group’s intention is to combine all of the assets owned by Barings in Spain in this new vehicle and to list it on the Alternative Investment Market (MAB) over the coming months, as revealed by Eje Prime.

Original story: Eje Prime (by Jabier Izquierdo & Pilar Riaño)

Translation: Carmel Drake

GreenOak to Debut Second Socimi, Go Madrid Benz, on the MAB

15 May 2018 – Eje Prime

GreenOak is going to ring the bell again on the Alternative Investment Market (MAB). And this time it will do so with Go Madrid Benz, its second Spanish Socimi after Gore Spain, which made its stock market debut in January 2017. The US fund has already filed a request with Spain’s National Securities and Exchange Commission (CNMV) to incorporate the company on to the stock market; its main asset is the Las Mercedes Business Park. GreenOak’s intention is for the shares in this company to be listed before the summer.

With a surface area for offices and other administrative buildings spanning 80,000 m2, Las Mercedes is the jewel in the crown of Go Madrid Benz. The fund, which is led in Spain by Javier Zarragoitia, wants to assert its control over the 46% share capital that it owns in the Socimi to debut it on the stock market. The objective of the company is to achieve gross annual rental income of €7.65 million, with a yield of 6.5%, according to El Confidencial.

The sole shareholder of what will be the newest listed Socimi on the insatiable MAB, which is also home to more than fifty companies, is Go Benz Sarl, one of GreenOak’s investment vehicles. The fund has owned Las Mercedes since 2016 when it paid Standard Life €130 million for the business complex located in the northeast of Madrid.

The Las Mercedes Business Park comprises nine office buildings, situated around the A-2 motorway, an attractive area for companies, which has undergone significant development in recent years. Indeed, just a few weeks ago, GreenOak raised €95 million to refinance this asset through a long-term loan signed with PBB Deutsche Pfandbriefbank.

Original story: Eje Prime

Translation: Carmel Drake

GreenOak Raises €650 Million to Invest in Real Estate

27 April 2018

The real estate investor GreenOak has finalised the closing of its second European real estate vehicle, GreenOak Europe Fund II, with an eye mainly on Spain. Thus, with a total of 656 million euros of committed capital, the firm has exceeded its goal of raising 500 million euros and expects to allocate at least 60% of the total to real estate purchases in Spain.

The rest of the money will be invested in real estate opportunities in other Western European countries such as Italy, France, the Netherlands, the United Kingdom, Germany, Portugal and Ireland.

The capital comes from institutional investors in North America, Europe, Asia and the Middle East; notably from large corporate and government pension funds, endowments, foundations and institutional family offices.

In addition to raising 656 million euros for its Europe Fund II, GreenOak committed another 185 million euros of co-investment capital from investors in the fund and had another 70 million euros of additional co-investment capital to deploy in its European strategy.

This way, the new fund, which can leverage itself up to 65%, will have the capacity to acquire or develop real estate in the amount of 2.600 billion euros.

The vehicle is eying offices, logistics assets, residential projects, commercial and hotel assets, as well as land to develop. The fund specialises in value-added operations.

Almost €600 million in 20 transactions

To date, the fund and its co-investors have committed more than 567 million euros in more than 20 transactions in Spain, Italy, France and the Netherlands, for a total value of more than 1.8 billion euros. According to the company, “the majority of the portfolio has been acquired in off-market operations with discounts with regards to the market and replacement prices and has been invested in cities considered gateways in Europe, specifically Madrid, Milan, Barcelona and Paris, as well as key logistics nodes in Europe. ”

This fund is part of GreenOak’s growing European real estate strategy, after the first fund (GreenOak Europe Fund I) invested in Spanish and Italian assets between May 2015 and July 2016. The fund has already returned 75% of the capital committed achieving leverage of 50%.

Since 2011, GreenOak has raised 6.500 billion euros from institutional investors for loans and real estate investments in Europe, the United States and Asia.

Original Story: ElEconomista.es – Alba Brualla

Translation: Richard Turner

 

CBRE: Logistics Investment in Valencia Doubled to €60M+ in 2017

18 April 2018 – Las Provincias

The logistics business in the Community of Valencia skyrocketed last year. Logistics investment in Valencia doubled to exceed €60 million in 2017. The increase was driven primarily by large operations such as the purchase by TH Real Estate of Carrefour’s platform in Ribarroja and the acquisition by P3 Logistics of another platform that had formed part of GreenOak’s logistics portfolio.

That is according to a report compiled by the real estate consultancy CBRE, which places Valencia behind Madrid and Barcelona in the ranking of cities based on interest from funds in investing in logistics. On the other hand, leasing of logistics space also reached a new record in Valencia in 2017 with more than 220,000 m2 of space transacted.

The study reports that the logistics stock in Valencia amounts to 2,244,000 m2, of which just 20% may be considered as prime or maximum quality product. This increase is due both to the construction of new logistics warehouses and the renovation and adaptation of old industrial warehouses for this new use.

Lack of supply

Despite the delivery of more than 65,000 m2 of newly-built logistics warehouses, the availability rate decreased to 4.3% in 2017. The data shows the increase in demand for large spaces (measuring more than 10,000 m2, which accounted for 50% of the space leased last year). By area, the region to the north of Valencia accounts for the highest percentage of available industrial space with 13,200 m2 (6.4%), followed by the central area with 53,100 m2 (9.7%) and finally the south with 30,500 m2 (5.1%).

Ribarroja is still the most sought-after area with the highest leasing volumes. In fact, 15 of the 27 operations recorded in 2017, which together saw 125,000 m2 of the surface area contracted and which represented 60% of the total space leased (were located there). The continuous increase in demand and the scarce supply of quality products has caused prime rents to increase by 25% to €51/m2/year.

The centre of Valencia saw the highest price rises for both land, between €150/m2 and 225/m2, and rent, between €3/m2/month and €4.25/m2/month. The north and south regions recorded similar rental prices, between €2.75/m2/month and €3.90/m2/month, although the southern region was slightly more expensive than the north with prices of around €200/m2.

Original story: Las Provincias (by Á. Mohorte)

Translation: Carmel Drake

INBISA Doubled its Logistics & Industrial Construction Volume in 2017 to 250,000 m2

21 March 2018 – Press Release

INBISA Construcción continues to be a national leader in the execution of industrial-logistics projects, exceeding 250,000 m2 of constructed space in 2017, more than double the figure it recorded in 2016.

The team specialising in the Industrial-Logistics operations area is strengthening its organisational structure in order to continue leading high-quality projects and its commitment to clients.

In 2017, INBISA Construcción doubled the volume of constructed square metres built in the logistics and industrial area, taking the total for the year to more than 250,000 m2. That figure added to the company’s historical cumulative total means that it has built more than 1.5 million m2 of space in this sector.

The significant growth of the INBISA group’s construction company, which has historically played an important role in the industrial-logistics area, is happening in the context of clear consolidation in the sector at the national level, especially in Madrid and Barcelona.

INBISA Construcción plans to continue increasing its business volume in this area during 2018, supported by the positive outlook for the market.

Logistics platforms and complexes are products that are continuing to spark interest amongst investors, mostly international players. Large funds are buying logistics land, including even some spaces that exceed 100,000 m2, some with operators and others not, something that was more unusual in previous years (…).

The company’s most recent high-profile logistics projects include those undertaken for BCM in Getafe, for GreenOak and Rockspring in Corredor del Henares, for the Port Authority in Bilbao, for Axiare in Sevilla and for Goodman in Barcelona.

Original story: Press Release

Translation: Carmel Drake