Adveo Puts 4 Warehouses Up For Sale for €40M

18 March 2018 – Eje Prime

Adveo is continuing with its divestments. The Spanish wholesale group, which specialises in office equipment and services, has put four warehouses up for sale, three of which are located in Spain, through which it hopes to raise €40 million.

The domestic assets are located in Madrid, País Vasco and La Rioja, whilst the fourth asset is located in Belgium. The proceeds from the divestment will be used to continue reducing the debt, according to sources at the company, whose liabilities amount to €190 million. The objective of the company is to reduce that figure by €10 million in 2018, according to Expansión.

In January, Adveo completed another sale in France. On that occasion, the group sold a warehouse to the company IDI Gazeley for €8 million, which, by virtue of the contract, is going to lease the logistics centre to the French subsidiary of the Spanish company.

All of these operations form part of the Strategic Plan for 2017-2029 designed by the group, which seeks to transform the company into “a service platform with logistics solutions adapted to the new reality of the business”, according to the company.

Original story: Eje Prime

Translation: Carmel Drake

Madrid & Valencia Led The Logistics Market In October

6 November 2017 – Cadena de Suministro

The month of October was marked by the developments carried out by Mercadona, Grupo Lar and Inditex in the Community of Valencia; as well as by the transfer of DB Schenker’s operations in Madrid, Invesco’s new development in Getafe and Neinver’s purchase of a 40,000 m2 site (also in Madrid).

The Spanish logistics market is continuing to perform well, as demonstrated by the increase in demand in Madrid (+57%) and Valencia (+35%) during the 9 months to September. It is precisely in Valencia where, in October, TH Real Estate acquired the logistics platform that serves Carrefour.

Meanwhile, in the Spanish capital, Neinver incorporated 40,000 m2 of logistics space into its portfolio, located in an industrial estate in the town of Getafe; and in Zaragoza, Ibercaja sold two warehouses, measuring 15,926 m² and 11,170 m² in PlaZa to Savills Investment Management.

At the international level, one of the most noteworthy operations last month was the purchase of IDI Gazeley by Global Logistics Properties for €2,400 million. The acquisition of Logicor also pushed ahead, for which China Investment will pay €12,250 million, in a deal that has finally been approved by the European Union.

New developments

In terms of new developments, Madrid and the Community of Valencia headed up the leaderboard once again. Mercadona formalised its purchase of a 358,270 m2 plot in Parc Sagunt, where it is going to build its largest logistics centre in Spain, whilst Lar España committed to starting work soon on the construction of its logistics park in the Valencian town of Cheste.

Meanwhile, Inditex plans to expand its facilities in the Alicante town of Elche, where it has a platform dedicated to footwear. In the same way, it plans to open a new centre in Marchamalo, in the Corredor del Henares area, at the end of 2018.

In Madrid, the operator DB Schenker moved and unified the operations of all of its divisions into a new location in Vicálvaro, where the Port Authority of Valencia is considering establishing an intermodal logistics platform.

Meanwhile, Invesco started building new facilities on the Puerta Mayor Los Gavilanes Business Park, in the town of Getafe. In terms of Barcelona, which saw less activity in the logistics market in October, Kiabi announced it is about to start operations at its new centre in La Bisbal de Panadés.

In other geographic regions, the Ministry of Development found a definitive location for the logistics platform in Talavera de la Reina, Toledo. Moreover, the Junta de Andalucía announced that it will spend some of its budget for 2018 on turning the autonomous region into a logistics hub, capable of leveraging the traffic that connects Europe with the North of Africa and America.

Operations involving logistics clients

One of the most important developments undertaken by the business sector in Spain in October was the opening of Elektro 3’s logistics platform in Tarragona, with a surface area of 16,000 m2, and of Covestro’s platform in the same province. Moreover, the Construction Platform was opened in the Madrilenian town of Pinto, spanning 33,000 m2 and the equivalent version was opened in Froiz, Vigo, measuring 1,700 m2.

Construction work also started at Berlys’ new plant for frozen products in the Navarran town of Tajonar as well as on the plant for Frutas E. Sánchez in Mercamadrid, which will be operative from Q1 2018 and November 2018, respectively.

In this context, the spare parts distributor Diesel Technic announced that it will move its warehouse from Alcalá de Henares to the Casablanca II de Rockspring platform in Torrejón de Ardoz; and the Zaragoza-based company Casa Matachín said that is planning to invest €21 million on the construction of a logistics platform in PlaZa.

Original story: Cadena de Suministro

Translation: Carmel Drake

Blackstone Buys H&M & Carrefour’s Logistics Centres In Madrid

16 November 2016 – Expansión

The US fund Blackstone has become one of the largest owners of logistics assets in Spain and Europe. The investment fund has acquired two warehouses in Torrejón de Ardoz (Madrid) from the US property developer IDI Gazeley. The acquired assets have a combined surface area of 70,140 m2,

As a result of this operation, Blackstone has become the owner of a 23,500 m2 logistics centre that Carrefour inaugurated last year, as well as of a large logistics platform that H&M operates in Torrejón, which supplies all of its stores in Spain and Portugal. H&M signed a 24-year rental agreement for the centre in 2012, of which 15 years are mandatory. The centre has a surface area of more than 36,000 m2.

According to sources in the market, this batch of assets is worth around €30 million. The transaction forms part of a broader operation, which includes six warehouses with a surface area of more than 200,000 m2 across Spain and Italy.

These acquisitions will serve to strengthen Blackstone’s portfolio in Spain, where it already owns a portfolio containing thousands of homes, several office buildings and more than one million square metres of logistics space, controlled through its subsidiary Logicor.

Blackstone’s strategy is at odds with the approach being adopted by IDI, which is controlled by the real estate giant Brookfield Property and which is one of the largest owners of logistics assets in the world. It arrived in Spain in 2014 and is now unwinding its positions after it failed to achieve the results it had hoped for.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

IDI Gazeley to Build Logistics Hub For Carrefour in Madrid

24/10/2014 – Cinco Dias

IDI Gazeley, belonging to fund Brookfield Property Partners, returns to investing in Spain. The company is going to spend around €23 million on construction of a new logistics hub in Madrid’s nearby Torrejon de Ardoz for distribution king Carrefour.

The firm said the warehouse will stand on a 43.000 square meter plot and it will constitute a hub specialized in storage of chilled and frozen food with aplication of the state-of-the-art technology.

The distribution warehouse will be situated within the borders of the Poligono Casablanca prime industrial area, 22 kilometers away from the center of Madrid. Senior vice-president of IDI, Jose de la Calle Campos, claims ‘the location is spectacular for development of logistics hubs’. In fact, the company has recently built a warehouse for H&M in the same industrial spot.

Logistics director at CarrefourAntonio Aguilar, assured that ‘the investment will allow better response to necessities of the customers’.

IDI Gazeley has built six logistics hubs in Spain so far. Apart from the one for H&M, also it raised a warehouse in Zaragoza, another in Alovera (Guadalajara) for DHL, three more in Lugo for Carrefour, in Ontigola (Toledo) for Ceva Logistics and in San Agustin de Guadalix (Madrid) for supermarket chain Eroski. In total, their area spreads over 170.000 square meters.


Original article: Cinco Días (by Marimar Jimenez)

Translation: AURA REE