Navarra’s Regional Gov’t Invests €15M in the Purchase of Industrial Land

23 May 2019 – El Español

The Regional Government of Navarra is going to invest €15.2 million in various industrial estates across the autonomous region, through the public company Nasuvinsa, with the aim of “supporting several companies that need to develop land to expand their production capacity”.

The action plan will involve the development and marketing of 309,123 m2 of industrial land in seven areas, specifically, in the Pamplona region as well as in the towns of Arakil, Arguedas, Cascante (or Monteagudo), Lodosa and Lumbier. It will also see the construction of an industrial warehouse in the Sakana area for its subsequent rental.

Industrial reactivation

The Navarran Government is going to develop the land and infrastructure necessary for all seven projects through Nasuvinsa, with a cash injection that will not only encourage the economic reactivation of the areas and the creation of employment, but which will also represent a return to making public investments economically viable.

Original story: El Español 

Translation/Summary: Carmel Drake

Saltoki & Volvo Both Finalise Multi-Million Euro Investments in Valencia

1 March 2019 – Levante EMV

The Basque company Saltoki, dedicated to the distribution of plumbing and electrical equipment, is going to make an investment of between €20 million and €25 million in the Vara de Quart industrial estate, where it will create a large logistics centre, to take advantage of the proximity of the new facilities to the city of Valencia and its port. It is expected that 200 jobs will be generated thanks to this new infrastructure. Moreover (…), the automobile firm Volvo, is going to construct a large dealership in a new unique building that will be located in Campanar (…). The intention is that this large motor centre will open its doors at the end of 2019 (…).

Saltoki was created in 1978 and has 60 points of sale for plumbing and electrical equipment around Spain, as well as another four logistics centres. The Basque group inaugurated its first establishment in Valencia on 25 June 2018, in the town of Aldaia. That property is a large warehouse spanning 3,400 m2, which is located at number 15 Avenida Ovidi Montllor.

In terms of Volvo, the Swedish brand wants to reproduce in Valencia the experience that it has created in Aoyama (Tokyo) and Milan, where it has launched Volvo Studio Stores. There, the firm is offering a new dealership concept that has a cafeteria and which hosts a variety of events designed “to present the Swedish culture and philosophy of the Volvo brand to a wider audience”, according to the premium brand (…).

Original story: Levante EMV (by Josep Bartual Roig)

Translation: Carmel Drake

Inditex Obtains Licence to Build a new Textile Design Building in Sabón

28 February 2019 – La Opinión A Coruña

The Local Government in Arteixo has granted a construction licence to Inditex to erect a new building at its headquarters, on the Sabón industrial estate, which will be used for textile design activity. The plot on which the new structure will be situated is located on the corner of Avenida de la Diputación with A Ponte (opposite the entrance to the ITV). The plans presented by the company to the municipality to obtain the municipal authorisation reflects that the construction work will cost €31.5 million.

The multi-national company will use this new space for “textile design activity”, according to the construction licence. The height of the new building will be 24 metres and it will sit on a plot measuring 54,300 m2. The authorisation granted by the municipality indicates that the deadline for starting the construction work is six months and for its completion is three years (…).

Original story: La Opinión A Coruña (by Iván Aguiar)

Translation: Carmel Drake

Eurofund Logistic Capital Partners Acquires a 130,000 m2 Plot in Corredor de Henares

15 October 2018 – Eje Prime

Eurofund and Logistic are continuing to push ahead together in the Spanish logistics sector. The joint venture, created by the two groups in 2017, Eurofund Logistic Capital Partners (Elcp), has purchased a plot of land measuring 130,000 m2 in the Corredor de Henares for the development of a new logistics project on the site, according to explanations provided by the company to Eje Prime.

The plot is located in the third ring of Madrid, on a large industrial estate in Torija (Guadalajara), with direct access to the A2 motorway, one of the main logistics axes in Spain that links Madrid and Barcelona.

Elcp is going to develop a Class A logistics project spanning 80,000 m2 on the site. Located 30 minutes from Barajas airport and 45 minutes from the centre of the Spanish capital, the land is “one of the few available buildable sites with the capacity to house a new building of this size”, said the Director-General of LCP, James Markby.

Marketing of the project, which is going to be a turnkey development, will begin immediately. On the same industrial estate in Torija where it has purchased this land, Eurofund Logistic already owns logistics centres leased to large multinationals such as Primark, Leroy Merlin and Bridgestone, amongst others.

During the nine months to September, logistics leasing in Spain amounted to 1.38 million m2, up by 17% with respect to the same period in 2017. In parallel, investment exceeded the €1.1 billion threshold during the first nine months of the year, up by 43%, according to data from the consultancy firm CBRE.

In Madrid, 632,000 m2 of logistics space was leased, almost equalling the figure recorded during the same period in 2017. Of that amount, more than 50% of the assets corresponded to operations involving warehouses with a surface area of more than 20,000 m2.

Eurofund Logistic: almost 1 million m2 under management

The latest purchase by Eurofund Logistic forms part of the growth plan that the company has underway in Spain and Portugal. Created in February 2017, the joint venture currently has 775,000 m2 of logistics assets under management.

Moreover, the joint venture is planning to start work on 650,000 m2 of logistics properties. One of the parties, Eurofund Capital Partners is a subsidiary of the Spanish group Eurofund, which, in addition to the logistics sector, also develops and manages assets, primarily in the retail segment.

Last week, Eurofund was given the green light for its new commercial macro-project in Lleida, as reported by Eje Prime. That project is known as the Torre Salses retail complex; it has a surface area of 56,000 m2 and construction of it will begin in the autumn of 2019.

Original story: Eje Prime

Translation: Carmel Drake

Merlin Acquires 2 Logistics Assets in Ribarroja & Henares for €42M

21 September 2018 – Finanzas.com

Merlin Properties has acquired two logistics assets for €42 million: a platform that it has purchased from the construction firm Pavasal on the Valencian industrial estate of Ribarroja, between the A7 and A3 motorways, and a plot for the construction of another warehouse in San Fernando de Henares, next to the A2 and M50 motorways in Madrid.

According to reports from the real estate consultancy firm BNP Paribas Real Estate, which has advised Merlin on the two operations, speaking to Efe, the two deals were closed in July.

The Ribarroja platform, on the Sector 13 industrial estate, has a constructed surface area of 35,282 m2, with fifty loading docks and three modules; it will be handed over during the second quarter of 2019.

The operation in the Corredor del Henares involves a logistics project that will have a surface area of 100,000 m2.

Original story: Finanzas.com

Translation: Carmel Drake

Merlin Buys Several Logistics Warehouses for €78.6M

10 September 2018 – Expansión

According to a statement issued by Merlin, the recent acquisitions made by the Socimi – since July – will add an estimated rental income of €6 million p.a. to the asset portfolio, with a gross estimated yield of 7.6%.

In Cabanillas (Guadalajara), Merlin has acquired a logistics warehouse spanning 15,075 m2, which is leased in its entirety to Jaguar Land Rover under a 10-year contract, with a gross yield of 6.2%.

Moreover, also in Cabanillas, Merlin is going to start construction work on two logistics warehouses spanning 42,500 m2 with an estimated gross yield of 7.7%.

In Vitoria, on the Júndiz industrial estate, Merlin has acquired two logistics warehouses, which span 26,775 m2 and are leased to DHL under a supply contract with Mercedes-Benz, and which have a gross yield of 7.5%.

The company has also signed a turnkey project for a warehouse spanning 35,282 m2 on an industrial estate in Ribarroja, with connections to the A3 and A7 motorways, close to Valencia. The delivery of the warehouse is scheduled for the middle of 2019, with an estimated gross yield of 7.2%.

Other Merlin projects include the start of a “built-to-suit” site and a speculative project in the ZAL of Sevilla, with a gross surface area of almost 18,500 m2 and an estimated gross yield of 9.9%.

Original story: Expansión 

Translation: Carmel Drake

The Lladró Family to Create a new 145,000 m2 Industrial Estate in Valencia

12 April 2018 – Eje Prime

The logistics sector is going to be the star of the real estate market in 2018, according to international investors themselves, and the Lladrós don’t want to miss out. The Valencian family, which is linked to the porcelain sector, is going to create a new industrial estate in the Mediterranean capital, taking advantage of land that it owns on the site of its large factory. In total, the heirs of the entrepreneur Juan Lladró are going to put on the market 145,000 m2 of logistics space in the city, where the logistics market has grown considerably in recent times.

The block of land that the family is going to market is located between the towns of Valencia, Tavernes Blanques and Alboraia. One of the reasons for the development of this urban operation is that the current owner of the company, PHI Industrial, only uses one-third of the site for its porcelain factory, according to Valencia Plaza.

Located in an area known as ‘Porcelain City’, most of the land that is going to be freed up for the new use is currently in disuse, with the exception of a central section that is leased to PHI under a six month renewable contract, which means that it will not represent an obstacle for the Lladró’s project.

Now, the family is waiting for a study that has been commissioned to define the profile of the new industrial estate. Given that it is a tertiary industrial plot, it could be used for many different purposes from business to industrial, to logistics to commercial.

Original story: Eje Prime 

Translation: Carmel Drake

Invesco Invests €80M in Madrid Logistics Park to be Built by Pavasal

19 March 2018 – Expansión

The Valencian construction company Pavasal and the investment fund manager Invesco have reached an agreement to develop the largest available area of logistics space for rent in the city of Madrid, with an investment of €80 million.

The project will involve the construction, by Pavasal, of a logistics park spanning 90,000 m2, just 8km from the centre of the Spanish capital, which Invesco will subsequently purchase. The operation has been advised by the consultancy firm BNP Paribas Real Estate.

The Madrid M-40 Logistics Park (PAL-40), which is going to be located alongside the M-40, will be built in two phases. The first phase will involve the construction of a building measuring more than 45,000 m2. This property may be leased in modules upwards of 2,500 m2 to several tenants or be occupied by a single logistics operator.

Work on the first phase is scheduled to begin during the second half of 2018 and the keys are expected to be handed over during the third quarter of next year.

Meanwhile, the second phase of the project will include another 45,000 m2 of logistics space, which may be used for turn-key projects adapted to the needs of operators.

Last mile delivery

The park is going to be constructed on the basis of a ratio of more than 2,000 delivery operations per day and will optimise delivery times thanks to its location with respect to the large population nuclei and logistics activity centres. Moreover, it will receive an energy efficiency certificate, according to those responsible for the project.

Specifically, the platform will have a 336-metre long façade overlooking the motorway and will be accessible by vehicle from Avenida de Andalucía, which the logistics sector call the last mile.

In this way, the new logistics park is going to be located less than 8km from Puerta del Sol, close to the Atocha AVE station and 19km from the airport.

The logistics sector was one of the segments that performed the best last year, as shown by the large volume of land that was bought and sold thanks to the growing demand for logistics space by companies dedicated to e-commerce.

Thus, the level of uptake in the sector in the market of Madrid and its area of influence reached historical highs in 2017, with 886,405 m2 of space leased, according to data compiled by BNP Paribas Real Estate.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

CV-Grupo Acquires Logistics Plot in San Fernando de Henares (Madrid)

16 March 2018 – Inmodiario

The Valencian firm CV-Grupo has purchased a plot measuring 12,500 m2 in San Fernando de Henares (Madrid) on the Puerta de Madrid industrial estate, alongside Amazon and other large companies, where it is going to construct a logistics warehouse.

In this way, CV-Grupo is expanding its land in Madrid. The Valencian property developer is led by Salvador Vila and specialises in the construction and promotion of assets in the logistics and industrial sectors. The firm has purchased the plot in Madrid in order to expand its portfolio of industrial properties through the promotion of a logistical warehouse. Its portfolio now spans a surface area of more than 200,000 m2, including the assets in Valencia and Madrid.

The acquired space is located on the A-2 highway, in the heart of the Henares corridor, in the town of San Fernando de Henares, on the industrial estate known as Puerta de Madrid (…).

The asset will allow CV-Grupo to develop a logistics warehouse measuring 8,500 m2 on the Puerta de Madrid industrial estate, by the A-2 and M-45 highways, one of the most sought-after in the sector in the Spanish capital. There, its neighbours will include, amongst others, multinational firms such as Amazon, Tdn, XPO and Plaza supermarkets. This industrial estate is considered as one of the fastest growing and best located in the Community of Madrid.

CV-Grupo began its activity in Madrid in 2000 in the Corredor de Henares, where it undertook developments in Coslada, San Fernando and Torrejón de Ardoz (…).

The construction work on this site, which is due to start in the second quarter of the year, will be completed before the end of the year (…).

Original story: Inmodiario 

Translation: Carmel Drake

Meco’s Town Hall Approves Occupancy of 1.9 million m2 of Industrial Land

27 February 2018 – Eje Prime

Madrid has a new batch of industrial land. The Town Hall of Meco has approved the occupancy of the largest surface area of industrial land in the whole of the Community of Madrid, placing at the disposal of companies a space spanning 1.9 million m2 in total.

The design of the new industrial estate, which is equivalent in size to 266 Santiago Bernabéu football pitches, has been approved, and now is the time to develop the land and promote it. The development of the land has been “claimed by and agreed with the public company Obras de Madrid”, which is the sole owner of one of the sectors of new industrial space and, therefore, “may start its development and promotion from tomorrow”.

Large companies such as Carrefour, Inditex and ICP Logistic are just some of the firms that have expressed their interest in setting up activity on the land that has just been approved, according to the Town Hall.

Original story: Eje Prime

Translation: Carmel Drake