Tag: industrial park

Dadelos to Build a Logistics Platform in Sagunto with an Investment of €5M

16 January 2019 – Eje Prime

Dadelos is launching itself into the logistics sector in Valencia. The Valencian family group is going to build a logistics platform in Sagunto with an investment of €5 million.

The plot, which has a buildability of 13,200 m2, is located on the large format Camí la Mar I industrial and logistics park, very close to the Port of Sagunto and Parc Sagunt, an area where companies such as Inditex and Mercadona are already present.

Dadelos is going to carry out the construction of the project without having closed the future final user of the property in advance, as reported by the company in a statement. Similarly, the group stated that this operation forms part of its current expansion and diversification policy.

The new property, which will be twelve metres tall, will also have an area for office use. To carry out the transaction, Dadelos has been advised by Olivares Consultores, which confirmed that it is a strategic operation “at a time of strong growth and high demand for spaces by logistics companies in the area”.

Original story: Eje Prime

Translation: Carmel Drake

Galician Gov’t Sells 24% Of Its Discounted Industrial Land In 2 Years

23 January 2017 – La Opinión A Coruña

The Galician regional government (La Xunta) has recorded turnover of €31 million from the sale of 304 plots over the last two years, after applying a discount of €23.7 million. Its sales increased ten fold during the first year, but decreased by 55% in 2016.

The sale of industrial land by La Xunta decreased by 55% last year, despite significant reductions, of up to 50%, on the initial prices. Acquisitions of plots of land in public business parks have slowed, even though the large discounts and payment facilities have continued. Two years ago, the Executive launched a plan to lighten its stock of industrial land. The result is the sale of 24% of the land it put on offer.

In 2015, the Galician autonomous government, through Xestur and IGVS, managed to sell off 200 plots of land, covering 491,140 m2, after it launched its industrial land sales plan. It was a wake up call, given that it multiplied the surface area sold in the previous twelve months almost ten-fold, up from 53,515 m2 to almost 500,000 m2. Nevertheless, one year later, only 104 plots were purchased, covering a surface area of 195,722 m2. As such, four times more land was sold than before the discount plan was launched, but half as much than during the debut year.

Why the decrease? “There was a significant amount of activity in 2015 because business people made a huge effort to buy, as they expected the discounted prices to apply for one year only. In 2016, they realised that the discounts were permanent and so they were no longer in such a hurry to buy”, say sources at the Regional Ministry of Infrastructure. (…).

After two years, the Galician regional government has sold 304 plots, covering a combined surface area of 686,863 m2, which represents 23.8% of the total space it initially put up for sale. (…).

674 more plots are still on the market, covering a total surface area of 2.1 million m2 and with a global sales price of €139 million.

The sales volumes of plots in industrial parks vary by province. A Coruña was ranked second in terms of the number of operations (19.4%), behind Lugo (46%). It was followed by Ourense (18.6%) and Pontevedra (8%). (…).

Original story: La Opinión A Coruña (by P. Pérez, I. Bascoy and J. Carneiro)

Translation: Carmel Drake

TH Real Estate Offers €450M For Diagonal Mar

14 June 2016 – Expansión

The owner of the shopping centre Diagonal Mar, the British fund Northwood, has received a binding offer amounting to €450 million from TH Real Estate. This amount almost triples the €160 million that Northwood paid for the Barcelona-based shopping centre in 2013.

It is not the only offer that has been presented, given that TH Real Estate’s proposal was accompanied by two others from funds whose name has not been revealed. The sale of the asset is being brokered by the consultancy firm CBRE, which has declined to comment on the deal, along with TH Real Estate.

Diagonal Mar is the largest shopping centre in Cataluña, with a surface area of 87,500 sqm. Nevertheless, not all of the property is up for sale, given that 27,000 sqm are owned by Alcampo (which will hold onto its space).

Northwood acquired the centre at the worst time of the crisis, in 2013, from the Irish bad bank, which means that it could end up generating capital gains of €290 million in less than three years.

The investor

TH Real Estate is owned by the financial services provider TIAA. The origin of the company dates back to the London-based real estate manager, Henderson Real Estate, which was absorbed by the US group TIAA in 2014 to create TH Real Estate, which is also headquartered in the USA.

TH Real Estate manages real estate assets all over the world, covering 26,800 sqm, for around 50 investment funds and other operating mandates.

As well as TIAA’s assets in the USA, this platform integrates properties worth €83,900 million in total, which makes it one of the largest property managers in the world.

In Spain, TH Real Estate owns several shopping centres, including Islazul, in Madrid, measuring 90,000 sqm; Nervión in Sevilla, measuring 25,000 sqm; and Bulevar Getafe in Madrid, measuring 27,150 sqm. It also owns an industrial park in Alovera (Guadalajara) measuring 42,000 sqm.

The company has been present in Spain since 2007 and its Madrilenian headquarters is headed up by Manuel Martín. In recent years, as well as investments in operating assets, TH Real Estate has also undertaken co-investment projects, such as in the case of the Viladecans outlet (in Barcelona), where it joined forces with Neinver.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Segro Acquires Coslada II Logistics Centre From Royal Premier

27 April 2016 – Press Release

The British company Segro has acquired the Coslada II Logistics Centre, located on Avenida de la Cañada in Coslada, from Royal Premier in an operation advised on the buy-side by Proequity and on the sell-side by CBRE.

Through this acquisition, Segro becomes the owner of one of the most emblematic industrial parks in the Corredor de Henares: the industrial, business and residential hub located between Madrid and Guadalajara. The asset, one of the most flexible parks in the prime market in Madrid, has a constructed surface area of 16,202 m2, divided into four platforms measuring approximately 4,000 m2 each. Currently, the property is leased to several tenants occupying modules with a minimum surface area of around 1,000 m2 each.

Marco Simonetti, Business Director at Segro for Southern Europe said that: “This is a major operation for Segro, in line with our strategy for expansion in Southern Europe. We believe in the potential and growth of Spain, and so we have acquired this industrial park, which has an ideal location, in one of Madrid’s most important hubs”.

Segro will carry out an improvement plan at the park this year to upgrade the existing facilities and offer better services to the property’s current and future tenants.

Original story: Press Release

Translation: Carmel Drake