Tag: industrial warehouse

A Spanish Socimi Debuts on the Paris Stock Market to Avoid the MAB’s Requirements

26 July 2018 – Idealista

Some of Spain’s Socimis are looking beyond the Alternative Investment Market (MAB) in search of visibility, prestige…and one or more regulatory benefits. Logis Confort, the Socimi owned by the Valencian property developer and construction firm CV Grupo, has become the first in Spain to list on the Euronext exchange.

The company made its debut on the stock market headquartered in Paris on 13 July, at a price of €2.20 per share and a market capitalisation of more than €11 million; its portfolio comprises seven assets. Together its assets span a surface area of 23,521 m2 and are worth around €15 million, according to Gesvalt’s calculations.

Logis Confort is dedicated to the rental of industrial and logistics buildings. Founded in 2001 by Salvador Vila Arcos, the owner of CV Grupo (which specialises in building and leasing industrial warehouses and spaces), the company adopted the Socimi structure in August 2016. The firm, which has been advised by Armanext (the largest Spanish advisor in taking Socimis to the European stock market) has its headquarters in San Fernando de Henares, in Madrid.

The company is currently working on medium- and long-term projects and its aim is the acquisition of buildings, through purchase or development, in areas “with a great industrial tradition and close to large Spanish cities, to transfer them for rent”, according to the firm. The group’s shareholders include Salvador Vila Arcos, who owns 50% of the capital; Edelmiro Copoví, who owns 25%; and his brother José Manuel Copoví, who owns the remaining 25%.

The company’s shareholder structure is, precisely, one of the features that draws the most attention. Since it does not have any minority shareholders, the vehicle cannot trade on the Alternative Investment Market (MAB) where all of Spain’s other Socimis are listed, with the exception of the largest, which trade on the traditional stock market. It was just a year ago, when the manager of the market decided to tighten up the rules and, since then, it has forced these types of companies to have a minimum quantity of minority shareholders to approve their stock market debuts (…).

Therefore, since it did not have any minority shareholders, it soon became clear that the Socimi would have to undertake the operation on another European market. And Euronext is the one that establishes the fewest requirements in this regard, specifically the market called Euronext Access (there is another one called ‘Growth’, which establishes more onerous requirements). As such, it was chosen for the firm’s stock market debut to allow it to maintain the tax benefits that are afforded to Socimis (…).

Logis’s portfolio

Logis Confort has a portfolio of assets comprising seven industrial properties and several parking lots in Madrid and Valencia, two markets that are being boosted by the improvement in the economy, the recovery in exports, domestic consumption and e-commerce. By market value and surface area, the jewel in Logis Confort’s crown is the logistics warehouse located in Picassent, in Valencia, which spans 11,800 m2 and has a market value of €8 million. That property is leased to Facil Europe and Transfesa.

Also in Valencia, the Socimi owns assets in Almussafers and Ribarroja, which together have a market value of €6 million and span an industrial space of more than 10,700 m2. In Madrid, the company owns a logistics property in San Fernando de Henares, leased to Transecort Logistics, which has a market price of less than €1 million (…).

Original story: Idealista (by Custodio Pareja and Ana P. Alarcos)

Translation: Carmel Drake

Núñez i Navarro Builds a Prime Residential Development on Paseo de Gracia

30 May 2018 – Eje Prime

The industry stalwart Núñez i Navarro wants to generate returns from some of its old investments. The company has started work on the renovation of one of the buildings that it acquired in Barcelona before the crisis to convert it into a residential property. The asset is located at number 125 Paseo de Gracia, one of the most prime areas of the Catalan capital for the residential sector, as sources at the company explained to Eje Prime. Moreover, Núñez i Navarro has more than a dozen new developments under construction and on the market.

The group, founded more than 65 years ago, expects to begin handing over the new homes at the end of this year. The building, which used to house offices, will comprise around twenty apartments with between one and three bedrooms. These homes, whose average price has not been revealed, will be mainly targeted at international clients and will be available for rent.

Núñez i Navarro acquired this property during the process to buy a batch of assets at the end of the 1990s. The company purchased a portfolio of four buildings in Barcelona from the insurance company Eagle Star for €26.6 million. That lot contained three buildings on Paseo de Gracia, at numbers 125, 127 and 129, as well as the property at number 641 Gran Vía de les Corts Catalanes (…).

“This project on Paseo de Gracia joins the twenty or so other renovation jobs that Núñez i Navarro has carried out in Barcelona, highlights of which include the Andreu Tower, also known as La Rotonda, the Torre Enric Cera, the Casa Lleó i Morera, Hotel 1898 on la Rambla, the only colonial style hotel in Barcelona, Hotel Gran Vía, and the Can Trías de Bes farmhouse in Sant Joan Despí, amongst others”, explain sources at the group (…).

Diversification 

Although the group’s main business is residential, the company has diversified somewhat over the years in order to generate new revenue streams. The company has a major presence in the office sector in Cataluña, with a particular concentration in the city of Barcelona. For example, its portfolio contains assets such as number 35 Paseo de Gracia (Casa Lleó Morera) and number 20 Plaza Cataluña.

The group is also strong in other businesses such as industrial warehouses, car parks and hotels (…).

Financial information 

The company, the largest unlisted real estate firm in Cataluña, saw its profits soar in 2016 to €33.1 million, compared with €12.9 million in the previous year. In this way, the group returned to positive growth, coming close to its best ever result, recorded in 2007, when it generated profits of €48.6 million (…).

By contrast, Núñez i Navarro’s turnover worsened in 2016. The company generated revenues of €110 million, down by 5.1% compared to the same period a year earlier, when its sales amounted to €116 million. The company’s consolidated own funds amount to €595 million.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Forcadell Advises Purchase of Industrial Warehouse in Barcelona

21 December 2017 – Forcadell

Forcadell, the real estate consultancy firm, has advised a company dedicated to the maintenance of lift equipment with more than 35 years of experience, on the purchase of an industrial warehouse measuring 2,300 m2. The company has undertaken this operation with the aim of expanding and improving its existing facilities.

The warehouse is located on the Bon Pastor industrial estate, in the district of Sant Andreu in Barcelona. This industrial estate, which is home to 350 modern and technological SMEs from various sectors, has become one of the stars of the Sant Andreu Economic Plan for 2017-2021: the Town Hall has spent €1.5 million on the initiative with the aim of boosting economic activity on the industrial estate.

According to Gerard Plana, Director of the Industrial-Logistics Department at Forcadell, “during the course of 2017, demand for industrial warehouses has recorded a very significant increase in terms of requests by companies. According to Forcadell’s Industrial-Logistics Market Report for H1 2017, the increase has represented a YoY variation of 136.9%, which means that we have seen more than twice as much demand as during the same period last year”.

Original story: Forcadell 

Translation: Carmel Drake

La Once Sells Industrial Warehouse In Barcelona For €1.2M

7 November 2017 – Eje Prime

The industrial sector is continuing to see the completion of new operations during the final stretch of the year. Ilunion, La Once group’s job placement subsidiary, has signed the sale of an industrial warehouse measuring 3,088 m2 in Barcelona to the Metauto Motor group for €1.2 million. Moreover, the company has allocated a further €400,000 to spend on the complete renovation of the property to adapt it to its needs.

The warehouse is located on the Fonollar Norte industrial estate, in Sant Boi de Llobregat, Barcelona. Thanks to this operation, advised by NCI Asesores Inmobiliarios, the Metauto Motor group will launch a new establishment for second-hand vehicles, as well as a service for the cleaning, maintenance and rental of cars.

NCI has become a very active player in terms of operations in the industrial sector in Cataluña. Led by Carles Torres, the real estate consultancy firm has closed several operations in the autonomous region in recent months, including the acquisition of a 2,500 m2 asset on the La Post industrial estate for the company Litografía Roses, next to the Barnasaud shopping centre.

One of the most important operations that the group has led in the last year has been the one that it signed with the cosmetics company Markwins International. The construction firm Byco de Inbisa is responsible for completing the turnkey construction of the group’s logistics warehouse, which is located in Montornès de Vallés, Barcelona, and which will have a surface area of 9,500 m2. The land where the warehouse will be built measures 13,000 m2 and was also acquired by Markwins International in the same operation.

That operation required an investment of €6 million for the group, which until now has been undertaking its activity on the Mas Galí de Gurb industrial estate. From the new warehouse located in Montornès de Vallés, one of the main logistics enclaves in Barcelona, it will receive products from its factories in Asia to distribute them across Europe, Africa and the Middle East.

Moreover, Inbisa Construcción has already built a logistics warehouse for Goodman, one of the main operators in the ownership, management and development of investments in the industrial real estate sector, and another one for Decathlon, which specialises in the distribution of sports equipment, clothing and footwear.

In addition, in April, the company carried out the lease of a warehouse, measuring almost 1,500 m2, and of new offices in Barcelona for the Swiss company Alfa Metalcraft Corporation (AMC), a multi-national firm specialising in the manufacture of saucepans.

AMC then went on to occupy an industrial warehouse on the La Torre industrial estate, with a surface area of 1,387 m2, for use by the quality control department. Additional outdoor space measuring 1,000 m2 was added to that warehouse to allow trucks to manoeuvre, load and unload.

Finally, the group leased offices measuring 450 m2 in Sant Cugat, in the Testa building, located at number 64 Avenida Alcalde Barnils. A large number of domestic and international companies have their offices in that area, such as Hewlett Packard, Emagister, Omega Pharma and the current offices of Schibsted, although that firm is actually going to move its operations to Barcelona’s 22@ district within the next few months.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Tarjar Xairo Socimi Will Debut On The MAB On 20 Feb

15 February 2017 – Europa Press

The Socimi Tarjar Xairo will start trading on the Alternative Investment Market (MAB) on Monday 20 February, after the index’s Coordination and Incorporation Committee sent a favourable report about the Socimi to the MAB’s Board of Directors yesterday.

In this way, following the corresponding approval by the MAB’s Board of Directors, Tarjar Xairo Socimi will become the thirtieth real estate investment company to join the market and it will do so with the trading code ‘YTAR’.

It shares will be debuted through a price-fixing system and Renta 4 Corporate will act as the registered advisor, whilst Renta 4 Banco will serve as the liquidity provider.

The Socimi’s Board of Directors has set a reference value of €53.12 per share, which represents a total market capitalisation of around €9.2 million.

Tarjar Xairo Socimi is the owner of a portfolio of properties comprising four industrial buildings, two of which are located on an industrial estate in Coslada (Madrid), one industrial warehouse in Torrejón de Ardoz (Madrid) and one industrial warehouse in Ribarroja del Turia (Valencia).

As at 30 June 2016, the company recorded a profit of €118,710 and revenues of €377,509.

Original story: Europa Press

Translation: Carmel Drake

Gesvalt: Madrid’s Logistics Sector Grows For First Time Since 2009

13 February 2017 – Observatorio Inmobiliario

The leasing of industrial warehouses in the Community of Madrid increased in 2016 for the first time in eight years following a recession in the logistics sector. The evolution of the market in the region last year confirms the positive forecasts that experts predicted at the end of 2015. Nevertheless, it is worth noting that this increase in the volume of space leased in the logistics sector was mild and gradual over the whole period, according to the conclusions of the latest report from Gesvalt, a consultancy and asset valuation company.

Sandra Daza, Director General at Gesvalt, considers that “these are noteworthy figures because they are evidence of the reactivation of the sector, which will also undergo more changes over the next few years, due to the reactivation of consumption and the evolution of e-commerce”. In this sense, Daza forecasts that “we are going to see an increase in the supply of these types of industrial warehouses, especially in Madrid and Barcelona”.

In the province of Madrid, which has 43 industrial estate areas, the distribution of industrial space is divided as follows: 32% production, 22% storage, 12% logistics, 7% commercial and 27% business parks.

The extractive and manufacturing sectors are giving way to the drive from the storage and distribution sectors. Large firms dedicated to this activity are moving into the region and are demanding large surface areas, close to large populations and with access to fast roads. Nowadays, these types of assets are the star product in the logistics and industrial sector in Madrid. By contrast, investors have lost interest in smaller warehouses on old industrial estates and the few operations that are taking place are being closed at almost cost prices.

In 2017, the aforementioned change is expected to be consolidated, with slight increases in rents. Returns could reach 7% and a minimal increase is expected in the volume of operations.

Almost 50% of the investors that are operating in the industrial market in the region are domestic and international institutions, whilst the other half comprise Socimis and family offices. By contrast, large financial institutions are the main vendors of these types of products.

80% of the operations in the Community of Madrid in 2016 were located in the Corredor del Henares, although the volume of surface area leased was still low (150,000 m2).

The interest in the market for rental over sale, the scarcity of land in really attractive areas and the relative low rates of return (6%) confirm that although the recovery of the sector is underway, it still has a long way to go.

Within the Community of Madrid, the municipality with the greatest volume of industrial activity is Fuenlabrada, which accounts for 25% of the total and is home to 21 industrial estate areas.

The large Mercamadrid industrial estate, located in the industrial area of Villa de Vallecas, is the largest in the Community of Madrid (1,8000,000/2,000,0000 m²), followed by the Vicálvaro industrial estate, which is as big as the Cobo Calleja de Fuenlabrada estate (1,750,000/1,800,000 m²). (…).

Original story: Observatorio Inmobiliario

Translation: Carmel Drake