Persán’s Owners Acquire 40% of Río 55 Business Park in Madrid for €70M

25 June 2018 – Eje Prime

A new business saga is investing in the Spanish real estate sector. The Moya Yoldi family, owners of the detergent manufacturer Persán, have invested €70 million in the purchase of 40% of the Río 55 Business Park in Madrid. For this operation, the Andalucían family has joined forces with Inmobiliaria del Sur (Insur), the office property developer, with which it has also signed a second agreement involving a prime residential project in Marbella (Málaga).

The owners of Persán, an integrated supplier of the supermarket giant Mercadona, has increased its commitment to the real estate sector through Concha Yoldi, the co-owner of the company together with her husband, José Moya, and the couple’s children: Juan, José and Francisco Javier, according to El Confidencial.

The saga has acquired a significant stake in Río 55, which already signed the sale of one of its two buildings to the fund manager AEW Europe in March. Insur forecasts that it will hand over the keys to the first tenants of the business complex next year. The two properties will span a surface area of 14,000 m2 each.

Likewise, the Andalucían family is also going to invest in its own region in partnership with Insur. Gestafin Global Investment, another of the real estate companies owned by the Moya Yoldi family, has acquired 40% of the luxury development that the real estate firm is constructing in Marbella. In total, 53 luxury apartments will comprise this project in the sought-after Costa del Sol, whose first phase has been underway since 2017. A third plan in the Sevilla residential market, where Insur is building 238 homes, completes the alliances that the family office has with the group.

A Socimi with the owners of Silestone and the founders of Goldcar

The presence of the owners of Persán in the property sector does not end with their individual investments. The Andalucían saga also shares ownership of a Socimi with other entrepreneurial families such as the Cosentinos, owners of Silestone, and the brothers Juan and Pedro Alcaraz, founders of the vehicle renting company Goldcar, now part of the giant Europcar.

Moreover, through Trajano Iberia, of which José Moya is president, the family owners a share of the Madrilenian Alcalá Magna shopping centre, for which the company paid €100 million last year, and a second in Portugal; an office building in the Spanish capital, in the Manoteras area, to be precise; a mixed-used property, for offices and shops in Bilbao; and a logistics asset in Zaragoza (…).

Original story: Eje Prime 

Translation: Carmel Drake

Meridia Capital Acquires Logistics Platform in Guadalajara for €10M

8 March 2018 – Eje Prime

Meridia Capital is fattening up its asset portfolio. Today, the company announced the purchase of a logistics platform spanning 27,500 m2 in Alovera (Guadalajara) for €10 million. The asset has been acquired through the real estate vehicle Meridia III.

Constructed in 2006, the warehouse is located on the Corredor de Henares axis, an industrial area where companies such as Volvo, Eroski and Mahou are situated. The first warehouse that Meridia III acquired in April 2016 is also located there.

Following the signing of this agreement, Meridia Capital’s logistics portfolio will span a surface area of 112,000 m2 in total, of which 73,000 m2 has been purchased through Meridia III.

Meridia Capital is an independent manager that manages assets worth almost €1 billion (including debt). In recent years, it has established itself as one of the main regulated alternative investment managers in Spain.

Original story: Eje Prime

Translation: Carmel Drake

Barings Acquires 2 Logistics Assets in Madrid for €17.6M

11 December 2017 – Eje Prime

Barings Real Estate is closing its ambitious expansion plan for Spain in 2017. Just weeks after it purchased a 29,000 m2 logistics centre in Zaragoza, the international manager has acquired two assets in Majadahonda (Madrid) for €17.6 million; the same amount it spent on the operation in the Aragonese capital.

The fund has acquired a warehouse and a gas station, which span a combined land area of 10,900 m2. The company has also announced that it will lease the centre to the multinational furniture retailer Conforama under a ten-year contract.

With this new acquisition, Barings has accumulated a portfolio of non-residential assets in Spain worth almost €100 million during 2017. In April, the manager purchased a logistics space in Madrid measuring 56,000 m2 for €35 million and in July it bought an asset measuring 1,600 m2 for €21.6 million. In addition to the two centres it acquired in the last month, the company has now spent €90 million in Spain.

Original story: Eje Prime

Translation: Carmel Drake

Lar To Build Its 6th Spanish Logistics Park In Cheste (Valencia)

17 October 2017 – Eje Prime

Lar España is putting its foot down on the accelerator. The Socimi is finalising plans for a new logistics park in Cheste (Valencia), the sixth industrial project to be undertaken by the firm in Spain. The firm has already created a company to manage the complex, which spans a leasable surface area of 122,000 m2. Now, planning permission just needs to be granted for the site so that the construction work can begin.

The project has already been granted environmental approval, according to El Español, and will be located in one of the most important enclaves for the logistics sector in Valencia, a short distance from the major distribution centre in Ribaroja on the Ciudad Circuito industrial estate. The forecast investment in this new logistics park will amount to almost €16 million.

In addition to logistics activities, the site will also be kitted out for cross-docking and will allow the entry of mega-trucks.

The company created for this asset is called Lar España Inversión Logísitic VI, which will be led by Miguel Pereda, a proprietary director of the Socimi, whilst Jon Armentia, Corporate Director of Lar España, will perform the role of Vice-President.

The project in Cheste represents the company’s sixth logistics investment, given that it already owns one complex in Valencia, in Almussafes, and four in Guadalajara (Alovera), worth €77 million in total.

In Spain, 80,000 m2 of logistics space was leased during the third quarter of 2017, down by 29% compared to the previous quarter (112,000 m2). In terms of the cumulative figure for the half year, more than 317,000 m2 of space was leased, down by 57% compared to the same period last year.

Original story: Eje Prime

Translation: Carmel Drake

Axiare Leases 2 Industrial Warehouses In Madrid To Transaher

16 May 2017 – Inmodiario

Axiare Patrimonio Socimi SA has leased a total surface area of 42,000 m2 to the company Transaher. This is the first turnkey project measuring more than 30,000 m2 to have been constructed in the first (logistics) ring of Madrid since 2010.

Cushman & Wakefield, the global leader in real estate services, has advised the Socimi on this operation, which includes a logistics warehouse measuring 26,500 m2 and a cross-docking building covering 16,300 m2. The latter will also include a surface area for office use, where Transaher will establish its main headquarters.

Both buildings will be constructed with Class A specifications for logistics operators and will have a Gold LEED certification.

“We think that this is a very important operation for the owner of the project, because it has managed to close a turnkey operation spanning more than 40,000 m2, as well as for the tenant, which is going to have some new flagsgip facilities, with very high-quality standards. In this sense, the efficiency of the project will be maximised”, explained Guillermo García-Almuzara Rodríguez, Director of Logistics & Industrial at Cushman & Wakefield Spain.

“Transaher is a logistics company that is continuously expanding and through this project, we will boost our two business lines: Transport in the cross-docking building, and Logistics. By having two buildings in the same park, we will be able to strengthen the Same-day and home-delivery services to Logistics clients, as well as significantly extend the cut-off times for warehouse orders, by increasing the synergy with transport. Moreover, the location is exceptional in terms of connections, which will positively influence distribution”, said Mª Luz Cobos, Director General of the Transaher Group.

Completion in 2018

The development of Axiare’s logistics park in San Fernando de Henares spans more than 70,000 m2, of which 60% is already leased. The park is home to another logistics building, measuring 28,000 m2, which is configured to deal with demand for spaces of 5,000 m2 upwards. Completion of the warehouses is scheduled for H1 2018.

“We think that the San Fernando park is going to be a role model, both in terms of the quality and versatility of the building, as well as its magnificent location and environmental features, given that it will benefit from a Gold LEED energy rating”, added García-Almuzara.

Original story: Inmodiario

Translation: Carmel Drake

P3 Acquires 11 Logistics Assets From Gore Spain For €243M

10 April 2017 – P3 Press Release

Pan-European logistics property investor-developer P3 has started its latest phase of expansion with the acquisition of a 322,500 mportfolio of 11 logistics and distribution warehouses in Spain from Gore Spain Holdings SOCIMI I, S.A.U. The purchase price was agreed at €243.35 million.

The portfolio includes assets in key strategic logistics locations around Madrid, Zaragoza, Toledo and Guadalajara as well as the coastal cities of Valencia in the east and Biscay (near Bilbao) in the north.

The purchase, which comes shortly after P3 announced a record performance across Europe in 2016, takes P3’s asset base in Spain from just over 70,000 m2 to nearly 400,000 m2 and is one of the largest portfolio transactions in Spain in recent years.

David Marquina, P3’s Managing Director in Spain, said: “This is a good opportunity to reinforce our footprint in Spain’s central logistics corridor, which connects Madrid, Zaragoza and Barcelona. Our next target is to increase our presence in the Mediterranean corridor, around Barcelona & Valencia and expand to Málaga. We will be focusing on acquiring institutional-quality logistics assets and off-market deals, where P3’s long-term investor-developer approach can make a real difference.

“There are several Build-to-Suit projects and single asset acquisitions in the pipeline, which will allow us to grow to 500,000 m2 of high quality, well-located logistics space under management in Spain before year end.”

The properties range in size from just over 7,500 m² in the Getafe area of Madrid to over 80,000 m² in Zaragoza. They are all fully let to blue chip domestic and international companies including DHL, which is also a P3 customer on seven other parks in four countries, Orangina Schweppes Espana and the office products retailer Staples.

In addition to the built assets, two of the warehouses have adjacent land totalling over 26,000 m², with potential for P3 to develop.

Commenting on the purchase, P3 CEO Ian Worboys said: “The Spanish economy is expanding and we identified the country as a key target for P3 in 2017. We’re delighted to have been able to acquire this portfolio which makes us one of the leading players in Spain and is in line with our growth strategy across Europe as a leading property investor-developer.”

P3 was advised on the purchase by CBRE, legal consulting was provided by Herbert Smith Freehills (HSF).

Original story: P3 Press Release

Edited by: Carmel Drake