Colonial Sells All of its Logistics Assets to Prologis for €164 Million

The Socimi has sold the rest of the logistics assets included in the agreement signed in 2019 with the US firm. Prologis will disburse 164 million for the seven developments, which together span 159,000 square metres.

The Socimi Colonial has sold all the logistics assets that it still had in its portfolio to Prologis. The American giant has decided to exercise the purchase option that was agreed in August last year with the company led by Pere Viñolas to obtain three logistics assets spanning 100,000 square metres, for which it will pay 164 million euros.

The sale follows the deal signed in August 2019, when Prologis and Colonial reached an agreement regarding the acquisition of 14 logistics properties spanning almost 414,000 square metres, as reported by the Socimi.

Read the full article in Spanish.

Merlin to Make its Portuguese Stock Market Debut on 15 January

9 January 2020 – Europa Press

Merlin Properties, the Socimi led by Ismael Clemente (pictured below), is going to make its debut on the Lisbon stock market on Wednesday 15 January.

Merlin will thus fulfil its objective, announced in 2019, of trading its shares in Portugal (as well as on the Ibex in Madrid), given that it is a strategic market for the entity.

Specifically, the Socimi already owns 9 offices, 2 shopping centres and 1 logistics warehouse in the neighbouring country, assets which together account for 8% of its total portfolio. They span a combined surface area of 113,000 m2 and generating €44 million in annual revenues.

Original story: Europa Press 

Translation/Summary: Carmel Drake

Singapore’s GIC to Sell Portfolio of Logistics Assets

4 January 2020 GIC, Singapore’s sovereign wealth fund, has mandated JLL to launch the sale of a €100-million portfolio of logistics assets owned by its subsidiary in Spain, P3 Logistics.

The portfolio contains one-third of P3 Spain Logistic Parks’ assets of approximately €270 million. The socimi is currently listed on the MAB, with a market cap of 30.7 million euros.

GIC, el fondo soberano de Singapur ordenó a JLL lanzar la venta de una cartera de activos logísticos de 100 millones de euros, propiedad de su filial en España, P3 Logistics.

La cartera contiene un tercio de los activos pertenecientes a P3 Spain Logistic Parks, un total de aproximadamente €270 millones. La socimi actualmente cotiza en el MAB, con una capitalización de mercado de 30,7 millones de euros.

Original Story: El Confidencial – Ruth Ugalde

Translation/Summary: Richard D. Turner

Forcadell Reports That Take-Up of Logistics Assets Up 33% Y-o-Y in Catalonia

8 November 2019 – Between July and September of this year, operators snapped up 132,509 square meters of logistics assets in the province of Catalonia, an increase of 33% year-on-year. Operators took up a total of 465,352 square meters of surface area in the first nine months of the year, comparable to the year before, according to a new report by the Spanish real estate consultancy Forcadell.

Prime logistics assets have provided an average yield of seven euros per square meter per month. Second and third-tier assets paid six and 3.5 euros, respectively.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Merlin to Invest €60MM in Logistics Platform for Carrefour

10 July 2019 – Richard D. K. Turner

Merlin Properties, a socimi listed on the Ibex 35, is finalising an agreement with the French retail giant Carrefour to develop a 100,000-square-meter logistics platform in Azuqueca de Henares, Guadalajara. The socimi will invest approximately 60 million euros in the turnkey project, which will be finished by the end of 2020.

Many of the details of the operation are not yet known, as the two firms are still finalising their agreement. However, the eventual rental contract is likely to be a long-term one, at least ten years. This is because the logistics platform’s location is a part of Carrefour’s strategic plans. The site will be Carrefour’s largest in Spain. A long-term contract would also be of interest to Merlin, locking in a guaranteed income flow for a longer period. This is because the current average contract period is just three years.

Merlin will invest 50 to 60 million euros to build the warehouses. The project already has all the necessary permits, so construction is likely to wrap up before the end of 2020. Carrefour would then concentrate its Madrid-based logistics operations at that one site.

The good news for Merlin Properties comes at a time when the allocation of logistics assets fell by over 50% in Madrid compared to last year due to a lack of major operations.

Original Story: Merca2 – Carlos Lospitao

 

Renta Creates Linwork Properties Socimi to Invest in Logistics and Offices

29 June 2019

Linwork Properties, a newly incorporated socimi owned by the Renta Corporación, will focus its investments on the logistics and office sectors in Barcelona and ​​Madrid. The new socimi plans to invest a total of between 600 million and 1 billion euros. The firm is seeking a return of between 10% and 11% on equity of €300-500 million.

Linwork mandated the U.S. investment bank Btig to find 20 shareholders, giving Renta, the socimis sole manager, greater control over the vehicle.

Renta is also due to create another socimi, as yet unnamed, to invest in the hospitality sector. Linwork will buy assets located mainly on Mediterranean Spain, the Balearic Islands, the Canary Islands, Madrid and Barcelona.

Original Story: EjePrime – M.C.P.

Prologis Nears Acquisition of Colonial’s Logistics Portfolio

29 June 2019

Prologis is in the final stages of its attempt to acquire Colonial’s logistics assets. The socimi’s holdings include 12 logistics platforms and warehouses, with an estimated sales value of 450 million euros. The two firms expect to finalise the transaction during the coming month. Deutsche Asset Management and Blackstone had also been in the running to acquire the portfolio.

The principal asset in the portfolio is a 131,000-m2 logistics complex in the San Fernando industrial estate.

Original Story: Expansion

Allegra Looks to Sell Logistics Platform Nearby Amazon and Madrid

29 June 2019

The real estate group, Allegra Holding, is looking to take advantage of the substantially increased interest in e-commerce and its effect on the logistics industry to sell the Postremo project. Postremo comprises two warehouses in Villaverde, on the outskirts of Madrid, and a plot of land located in front of a facility owned by Amazon in San Fernando de Henares, just 30 kilometres from central Madrid.

Allegra mandated Knight Frank to lead the sale, which could raise 30 million euros, providing a return of approximately 5% to any potential buyer. The assets include two warehouses, with a total surface area of roughly 17,000 m2, which the logistics firm On Time is currently leasing. The 16,430-m2 plot of land has an approved project to build a 10,265-square-meter warehouse

Original Story: El Confidencial – Ruth Ugalde

Colonial Leaning Towards Blackstone in Sale of Logistics Portfolio

26 June 2019

The US fund Blackstone is reportedly leading the field of potential buyers for Colonial’s portfolio of logistics assets. The portfolio, whose sale would be one of the year’s largest, is said to be worth approximately €400 million. Colonial, a Spanish socimi, expects to finalise the transaction by late August.

Colonial is apparently leaning towards a sale to Blackstone due to its experience in the logistics sector, the financial guarantees the Americans are providing and its capacity to absorb such a large portfolio. Prologis, an American REIT, and Deutsche Bank are also vying for the assets.

Original Story: Merca2.es – Carlos Lospitao

 

Logistics Sector Booming in Spain

25 June 2019

The logistics sector in Spain is booming due to the public’s ever-growing use of e-commerce. Investments in the sector reached 2.4 billion euros last year. According to a report by Solvia, the real estate servicer recently acquired by Intrum, the sector grew by 20% between March 2018 and March 2019 as more than 7 million square meters of logistics spaces were taken on. Solvia also warned that supply is beginning to tighten in the larger Spanish cities.

The rental market for logistic assets is still strong as well. Rental income in Madrid and Barcelona is currently close to 5 and 6 euros per square meter, respectively. Profitability also remains high, with average gross return rates at 7.3%.

According to Solvia, Madrid, Barcelona, ​​Zaragoza and Valencia accounted for 50% of the sales of logistics assets in the last twelve months. Just in Madrid, buyers acquired more than one million square meters between March 2018 and March 2019.

Original Story: ABC – Guillermo Giné