Tag: logistics parks

Prologis & Goodman Bid for 24,700 m2 Logistics Plot in Valencia

26 April 2018 – Eje Prime

Giants in the logistics sector are looking to expand their domains in Valencia. Prologis and Goodman have entered the auction for a plot of land spanning 24,700 m2 in the Valencia Logistics Park, also known as PLV. The space is currently owned by the Generalitat Valenciana, which has also put a second industrial plot up for auction, on the same industrial estate and spanning 8,600 m2, for which it has received just one offer.

In total, three other groups have also bid for the largest plot of land up for sale, besides the two international operators, namely: Inversiones y Terrenos Rústicos, VGP Naves Industriales Península and Servicio y Calidad, according to Valencia Plaza.

The five companies are bidding for a plot that the administration has placed on the market offering the option of the purchase and surface area rights, although the Generalitat is going to prioritise offers that express an interest in carrying out an operation over the second point.

After this operation, the Valencian administration will still need to sell 44,600 m2 of logistics land and 16,900 m2 of tertiary land. Moreover, the Generalitat is planning to place another 46,800 m2 of space on the market this year for a concession for a heavy vehicle parking lot on the M2 plot of the logistics park.

Original story: Eje Prime

Translation: Carmel Drake

Savills Aguirre Newman: Inv’t in Logistics Assets Exceeded €1.5bn in 2017

15 February 2018 – Expansión

Real estate investment in logistics assets exceeded €1.5 billion in 2017, up by 86% compared to the previous year. That figure includes the corporate operation involving Logicor.

The boom in e-commerce, combined with their attractive returns, have placed logistics assets in the spotlight for real estate investors. In this way, last year, the purchase of these types of properties reached a record-breaking €1.5 billion, according to the consultancy firm Savills Aguirre Newman.

That disbursement represents an increase of 86% compared to the previous year and is the highest figure ever recorded for these types of properties in the Spanish market. Nevertheless, the amount does include the corporate operation carried out by Blackstone. The US fund divested its logistics subsidiary, owner of 147 million m2 of space across 17 countries (including in Spain) to China Investment for €12.25 billion.

In the last three months of the year alone, investment in these types of assets exceeded €200 million.

Unlike other types of properties, such as offices, interest in these assets extends beyond Madrid and Barcelona. “The consolidation of economic growth and the gradual improvement in the fundamentals of the logistics market (demand, availability and rental prices) has continued to drive investment in the sector, which, due to the shortage of supply in Madrid and Barcelona, has shifted its interest to secondary markets, such as Zaragoza and Valencia”, say sources at the consultancy firm.

The large operations of the year included P3’s purchase of GreenOak’s portfolio for €243 million.

In fact, the high degree of interest has caused many investors to back the purchase of plots of logistics land for their subsequent development. “Operations involving logistics land, for the development of turnkey and at-risk projects, have become one of the cornerstones of the market. The high demand for space, combined with the shortage of finished products suitable for the requirements of specific demand, is generating a lot of interest in this product”, explain sources at Savills Aguirre Newman.

The boom in operations has already had an impact on the returns offered by these types of properties. “The initial rate of return for the most prime assets was below 6%, but during the course of the year, for some specific operations, the rate amounted to 5.5%, which means that the gentle upwards trend already observed in previous years is being maintained”.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Saba Sells Its Logistics Parks To Merlin For €115M

18 October 2016 – Real Estate Press

Saba has completed the sale of its Saba Parques Logísticos division, the company that owns shares in five logistics parks, to Merlin Properties for €115 million.

The following assets are included in the operation: Cim Vallès (Barcelona) and Lisboa Norte in Portugal, as well as stakes in the Zona Franca Logistics Park (Barcelona), Sevisur (ZAL Puerto de Sevilla) and Arasur (Álava).

With this sale, Saba closes a phase of four successive divestment operations to generate €300 million in own funds, through which it seeks to maximise the value of its car park business line.

On the other hand, Saba has awarded the contract for the management of the car parks at the largest aerodrome in Chile, the Arturo Merino Benítex Airport, located to the west of the city of Santiago.

The contract signed with Nuevo Pudahuel, the airport’s concession company, involves the management of 4,500 parking spaces spread across three locations for a three year period.

Original story: Real Estate Press

Translation: Carmel Drake

Segro Plc Acquires Its First Assets In Spain For €10.4M

30 September 2015 – Company Press Release

Segro Plc has completed its first acquisition in Spain, with the purchase of 5.6 hectares of industrial land near Barcelona for €10.4 million. It purchased the plot, which has scope for the development of logistics platforms and warehouses measuring up to 36,800 m2, through its company Asociación Logística Europea SEGRO from Domar, SL.

The plot is located in the industrial area of Martorelles, approximately 20 km northeast of Barcelona, near the A7 and AP7 highways, which lead to France and the national highway network. The site is currently home to a disused industrial building, which will be demolished to make way for a new development that will be equipped to the latest-generation, highest quality facilities.

David Alcázar, Director of SEGRO in Spain, said:

“Securing a significant development opportunity in a privileged location is a great first step for the expansion of our logistics operations in Spain. We are going to continue our search for opportunities to grow our presence in the main markets of Barcelona and Madrid, focusing on development, since our aim is to provide high quality storage space in these markets”.

Martorelles is a magnificent setting, as it provides a strategic link between Spain and the rest of the continent. It is currently used by companies such as Coca Cola for manufacturing and distribution, as well as by Mango, which is constructing a 460,000 m2 distribution centre 8km away.

SEGRO was advised by Estrada & Partners, the company appointed to market the logistics platform.

About SEGRO and SEGRO Asociación Logística Europea (“SELP”):

SEGRO UK Real Estate Investment Trust (REIT) is a market leader in the development and management of logistics platforms, storage facilities and data processing centres.

It owns and manages 5.7 million m2, with assets worth €6,000 million (as at 31 December 2014), serving 1,200 clients across a wide range of industrial sectors. Its properties are located on the outskirts of major conurbations and in key transport hubs in eight European countries, primarily France, Germany, Poland and UK.

SEGRO Asociación Logística Europea (“SELP”) is a JV company in which SEGRO owns a 50% stake. It was created in October 2013 and has €1,700 million in assets under management (as at 31 December 2014) in seven continental European countries. (…).

Estrada & Partners is a national real estate consultancy firm, specialising in the industrial and logistics sectors, as well as real estate investment. It renders the following services: brokerage, property management, asset valuations, consultancy and land development. It is currently marketing logistics parks comprising more than 200,000 m2 in Spain and it has three offices, in Madrid, Barcelona and Valencia.

Original story: Company Press Release

Translation: Carmel Drake