Tag: M-40

Prologis Achieves Full Occupancy at its Logistics Park in Barajas

25 January 2018 – Mis Naves

Today, Prologis, Inc. announced that it has signed a rental agreement for 2,720 m2 with Alfil Logistics and a purchase agreement for 2,720 m2 with Transemer in the Prologis Park Barajas (Madrid). With these operations, the company has reached full occupancy at the logistics park.

Alfil Logistics, a logistics operator that provides services for consumer, food and drinks products; and Transemer, a company specialising in the transportation of goods, have chosen this park for its great location and direct connections with Madrid-Barajas Airport, which is located just 500 m away. Similarly, the park has an excellent communication network with direct access to the A-2 and M-11 highways, as well as to the M-30 and M-40 ring roads.

Prologis Park Barajas offers its clients numerous features, including a 24-hour surveillance service, an internal free height of 10 metres, 6 loading bays per module and a modern fire detection and extinction system.

“With these operations, we take the occupancy rate at Prologis Park Barajas to 100%. Our clients have immediate access to the Community of Madrid’s entire road network and the site is just 500m from Madrid-Barajas Airport”, said Gustavo Cardozo, Senior Vice-President of Prologis Iberia. “We are delighted that Alfil Logistics and Transemer have decided to strategically back our park in Barajas by consolidating their operations there”.

The real estate consultant CBRE and an independent agent have been responsible for advising these operations.

Original story: Mis Naves

Translation: Carmel Drake

Sambil Plans To Open 6-8 Shopping Centres In Spain

29 September 2016 – Mis Locales

The Venezuelan Sambil Group plans to open a network of between six and eight shopping centres in Spain and does not rule out expanding its business to other markets in Europe.

Nevertheless, before embarking on its new projects, the company will focus on establishing what is, for now, its only centre in Spain: the Sambil Outlet in Leganés (Madrid), which will open its doors on 24 March 2017, after more than four years of construction work. It will become the largest outlet and leisure space in Spain with a gross leasable area of 43,000 sqm.

The new centre, which will open on a site on the ill-fated M-40 and in which Sambil has invested around €55 million, will create around 1,500 jobs and require additional investment of between €25 million and €30 million to equip the premises for each brand.

According to Cohen (Director General of the Sambil Group), the company has chosen Spain to make its first foray into Europe because it was “ideal” from both a cultural and language perspective, as well as because it has a lot to offer in the corporate field and is attractive again for overseas investors.

“It is a rapidly-growing, mature and legally secure market, which needs entrepreneurship”, said Cohen, who stated that the country “has all of the tools to continue outperforming other markets around the world”.

The Executive highlighted that a company such as his, which is family based and has its headquarters in Venezuela, does not travel “7,000 kilometres” to open one shopping centre, and he added that in Spain his company’s focus is very much placed on the most populous cities -Barcelona, Sevilla, Bilbao, Valencia, etc-.

Although the group is strongly committed to the “outlet” format, it does not rule out opening “traditional” shopping centres in some of the cities, although, in both cases, they would be accompanied by leisure and restaurant facilities.

In this sense, he highlighted that the Sambil Outlet will have the largest wind tunnel in Europe and the most modern cinema screens, which will be run by the Odeon chain, which is working to make cinema-going more “accessible”.

Moreover, it will house the largest Simply (Alcampo) supermarket in the Community of Madrid.

The company thinks that between 5 and 6 million people will pass through the doors of its centre in Leganés during its first year of activity. It has faith in the success of the “outlet” format combined with leisure, which is currently fashionable in countries such as the USA (…).

“Post-crisis, the Spanish consumer is much more rational than emotional” stated the Director of Sambil in Spain, Arnold Moreno, who confirmed that the centre will open with an occupancy rate of at least 80%.

Sambil Outlet will have stores from discount brands such as For&From (the Inditex group’s footwear label), Mango, Fifty Factory (Cortefiel), Décimas and Xti, as well as “low cost” fashion stores.

The Sambil Group has constructed more than 500 residential buildings and offices and owns a portfolio of eight hotels and thirteen shopping centres – ten located in Venezuela, one in the Dominican Republic and one in Curaçao.

Original story: Mis Locales

Translation: Carmel Drake

Cogesa Paid c. €2,200/m2 For The Final Plots In Montecarmelo

25 September 2015 – El Confidencial

Some people regard it as an Urban Planning Action Plan (‘Programa de Actuación Urbanística’ or Pau) for “rich people” only. But, Montecarmelo, the smallest of the three new neighbourhoods in the north of Madrid – together with Sanchinarro and Las Tablas – has become the talk of the sector. And it is no wonder. The neighbourhood has starred in the most expensive land operation to be closed since the burst of the real estate bubble, and although it did not trigger alarm bells per se, it did raise concern amongst the main players in the market, for whom the memories of the worst excesses undertaken during the boom are still fresh and vivid.

Less than three months ago, at the beginning of July, the company Cogesa, which forms part of Grupo Dragados and is led by Enrique Pérez, the brother of Florentino Pérez (the President of Real Madrid Football Club), paid an “exorbitant” amount for the final few residential plots in Montecarmelo. Specifically, Cogesa paid just under €2,200/m2 for the land, i.e. significantly more than the figure (€1,400/m2 – €1,500/m2) the experts consulted by this newspaper consider should have been paid for the launch of a profitable development, unless, of course, it is developed as a cooperative.

Montecarmelo, which is located next to Monte del Pardo, the Colmenar motorway and the M-40 ring-road, was conceived at the beginning of the 1990s. With more than half a million square metres of land allocated for residential use – 8,500 homes, both unsubsidised and subsidised – it became the destination of choice for hundreds of young couples who saw the neighbourhood as a good place to live that allowed them to travel into the city centre each day to work. It was born as a commuter town (neighbourhood), just like Sanchinarro and Las Tablas, but is now witnessing the “overheating”  of land prices that seems to be happening once again. (…).

Knight Frank…estimates that there is only around 50,000 m2 of buildable space left in the development, i.e. 5% of the total, since the remaining 95% is under construction or has already been built. (…).

Cogesa’s bid took the other participants in the tender completely by surprise: Construcciones Amenabar and Grupo CP, two companies that have been involved in previous projects, as well as Momentum and the cooperative DMS have said as much…none of the other offers even came close to the figure that was put on the table by the Grupo Dragados’ company, to acquire the last large plot for sale in Montecarmelo. The company already has a presence in the neighbourhood, with around one thousand homes in several developments. At one of them, Las Terrazas de Montecarmela, the company has been selling homes for just under €3,000/m2.

“Cogesa already has interests there. It owns several plots, which means that by paying the amount it has done for this plot, it has also increased the value of its own portfolio there” says an expert consulted by this newspaper. (…).

However, the most recent land operations are raising concerns that the segment is “overheating”. In fact, the numbers do not add up for some developers. “A those prices, they would have to sell the homes for more than €3,500/m2, and not only is it going to be difficult to find buyers willing to pay that much, the figure also leaves minimal scope for profit. A logical price would have been €1,400/m2-€1,500/m2, because even if the cost of the land attributable to the final price of the homes was 50%, they could be sold at €3,000/m2 and not lose money”, explains a source at one developer, who prefers to remain anonymous.

“At these prices, the only thing that would make sense is a development on a cooperative basis, a formula that this company has adopted in the past. The developers need to make a profit of between 15% and 20%, however, in a cooperative, the manager does not earn any more than 10% and the risk is diluted amongst the cooperative”, says Ernesto Tarazona, Partner and Director of Residential Property and Land at Knight Frank, who believes that the lack of supply in the area benefits any project that is undertaken in Montecarmelo. (…).

Original story: El Confidencial (by Elena Sanz)

Translation: Carmel Drake