LCN Capital Partners Signs an Agreement with Mercadona to Buy 36 of its Supermarkets

The fund specialising in the purchase and subsequent rental of assets has signed an agreement with Mercadona to acquire the 36 supermarkets that the retailer has on the market.

An international fund has closed its first operation in the Spanish real estate market, which is still suffering from the hangover caused by the effects of Covid-19. The fund LCN Capital Partners has signed a pre-agreement with Mercadona to acquire a portfolio of 36 supermarkets, which the company led by Juan Roig put on the market in March, according to sources close to the operation speaking to Brainsre.news.

As this newspaper reported, Mercadona had reached an agreement with an international fund to exclusively negotiate the sale of this portfolio of 36 commercial establishments, spread across 13 autonomous regions, after ruling out various offers from other domestic and international investors.

Mercadona Strengthens its Online Service in Madrid with a New Logistics Centre in Getafe

Mercadona has invested €12 million in a new warehouse, known internally as the Colmena (beehive). The property is located in Getafe and will cover the high demand for online purchases in the centre of Madrid as a result of coronavirus.

Mercadona has invested €12 million in a new warehouse, known internally as the Colmena (beehive). The property is located in Getafe and will cover the high demand for online purchases in the centre of Madrid as a result of coronavirus.

The company points out that “after reinforcing its online sales service in Valencia and Barcelona due to high demand in a context marked by the coronavirus crisis, Madrid is the next city to receive a boost”. The new warehouse employs 100 people and is located on the Los Gavilanes de Getafe industrial estate. It will serve the Retiro and Salamanca neighbourhoods and the Méndez Álvaro area.

Ores: “Revenues from the Supermarkets and Hypermarkets Comfortably Cover the Company’s Expenses”

The Socimi backed by Bankinter and Sonae Sierra, which owns 37 commercial properties, is negotiating rent deferrals and moratoriums with its tenants who have had to close their businesses due to Covid-19.

The Socimi Ores, the commercial asset company controlled by Sonae Sierra and Bankinter, has reported the impact of Covid-19 on its real estate portfolio, which comprises 37 commercial properties.

The company, which operates in the Spanish market as well as in Portugal, has highlighted that more than half of its assets correspond to supermarkets and hypermarkets. They have not been affected by the closures imposed by the State of Emergency, introduced first in Spain on 14 March and then in Portugal on 18 March, and so they are continuing to operate. These properties account for 64% of the Socimi’s annual income, equivalent to €14 million, say the managers of Ores.

Community of Madrid Sells Seven Plots of Land

20 August 2019

The government of the Community of Madrid sold seven plots of land for 7.2 million euros in July. That single sale was more than was sold in the entire last four years. Obras de Madrid had only managed to sell land worth €2.9 million in land over the last three years. This year’s buyers included Mercadona, a company that builds funeral homes, logistics and real estate firms. The regional government is looking to raise more funds through the sale of another 18 plots of land.

Mercadona acquired the most expensive asset, paying €2.541 million for a 4,200-square-meter plot of land, located in the neighbourhood of Ciudad Jardín, in Arroyomolinos.

Original Story: El Confidencial – David Fernández

Adaptation/Translation: Richard D. K. Turner

Castellana Properties Acquires Puerta Europa Shopping for €57 Million

5 August 2019

Castellana Properties, the socimi controlled by the South African fund Vukile, acquired the Puerta Europa shopping centre in Cadiz for 56.8 million euros. Located in the town of Algeciras, the shopping centre opened a decade ago and has more than 100,000 square meters of surface area, of which 29,531 square meters are commercial area.

The mall has an area of influence with more than 250,000 inhabitants, and has 100 stores, including a wide range of fashion and leisure shops and restaurants. Tenants include such established brands as Primark, Zara, H&M, Yelmo cinemas and a Mercadona supermarket.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Invesco Sells a Logistics Warehouse to M&G Investments for €32M

21 June 2019 – Expansión

The global investment manager Invesco has completed the sale of a logistics warehouse in Getafe (Madrid) to the British firm M&G Investments for €32 million.

The warehouse, which was constructed in 2018, has a surface area of 29,536 m2 and 36 loading docks. It is located on the Los Gavilanes industrial estate, by the junction of the A4 with the M-50.

The property has an occupancy rate of 85% and is leased to a number of tenants including the supermarket chain Mercadona and the specialist transport company Acer. It is certified as a sustainable building with a LEED Silver rating.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Mercadona Buys Another 136,000 m2 of Land in Parc Sagunt for €16.6M

13 June 2019 – Valencia Plaza

Mercadona is continuing to buy up land in Parc Sagunt (Valencia). The supermarket company has formalised the purchase of 6 more plots of land spanning 136,000 m2 on the industrial and logistics park for €16.6 million.

The aim of this purchase is to expand the logistics facilities that the company led by Juan Roig is currently building on the largest plot in the complex, which spans more than 350,000 m2.

The latest plots to be acquired are located next to the other plots that the supermarket giant purchased in 2017 and will house auxiliary services.

Original story: Valencia Plaza (by Xavi Moret)

Translation/Summary: Carmel Drake

Bankinter’s Socimis Manage Assets in Spain Worth €850M

23 April 2019 – Idealista

Bankinter currently has two Socimis operating in the Spanish market, Ores Socimi and Atom Hoteles Socimi. Between them, they manage a real estate portfolio worth more than €850 million, according to the latest reports filed by the entities with the Alternative Investment Market (MAB).

The hotel Socimi, controlled by Bankinter and GMA, has the largest portfolio, comprising 21 assets located all over Spain and worth €489.2 million at the end of 2018.

Almost 60% (12) of the hotels are vacation properties and the rest (9) are urban establishments. For the time being, the hotels are mainly concentrated in the Balearic Islands, Canary Islands and Andalucía, but the company is preparing to expand overseas, where it seeks to acquire establishments in the USA, France, Italy, Germany and Greece.

Meanwhile, Ores, which is jointly controlled by Bankinter and the Portuguese giant Sonae Sierra, owns a portfolio of 35 retail assets worth €362.5 million as at 31 March 2019.

Ores’s portfolio is well diversified by asset type, size and location, with occupancy rates of almost 100%. The properties include hypermarkets, supermarkets, retail parks and high street stores leased to chains such as Continente, Mercadona, Inditex, Media Markt and Mango.

Original story: Idealista (by Custodio Pareja)

Translation/Summary: Carmel Drake

Palm Logistics Develops a 115,000m2 Logistics Hub in Getafe (Madrid)

27 March 2019 – Press Release

Palm Logistics, the dedicated affiliate of Palm Capital, the pan-European real estate private equity specialist, is set to deliver a large logistics hub in Madrid, to meet the pent-up demand for modern logistics in the capital and respond to the rapid growth of e-commerce and supply chain rationalisation across Europe.

The site, covering more than 115,000 m2 across 10 grade-A logistics buildings, will provide the best ‘last mile delivery’ option to Madrid while being easily accessible to the rest of Spain and across Europe.

The first phase, due to complete this summer, comprises a 33,000m2 leasable area across two buildings with the ability to offer modules from 7,000m2 to 20,000m2.  The buildings will be certified LEED Silver, having been built to the highest quality standard with key sustainability considerations in mind.

Gavilanes is located close to main roads, the airport and the Abroñigal intermodal station with its large roads and roundabouts adapted to the traffic of heavy vehicles.  The site is already home to several first-class international companies including Amazon, Decathlon, Costco, Mercadona, and ID Logistics.

Original story: Press Release

Edited by: Carmel Drake

Mercadona is Awarded a 30,220 m2 Plot in Sevilla for €10.8M

20 March 2019 – Diario de Sevilla

The Town Hall of Sevilla has awarded a plot of land spanning 30,220 m2, with a buildability of 38,580 m2, in the Higuerón Sur area of the city, to Mercadona for €10.8 million.

The supermarket company is planning to build a warehouse on the site to serve its online shopping service in Sevilla and the surrounding area. Construction work is expected to begin in 2020.

Mercadona already has a similar kind of centre, which it calls a “hive” in the city of Valencia. Moreover, it plans to open two new hives in 2019, in Barcelona and Madrid.

Original story: Diario de Sevilla (by Alberto Grimaldi)

Translation: Carmel Drake