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

Mercadona Buys Land for its Online Logistics Hub in Alicante

27 March 2019 – Expansión

The supermarket chain Mercadona has acquired some plots of land in Alicante, where it is planning to open its second logistics platform in the Community of Valencia for its ever-expanding online shopping project.

The plots span a surface area of 18,550 m2 and are expected to be operational by 2020. The site will join another hub that is already operational in Valencia, as well as others under development in Madrid, Barcelona and Sevilla.

The plot in Alicante is located on Carretera de Ocaña and will serve the city of Alicante and municipalities around the province.

Original story: Expansión 

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

Masaveu Sells Land in the Port of Vigo for €2.8M

31 January 2019 – La Nueva España

Cementos Tudela Veguín, which forms part of the Asturian business group Masaveu, has obtained almost €2.8 million from the sale of land in the Port of Vigo. The plot measures 19,000 m2, was barely being used and is located in Rande.

Cementos Tudela Veguín, which has several warehouses in the Port of Vigo, also owned an area of land that was of interest to the Port authority to improve access and expand the area reserved for logistics. The directors of the Port of Vigo learned of the details of the land purchase operation last Friday, which was closed for €2,783,000, an amount that has already been transferred to the cement producer company.

The Masaveu family is considered to be the richest in Asturias and is amongst the wealthiest in all of Spain. Their wealth is estimated to amount to around €2.1 billion, according to a new list compiled by El Mundo, which analyses the largest 200 fortunes. The Masaveu family occupies 16th position in the ranking, which is led by the President of Inditex, Amancio Ortega, with assets worth €50.4 billion. He is followed by Rafael del Pino from Ferrovial, and Juan Roig from Mercadona (…).

Original story: La Nueva España (by A.O. & J.L.S)

Translation: Carmel Drake

Dadelos to Build a Logistics Platform in Sagunto with an Investment of €5M

16 January 2019 – Eje Prime

Dadelos is launching itself into the logistics sector in Valencia. The Valencian family group is going to build a logistics platform in Sagunto with an investment of €5 million.

The plot, which has a buildability of 13,200 m2, is located on the large format Camí la Mar I industrial and logistics park, very close to the Port of Sagunto and Parc Sagunt, an area where companies such as Inditex and Mercadona are already present.

Dadelos is going to carry out the construction of the project without having closed the future final user of the property in advance, as reported by the company in a statement. Similarly, the group stated that this operation forms part of its current expansion and diversification policy.

The new property, which will be twelve metres tall, will also have an area for office use. To carry out the transaction, Dadelos has been advised by Olivares Consultores, which confirmed that it is a strategic operation “at a time of strong growth and high demand for spaces by logistics companies in the area”.

Original story: Eje Prime

Translation: Carmel Drake