Montepino Acquires a Logistics Plot in Málaga

17 January 2020 – C de Comunicación

Montepino has purchased a plot of land spanning 115,000 m2 in Málaga, where it plans to invest €80 million in the construction of a new last-mile and same-day delivery logistics facility.

The Aragonese property developer has chosen the site of the former Intelhorce factory for the latest venture in its strategic plan. Construction of the facility, which will span more than 50,000 m2, is scheduled to begin in 2020 and be completed in early 2021.

Original story: C de Comunicación 

Translation/Summary: Carmel Drake

Montepino Snaps Up Two Plots of Land for Logistics Platforms in Castellbisbal

28 October 2019 – Montepino, a developer controlled by the Europroyev Group, has acquired two plots of land destined for logistics platforms in Castellbisbal, Barcelona. The consultancy CBRE advised Montepino on the transaction.

With this acquisition, the firm now has a total of 85,000 square meters of land in Catalonia, with the capacity to build two logistics platforms measuring 13,000 and 16,000 square meters, respectively.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Funds, Socimis, El Corte Inglés & Seur Compete in the Urban Logistics Segment

9 March 2019 – Expansión

Investors and logistics operators alike are setting their sights on urban hubs to benefit from the boom in e-commerce. According to data from CBRE, investment in the logistics sector is thriving – it amounted to €2 billion in 2017, €1.5 billion in 2018 and is forecast to reach €1.2 billion in 2019. Active players in the sector include the Singapore sovereign fund through its Socimi P3, Blackstone, Prologis, Logicor, CBRE GI and Montepino, and Merlin, amongst others.

Urban hubs are gaining significant weight in the sector thanks to their ability to reduce transport costs, avoid the new traffic restrictions and resolve the problem of product returns.

According to the CNMC, Correos and Correos Express currently deliver 44% of all packages in Spain, followed by MRW and Seur (14% each) and DHL (4.5%).

In terms of retailers operating in this space, Amazon set the ball rolling by opening a logistics centre in the heart of the Eixample district of Barcelona and in the Méndez Álvaro area of Madrid. Other large retailers are following suit by opening distribution centres inside major cities, such as Decathlon, MediaMarkt, Ikea, Aki, Carrefour and Worten.

The investment firm Azora has also announced its intention to invest €250 million in logistics hubs in urban centres, which it will lease to delivery specialists such as Seur, DHL and MRW. Seur already has eleven urban logistics centres and plans to open another nine this year. Meanwhile, DHL already has ten such hubs and plans to open two more this year.

In the same vein, the department store giant El Corte Inglés has also launched an ambitious omnichannel logistics strategy, which will convert its 94 shopping centres into storage points for the management of online purchases.

Original story: Expansión (by I. de las Heras & R. Arroyo)

Translation/Summary: Carmel Drake

Grupo Lar & Centerbridge Join Forces to Build Logistics Assets

10 March 2019 – Expansión

The Spanish real estate firm Grupo Lar has joined forces with the US private equity company Centerbridge to promote a portfolio of latest generation logistics warehouses.

The assets in the portfolio will primarily be located in Madrid and Barcelona, but opportunities will also be sought in Valencia, Málaga, Sevilla and the Pais Vasco.

The joint venture between the two firms will compete with another partnership launched in 2017 to invest in the logistics sector between the fund manager CBRE Global Investors and Montepino.

Original story: Expansión

Translation: Carmel Drake

Montepino Buys a 22,900 m2 Logistics Plot in Barcelona

27 November 2018 – Eje Prime

Montepino is on a roll in Spain. The property developer, which specialises in turnkey solutions, has acquired a plot measuring 22,914 m2 on the Can Serra industrial estate in the town of Sant Esteve de Sesrovires, in a deal that represents its first operation in Cataluña.

With the purchase of this plot, for which Montepino has been advised by Cushman&Wakefield, the group will have the capacity to develop a warehouse for logistics or automotive use spanning more than 13,000 m2.

The land is located in a strategic enclave, close to Barcelona and with direct access to the AP-7 and A-2 motorways, which link the French border with Levante and Barcelona with the centre of the Peninsula.

“It is our first investment in Cataluña, where we expect to be able to expand our portfolio of properties with more projects of this kind to create one-off spaces that are fully adapted to the needs of our clients”, said Juan José Vera, Vice-President of Montepino Logística, in a statement.

Currently, the company is developing five projects in Madrid and Castilla-La Mancha, which span a combined surface area in terms of logistics space of more than 300,000 m2 and with an asset valuation that exceeds €300 million.

Original story: Eje Prime

Translation: Carmel Drake

Montepino Invests €85M in New Logistics Centre in Guadalajara

27 September 2018 – Eje Prime

Montepino is adding logistics space to its portfolio. The Aragón-based operator has invested €85 million in the construction of an industrial complex with a surface area of 89,000 m2, located on the Puerta Centro industrial estate in Guadalajara.

The project, to be carried out by Montepino and operated by Luís Simões, constitutes three warehouses measuring 31,158 m2 (an automatic warehouse installed by the company Consoveyo), 29,083 m2 and 28,650 m2, respectively. Construction of the buildings is expected to be completed within a period of nine months and they will be handed over in two phases.

The complex is designed to have capacity for 178,000 pallets and the facilities will be adapted to the logistics business of e-commerce, a service that will be carried out in a space measuring 5,350 m2. The site will also have green areas and parking for more than 800 vehicles.

With this operation, Montepino has invested in one of the main logistics hubs on the Peninsula, the Puerta Centro industrial estate in Guadalajara. It is one of the most important strategic areas in the country for major domestic and international operators thanks to its direct connection to the A-2 motorway, the Corredor del Henares and Madrid, amongst others.

Original story: Eje Prime

Translation: Carmel Drake

Montepino Invests €6M+ in a New Logistics Centre in Madrid

10 September 2018 – Eje Prime

Montepino is continuing to invest in the logistics sector in Madrid. The property developer has just finalised the construction of a logistics and innovation centre on the Alcobendas industrial estate, in which it has invested €6 million.

The space measures 6,300 m2, comprising a warehouse spanning 5,000 m2 and an adjoining building for offices. The plot, which will house the distribution operations for CooperVision on the peninsula, has a parking area spanning 16,000 m2, with capacity for 128 vehicles.

Montepino has led the design of the plans and the execution of the construction work, entrusted to the construction company MLN S.A. and completed within a period of six months. The project has been designed so that, in the future, the space may be extended by an additional 2,000 m2.

Several companies from the pharmaceutical and healthcare sector also have operations on the Alcobendas industrial estate, where this new logistics complex is located. The area is considered a strategic location in which many companies centralise their distribution operations for the rest of the peninsula.

Montepino will include this new asset in the portfolio of the recently created joint venture between the property developer and the manager CBRE Global Investors. Montepino’s objective is to expand and double the current value of its partnership through the completion, during the course of 2018 and 2019, of the more than 300,000 m2 of space currently has under construction, as well as the acquisition of new opportunities.

Original story: Eje Prime

Translation: Carmel Drake

Montepino Logística Invests €40M in New Logistics Platform in Toledo

28 July 2018 – El Periódico

The Aragonese company Montepino Logística has started to build a new logistics platform on the Toledo Industrial Estate. The new facilities will have a surface area of almost 80,000 m2 on a plot measuring 135,000 m2. The construction work will involve an investment of €40 million and is expected to be completed during the first quarter of 2019.

Original story: El Periódico

Translation: Carmel Drake

CBRE GI to Invest €800M in Spain in 2018

18 May 2018 – Expansión

The real estate asset manager CBRE Global Investor (CBRE GI) is redoubling its commitment to Spain. After ending last year with a record investment of €800 million and starring in several mega-operations, the firm wants to establish a new record this year, exceeding the milestone set in 2017. From its offices in Madrid, CBRE GI manages assets worth €3.2 billion in the retail, office, logistics and student hall sectors, located in Spain and Portugal, and is getting ready to enter the residential sector.

“Last year was very important given the significant transaction activity undertaken, of which €800 million corresponded to purchases. This year, we hope to match that figure and even exceed it”, explained Antonio Simontalero, Head of Operations for Spain and Portugal at CBRE GI, speaking to Expansión.

The firm works with eight funds and owns a portfolio comprising 19 shopping centres, 37 logistics platforms, three office buildings and 33 halls of residence for students.

Although retail is still the main market for the manager, accounting for 70% of its portfolio, CBRE GI has decided to attack new businesses. Thus, last year, it entered the market for student halls with the purchase, together with AXA IM Real Assets and Greystar, of Resa, the market leader in Spain, for €400 million. “We are continuing to analyse opportunities in the student hall market. We want to grow the portfolio and increase our exposure”, says Antonio Roncero, Head of Transactions for Spain and Portugal at CBRE GI.

Another milestone in 2017 was the consolidation of the manager in the logistics sector following the joint venture signed with Montepino for the development and promotion of logistics assets. “The initial objective of the investment in the joint venture with Montepino was €300 million, but we hope to exceed that figure soon. With the developments underway, we have 80% of the investments committed”.

Simontalero points out that CBRE already had 700,000 m2 of logistics assets under management and the agreement with Montepino will allow the firm to exceed the 1 million m2 threshold. The logistics sector is thereby becoming the manager’s second segment by volume, accounting for almost 15% of its total assets. “The differentiating feature of this joint venture is that all of the assets are going to be latest generation, which is what the main operators require”, adds Roncero.

Rental homes

In terms of next steps, CBRE GI is preparing to attack a new market, specifically, the residential rental market. “We are analysing various options with different partners, either through the development of new-build properties or by investing in a business through the purchase of portfolios”, say the directors.

For Simontalero, the size of the rental market vs. the purchase market in Spain is going to grow and will move into line with the rest of Europe. “There is latent demand that is not being fully satisfied with the current supply in the market”, he said.

For Roncero, the key is in the service. “We see an opportunity for offering a professionalised service in the rental home segment, providing security to the tenant and placing emphasis on the maintenance of properties”.

Roncero says that the objective of CBRE GI involves gaining “critical mass” in the sectors to which it is least exposed in order “to diversify and be more versatile”.

Sales

In addition to growing its portfolio with new properties, the company is continuing to rotate its assets. Specifically, last year, it sold four shopping centres (two in Spain and two in Portugal), and it is now preparing to sell three more – Gran Casa (Zaragoza), Valle Real (Cantabria) and Max Center (Barakaldo) – whose ownership it shares with Sonae.

“Our business involves identifying investment opportunities, managing them and selling them to generate returns for our investors”, he said.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Montepino Buys Logistics Plot In Guadalajara

14 April 2015 – Expansión

The company Montepino has closed the largest purchase of industrial land since 2007.

Inversiones Montepino has acquired a plot of land in Guadalajara measuring 150,000 square metres, where it will create a logistics platform measuring 100,000 square metres.

Original story: Expansión

Translation: Carmel Drake