Meridia Capital Sell’s Nestle’s HQ in Barcelona for €87M

6 October 2018 – Real Estate Press

Savills Investment Management, the international real estate investment manager, has brokered the sale of Nestle’s headquarters in Barcelona by the manager Meridia Capital. The buyer in the operation is the Korean manager IGIS Asset Management. The value of the transaction has not been revealed, but sources close to the operation claim that it amounts to €87 million.

The complex, which includes 5 office buildings with a total surface area of almost 50,000 m2 and a GLA of 27,607 m2, is located in Esplugues de Llobregat, close to Avenida Diagonal in Barcelona. It is a prime location, where other large multinational companies also have their offices including Bayer, Cobega and Codorniu. The complex, which has been home to Nestle’s headquarters in Spain since the 1970s, has almost 600 parking spaces. Building 1 has a LEED 1 Platinum certificate and Building 2 and the common areas have a LEED Gold certificate.

Fernando Ramírez de Haro, Director General of Savills Investment Management for Spain and Portugal, said: “Our client has managed to access a complex with unique characteristics. At Savills IM, we are delighted to have been able to accompany them in this operation, which will undoubtedly mark a milestone in the real estate market during the second half of this year”.

In reference to Savills IM’s objectives in Spain, Ramírez de Haro added, “after closing this investment, which follows others recently completed in Spain and Portugal, we are close to recording total acquisitions of €500 million in 2018”.

Ashurst, Cushman & Wakefield, KPMG and Colliers advised the purchaser whilst the law firm Uría Menéndez and Valliance Real Estate Advisors acted as advisors to the vendor.

Original story: Real Estate Press

Translation: Carmel Drake

Crown Holdings Will Invest €66M In Canning Plant In Parc Sagunt

10 July 2017 – Levante-EMV

The US multinational Crown Holdings will invest €66 million in the construction of its aluminium can manufacturing plant in Parc Sagunt. The arrival of this company, which has strong roots in Spain, but which had never set up shop in the Communidad Valenciana before, means that there is barely any available land left at the capital’s mega industrial estate in Campo de Morvedre. The firm will occupy 60,000 m2 (15%), which in addition to the 70% of land acquired by Mercadona and the plot to be taken over by Puerto de Valencia, means that the Generalitat is now under pressure to commence development of the second phase of the logistics hub.

The President of the Generalitat, Ximo Puig, announced on Thursday that the Board of Directors of Parc Sagunt, would approve a new investment from a multinational on Friday. This company, according to sources close to the operation, is the US firm Crown Holdings, one of the largest manufacturers of metal containers for food in the world. The firm’s new facilities will result in the creation of more than one hundred direct jobs and around twenty indirect roles.

Crown Holdings has a presence in Spain (Crown Bevcan España and Crown Embalajes España) as well as in another 40 countries and records net sales amounting to more than $6.2 billion. In 2014, it purchased the Spanish group Mivisa, which is headquartered in Murcia and which was one of its main competitors in the country, for €1,200 million.

The US firm is a supplier of Jealsa, in turn, which produces canned fish for Mercadona. Although in the case of the plant in Sagunt, the company plans to enable an aluminium can production line for drinks. Its clients include Nestle, amongst others (…).

Original story: Levante-EMV (by Sergi Pitarch)

Translation: Carmel Drake

Meridia Capital Acquires Nestle’s Spanish HQ In Barcelona

17 March 2016 – Press release

Meridia Capital Partners, SGEIC, S.A., (“Meridia Capital”) announced today that it has successfully closed the acquisition of Nestlé’s Spanish headquarters, located in Barcelona (Esplugues de Llobregat). The facilities include 5 buildings with a total built area of c.49,000 sqm and 579 parking spaces.

The complex, strategically located at the entrance of Barcelona, comprises 2 office buildings. The largest one is Nestlé’s headquarters in Spain and the second one, which is currently vacant, will be partly occupied by the Swiss multinational as well as by third parties. The other three assets are a convention centre, a showroom and a building with different amenities such as a restaurant, cafeteria and a bank branch. The 5 buildings are currently leased to Nestlé. Meridia Capital will carry out a CapEx programme to further improve the facilities.

Original story: Press release

Edited by: Carmel Drake

Meridia Buys Nestlé España’s HQ For €40M

27 October 2015 – Expansión

Meridia is continuing to invest in the Spanish real estate market. The firm has acquired the Spanish headquarters of the Swiss multinational Nestlé, located in Esplugues de Llobregat (Barcelona). The office complex has a total surface area of 50,000 m2 and according to sources in the sector, Meridia paid €40 million for the properties.

The facilities comprise two office buildings and around 600 parking spaces. Nestlé will remain as the tenant of the first building, the larger of the two, under a long-term lease contract. The second building, which is currently empty, will be leased to third parties or to Nestlé itself, according to statement issued by the multinational food company yesterday. The operation still needs to be formally registered but a preliminary agreement has now been signed, according to sources close to the process. The vendor has been advised by JLL and the buyer by CBRE.

Yesterday, sources at Nestlé said that the sale “was based on the desire to focus exclusively on our real estate assets in the industrial sector”. They also said that the change in ownership of the land and Nestle’s Spanish headquarters “will not have any impact whatsoever on the activity undertaken at the company’s headquarters, which has been conducted on this site for 40 years”.

Investment of €10 million

Over the past two years, Nestlé has invested almost €10 million in the renovation of the larger building, which houses its headquarters.

Thanks to the elimination of shared spaces and the conversion of all of the floors into open spaces, they have managed to concentrate all of the teams into one building.

The investor’s return on this operation is unknown. According to sources in the real estate sector, the rental price for offices in this area near Barcelona range between €6/m2/month and €10/m2/month.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake