Tag: Oysho

Inditex Buys a 22,000 m2 Plot in Sant Adrià de Besòs (Barcelona)

7 February 2018 – Eje Prime

In recent weeks, the Galician fashion retail group has formalised the operation, which it began to study a year ago. For the time being, the company has not decided what to do with the plots. 

A real estate operation on the edge of Barcelona. The Galician group Inditex, the largest fashion retailer in the world, has signed the purchase of 22,000 m2 of land in Sant Adriá del Besòs in recent weeks. The land acquired corresponds to plots that used to be occupied by Schott Ibérica.

According to explanations provided by sources close to the operation, the acquisition has been carried out by the group’s parent company, Inditex. The sale and purchase has been brokered by the real estate consultancy JLL, according to market sources.

The company chaired by Pablo Isla started to study this move a year ago. Although initially, the possibility of using this land to house the new headquarters of the Bershka chain was considered, sources close to the operation indicate that Inditex has not decided what to use the site for yet. The acquisition is looking to anticipate possible future needs.

Schott Ibérica’s plant in Sant Adrià closed its doors at the end of 2014. The company, which is dedicated to the manufacture and sale of glass tubes for pharmaceutical use, employed more than 100 people on the site at the time of its closure. The plot had attracted interest from several operators.

Inditex has a presence throughout Spain. The headquarters of Zara and Zara Home are located in Arteixo (A Coruña), along with the corporate offices; the headquarters of Pull&Bear are located in Narón (A Coruña); the offices of Uterqüe, Massimo Dutti, Bershka and Oysho are located in Tordera; Stradivarius, in Sallent; and Tempe in Elche (Alicante). In addition to its offices, the group has an extensive logistics presence in Spain, with distribution platforms in A Coruña, Alicante, Zaragoza, León, Barcelona, Madrid and Guadalajara.

In the case of the headquarters in Cataluña, Inditex started to move some of its operations closer to the Catalan capital several years ago, with the aim of improving its ability to attract talent. In fact, Stradivarius moved its design centre to Cerdanyola del Vallès (Barcelona) last year following the acquisition of land there, measuring 18,911 m2, from the Generalitat de Catalunya. That brand’s logistics activity, however, is still located in Sallent (…).

With a network of more than 7,500 stores in 94 countries, Inditex ended 2016 with revenues of €23.311 billion. As we wait for the company to announce its results for 2017, we see that it recorded profits of €3.157 billion in the previous year.

Original story: Eje Prime (by Custodio Pareja & Pilar Riaño)

Translation: Carmel Drake

The Montejo Family Puts 2 Prime Stores In Madrid Up For Sale For €20M

30 October 2017 – Eje Prime

The commercial real estate segment is continuing to revolutionise Madrid. The latest operation is being prepared by the family office owned by the Montejo family of jewellers, which has put two of its prime stores in Madrid up for sale. The company has put a package of two establishments on Calle Goya on the market for €20 million, according to sources at the group speaking to Eje Prime.

The operation, advised by the company specialising in real estate management and consultancy TBCA, comprises, on the one hand, the store at number 25 Calle Goya, which has an asking price of €11.5 million. The establishment, which is currently occupied by Joyería Montejo, has a retail surface area of 158 m2 and a façade of 9m.

On the other hand, the Montejo family has also put a second store in Madrid up for sale, also located on the prime thoroughfare. Located at number 43 Calle Goya, that establishment is currently leased to the Italian firm Kiko, specialising in cosmetics. The asking price for that retail asset is €7.6 million and it has a retail surface area of 164 m2, spread over two floors.

The Montejo family, which has awarded the exclusive mandate for the sale of this package of assets to TBCA, also has other investments in Madrid, in the industrial and residential segments, although for the time being, no other parts of its portfolio are up for sale, according to sources at the real estate company.

In recent months, family offices have become the most active players in Spain’s real estate sector. With the search for the creation of trans-generational value, these types of vehicles are diversifying with the acquisition of their assets, in terms of geography, products and clients, in search of robustness with sustainable investments.

In this way, retail assets have become the currency of exchange for this kind of company, which either divest these types of products or negotiate better rents to get more out of them. Such is the case of the Madrilenian Lurrueña family, which has just leased the premises at number 54 Calle Serrano to the Prada group, which is opening a Miu Miu store. The establishment has a surface area of 250m2 spread over two floors and was occupied until now by the historical Lurrueña shoe shop, also owned by the family. (…).

But, the activity is not limited to Madrid alone. The family offices are also active in Barcelona. Although the city has lots of high profile players, such as the Tous family, Caboel, owned by the founder of Caprabo, and the Andic family, owner of the Mango fashion retail group, the latest real estate group to star in an operation of this kind in the Catalan capital, has been the Carcassona family, which has leased its store in Portal de l’Àngel to Inditex.

As Eje Prime revealed, the historical haberdashery Mercería Santa Ana, owned by the Catalan Carcassona and Capdevila family, will close its doors, located at number 26 Portal de l’Àngel, after signing an agreement with the Galician giant to open a large format store for its underwear and sportswear brand Oysho (…).

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Kennedy Wilson Buys ‘Moraleja Green’ From ING

2 November 2015 – Expansión

Another shopping centre is changing hands barely a year after it was last sold. Later this week, the Moraleja Green shopping centre in Madrid, will have a new owner, twelve months after being acquired by the Dutch bank ING.

The financial institution, which purchased the property through one of its real estate funds, has decided to transfer ownership of the building to the US fund Kennedy Wilson. According to sources in the sector, ING will receive between €70 million and €75 million for the Madrilenian centre, which it acquired for €68 million in November 2014. This increase reflects the on-going appreciation in real estate assets in Spain, particularly for offices and shopping centres.

Cushman & Wakefield and Dentons have advised the buyer in the operation, whilst Deloitte and DLA Piper have advised on the sell-side. The agreement between both parties is absolute and will be announced officially this week.

The shopping centre is located in the northeast of Madrid, next to the exclusive La Moraleja urbanisation. It occupies a surface area of 76,763 m2 and 29,600 m2 is used for retail space. The centre’s main tenants include the supermarket chain Sánchez Romero, Inditex – with its brands Zara, Massimo Dutti and Oysho – and H&M.

The Moraleja Green centre was inaugurated in April 1995. Its developers were the real estate companies Metrovacesa and BBV Inmobiliario. It was expanded in 2001 and receives 3.38 million visitors (per year), according to the Spanish Association of Shopping Centres.

The new owner is the US fund Kennedy Wilson. The North American firm has been one of the most active players in Spain the most in recent months. Its latest operations include the purchase of 16 retail spaces, nine supermarkets and seven shops, leased to Carrefour and Día. It paid the fund AEW Europe and a French institutional investor €85.5 million for that portfolio.

The wider market

As a result of this deal, Moraleja Green will join the list of shopping centres that have changed hands during 2015, which also includes Plenilunio, acquired by Klépierre for €375 million, and Zielo Shopping, bought by UBS for €70 million.

Another shopping centre that has changed hands twice in just over a year is Parque Ceuta. A few months ago, the Brazilian group Hemisferio bought the Ceuta-based centre from the fund HIG for €26 million. The US fund had acquired it in January 2014 for €18 million.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake