7 March 2019 – El Vigía
The European supplier of logistics and semi-industrial buildings VGP NV has purchased 40,000 m2 of buildable land in Plaza, in an operation advised by CBRE.
As a result, the logistics specialist now owns 120,000 m2 of space on three adjoining plots in Zaragoza, as its expansion continues following its acquisition of 80,000 m2 in Fuenlabrada (Madrid) and 60,000 m2 in Valencia in 2018.
Original story: El Vigía
Translation/Summary: Carmel Drake
30 May 2018 – Eje Prime
Real estate operation in the logistical heart of Spain. The logistics operator Jevaso, which works for groups such as Inditex, has acquired a plot of land measuring 41,000 m2 in the Logistics Platform of Zaragoza (Plaza), which had belonged to Porcelanosa until now. The company has disbursed ten million euros for the land and will invest another €3 million on the renovation and expansion of the warehouse, which will span 13,000 m2.
Following the construction work, which will be completed in August, Jevaso’s facilities in Zaragoza will span 25,000 m2. Porcelanosa acquired the plot in 2005 and invested €22 million in the project.
Jevaso is going to use these facilities primarily for returns, ironing and drop-shipping, and initially, its main client is going to be Inditex. Over the medium term, the company plans to add another 12,000 m2 of space. Jevaso has three other warehouses, one that it owns and two that it leases. The aim of the group is to centralise its operations on the new site and hold onto just one of the existing assets, which is connected with Inditex.
At the end of last year, the company acquired another plot measuring 25,600 m2 in Meco (Madrid) with a warehouse spanning 9,000 m2 for €5 million. The group has budgeted an investment of €1 million for that renovation and is considering expanding it to 48,900 m2 over the medium-long term. Jevaso’s new site in Madrid is just 300 m away from the former, located close to Inditex’s operations.
In the cases of both Zaragoza and Madrid, the plots still have scope for more construction, whilst in A Coruña, the group has had to grow with new independent warehouses that have a surface area of 103,000 m2.
In total, Jevaso has six plants in A Coruña, Zaragoza, Madrid, Parets del Vallès (Barcelona) and Braga spanning 200,000 m2. The group employs more than 1,500 workers, moves 120 million garments per year and irons up to 350,000 pieces of clothing a day. The group generates revenue of around €60 million and expects to grow by between 10% and 15% this year.
Jevaso’s history dates back to 1983. Jesús Vázquez, whose family also worked in the textile industry, started his professional career in Samlor, one of Amancio Ortega’s first companies. In the beginning, Jevaso was a clothes manufacturing company dedicated to serving large Galician businesses, which expanded to offer ironing and labelling services. With the industrial relocation, the company turned its business on its head and integrated the logistics activity.
Original story: Eje Prime (by P. Riaño & I. P. Gestal)
Translation: Carmel Drake
17 November 2017 – Eje Prime
International logistics operation in Zaragoza. The investment fund Barings has paid €17.6 million to the manager Deka Inmobilien for a logistics centre in Plaza, one of the largest logistics parks in Europe. Currently, the space is leased to the Basque supermarket chain Eroski, which operates a distribution centre from the site.
Constructed in 2006, the plot comprises a gross leasable area of 29,000 m2 and 159 parking spaces, according to Europe Real Estate.
The German fund will use the money from the sale of this asset to take advantage of the opportunities currently being offered by the strong demand in the well-established retail market in Spain to optimise its portfolio. The German company has been advised in this operation by the consultancy firm CBRE.
Original story: Eje Prime
Translation: Carmel Drake
6 November 2017 – Cadena de Suministro
The month of October was marked by the developments carried out by Mercadona, Grupo Lar and Inditex in the Community of Valencia; as well as by the transfer of DB Schenker’s operations in Madrid, Invesco’s new development in Getafe and Neinver’s purchase of a 40,000 m2 site (also in Madrid).
The Spanish logistics market is continuing to perform well, as demonstrated by the increase in demand in Madrid (+57%) and Valencia (+35%) during the 9 months to September. It is precisely in Valencia where, in October, TH Real Estate acquired the logistics platform that serves Carrefour.
Meanwhile, in the Spanish capital, Neinver incorporated 40,000 m2 of logistics space into its portfolio, located in an industrial estate in the town of Getafe; and in Zaragoza, Ibercaja sold two warehouses, measuring 15,926 m² and 11,170 m² in PlaZa to Savills Investment Management.
At the international level, one of the most noteworthy operations last month was the purchase of IDI Gazeley by Global Logistics Properties for €2,400 million. The acquisition of Logicor also pushed ahead, for which China Investment will pay €12,250 million, in a deal that has finally been approved by the European Union.
New developments
In terms of new developments, Madrid and the Community of Valencia headed up the leaderboard once again. Mercadona formalised its purchase of a 358,270 m2 plot in Parc Sagunt, where it is going to build its largest logistics centre in Spain, whilst Lar España committed to starting work soon on the construction of its logistics park in the Valencian town of Cheste.
Meanwhile, Inditex plans to expand its facilities in the Alicante town of Elche, where it has a platform dedicated to footwear. In the same way, it plans to open a new centre in Marchamalo, in the Corredor del Henares area, at the end of 2018.
In Madrid, the operator DB Schenker moved and unified the operations of all of its divisions into a new location in Vicálvaro, where the Port Authority of Valencia is considering establishing an intermodal logistics platform.
Meanwhile, Invesco started building new facilities on the Puerta Mayor Los Gavilanes Business Park, in the town of Getafe. In terms of Barcelona, which saw less activity in the logistics market in October, Kiabi announced it is about to start operations at its new centre in La Bisbal de Panadés.
In other geographic regions, the Ministry of Development found a definitive location for the logistics platform in Talavera de la Reina, Toledo. Moreover, the Junta de Andalucía announced that it will spend some of its budget for 2018 on turning the autonomous region into a logistics hub, capable of leveraging the traffic that connects Europe with the North of Africa and America.
Operations involving logistics clients
One of the most important developments undertaken by the business sector in Spain in October was the opening of Elektro 3’s logistics platform in Tarragona, with a surface area of 16,000 m2, and of Covestro’s platform in the same province. Moreover, the Construction Platform was opened in the Madrilenian town of Pinto, spanning 33,000 m2 and the equivalent version was opened in Froiz, Vigo, measuring 1,700 m2.
Construction work also started at Berlys’ new plant for frozen products in the Navarran town of Tajonar as well as on the plant for Frutas E. Sánchez in Mercamadrid, which will be operative from Q1 2018 and November 2018, respectively.
In this context, the spare parts distributor Diesel Technic announced that it will move its warehouse from Alcalá de Henares to the Casablanca II de Rockspring platform in Torrejón de Ardoz; and the Zaragoza-based company Casa Matachín said that is planning to invest €21 million on the construction of a logistics platform in PlaZa.
Original story: Cadena de Suministro
Translation: Carmel Drake
26 October 2017 – Heraldo.es
Ibercaja has sold a logistics complex measuring 27,096 m2 in Plaza (Plataforma Logística de Zaragoza) to the fund manager Savills Investment Management for €19 million. The sale, closed last week, represents the highest price paid per square metre in an individual operation in the history of the logistics platform.
The complex that Ibercaja has divested comprises two large warehouses with long-term leases to Mercadona and the German operator Kuehne Nagel, respectively. Sources familiar with the transaction explain that the objective of the new buyer is to maintain these uses, given that it was precisely the long-term rental agreements over both warehouses that raised their interest in the first place.
The competitive process for the sale, in which more than 25 possible buyers expressed an interest, was coordinated by the portal specialising in real estate auctions addmeet.com, which has now managed several important sales in Zaragoza and Aragón.
The move by Ibercaja sees it deepen its commitment to the divestment of its non-strategic assets, as it seeks to focus all of its efforts and resources on boosting the banking business and the digital transformation, whereby fulfilling the roadmap that the entity set itself for the strategic cycle 2015-2017.
The buyer, the Savills Investment Management group, plans to integrate its new assets into the European Logistic Fund II fund, aimed at acquiring top-quality logistics products around Europe. Savills Investment has 18 offices in Europe and Asia and manages properties around the world worth €16,000 million. “We are very happy with the completion of this operation in a very competitive market. It is a high-quality asset in Plaza, which provides the fund with a solid and defensive distribution platform”, said Michael Reinmuth, Director of Savills in Spain.
Plaza has seen investments worth €140 million so far this year
This new sale, at a price of €701/m2, is the most significant in Plaza’s history in terms of an operation involving real estate assets only. Previously, higher prices per square metre have been paid in other transactions but only when they also included the purchase of companies, according to local sources in the sector.
With this latest deal for €19 million, Plaza has recorded investments from various operations amounting to €140 million so far this year, an amount that helps consolidate the position of the logistics platform in Zaragoza (…).
Original story: Heraldo.es (by V. M.)
Translation: Carmel Drake
30 September 2014 – Europa Press
Merlin Properties has acquired the complex of warehouses that house the logistics centre of the toy company Imaginarium in Zaragoza, for €10.7 million, according to reports by the Socimi.
The complex comprises three buildings: two for logistics and storage plus one for use as offices. The toy company rents the buildings, which are located in the ‘Plaza’ logistics area of Zaragoza, one of the largest of its kind in Spain.
Similarly, the Socimi has purchased another warehouse located in Almussafes (Valencia) in the same area as Ford’s factory in Spain for €12.2 million.
This warehouse, which it acquired from a fund managed by CBRE Global Investors, occupies a surface area of 26,613 square metres and is leased in its entirety to Ford, Johnson Controls and Truck & Wheel.
Merlin Properties said in a statement that these two investments “consolidate” its entry into the industrial asset sector.
Moreover, following these purchases, the listed real estate company now has property investments amounting to €1,069 million, i.e. it has spent almost all of the €1,292 million it raised through its IPO.
Original story: Europa Press
Translation: Carmel Drake
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