6 April 2017 – El Periódico de Aragón
Land covering 2,400,000 m2 (240 hectares) in total, a surface area that resembles the Zaragoza neighbourhood of Delicias. That is the volume of land that Aragón Plataforma Logística (APL), the new public company being created by the regional government, is going to sell. The objectives of the future company APL will be to unify the management, promotion and sale of assets that are currently owned by a variety of regional companies.
Specifically, it will group together three large industrial estates in Zaragoza (Plaza), Huesca (Plhus) and Teruel (Platea), as well as Zaragoza Expo Empresarial, la Sociedad para el Desarrollo de Calamocha (Sodecasa) and Plaza Desarrollos Logísticos (PDL, the property developer behind Caladero). With this supply of spaces, to which the Fraga platform (Plfraga) will likely be added soon, the region is looking to strengthen its position as the largest logistics market in the south of Europe.
APL, which should be constituted within the next few weeks through a decree, will be entirely owned by the regional government, specifically, the Corporación Empresarial Pública de Aragón, which will own 100%. The new management team at the Government of Aragón is seeking to optimise and streamline the operation of logistics, industrial and tertiary assets at all levels. (…).
The logistics sector accounts for 5.5% of the region’s GDP and has secured private investment amounting to more than €3,000 million since 2005 when the first phase of Plaza was launched. (…).
Original story: El Periódico de Aragón (by Jorge Heras Pastor)
Translation: Carmel Drake
11 March 2016 – Press Release
Distressed luxury portfolio offers residential repositioning opportunity.
Resolution Property is re-entering the Spanish real estate market with a €100m joint venture to reposition a portfolio of luxury residential, hotels and land in Marbella.
The UK-based real estate investor is forming a 50:50 joint venture with a private investment partner to manage an existing €50m portfolio comprising 15 value-add assets in Marbella’s Golden Mile. The joint venture intends to invest up to a further €50m by growing the portfolio through distressed acquisitions and value-add asset management.
Resolution Property will provide expertise in niche residential repositioning, together with retail and leisure know-how, to complement its joint venture partner’s proven track record in the local area.
Michel Nangia of Resolution Property said:
“Marbella is a sheltered market, sustained by international high net-worth individuals. Furthermore, the wider Spanish economy continues its recovery, with declining unemployment and consistently positive GDP growth over more than two years. Against this backdrop, we have the opportunity to add significant value to this portfolio through an active asset management and refurbishment programme, and then grow the portfolio alongside a strong partner with access to off-market distressed opportunities on a scale enabling a future conversion into a Socimi.”
The joint venture represents the final investment for Resolution Real Estate Fund IV. It follows Resolution Property’s delivery of similar residential repositioning ventures in Switzerland and Denmark.
Resolution Property was an active investor in Spain and Portugal’s retail markets in the mid-2000s. The Marbella venture represents its return to the Spanish market, which it will also target for further acquisitions on behalf of its next fund, Resolution Real Estate Fund V, in which China’s Fosun Property will be the cornerstone investor.
Original story: Press Release
Edited by: Carmel Drake