Ibercaja Sells 2 Logistics Warehouses In Plaza For €19M

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

Dutch Fund Acquires ‘Mercado de San Miguel’ For Record Price

28 July 2017 – El Confidencial

The Mercado de San Miguel has a new owner. A Dutch fund specialising in the real estate sector has just taken ownership of this historical and iconic building in Madrid. And it has done so for €70 million, a figure that, in absolute terms is not by any means one of the largest in the market, but which, nevertheless, represents the most expensive transaction per square metre that has ever been closed in the Spanish real estate market.

According to sources consulted by El Confidencial, for every one of its 1,200 m2, the buyer has paid €60,000, an amount that breaks all real estate records and which represents, for the founders and promoters of the project, several times their original investment.

The person that has led this project from the beginning is Montserrat Valle Hernández, the majority shareholder of the company that used to own the market, El Gastródomo de San Miguel. She was the architect behind the renovation of this iconic building, which last year marked its first century of life.

Sources consulted explain that prominent shareholders also included bankers such as Pedro Guerrero Guerrero (President of Bankinter), Salvador García Atance Lafuente (former President of Morgan Stanley in Spain), Paul Gomero Vaquero (Private Banking Partner at A&G), as well as the well-known journalist Guillermo Fesser and the businessmen Víctor Josue Alarcón, Pedro Gómez Blazquez and Juan Ramón Ramírez Lozano.

Aguirre Newman participated in the operation, which was signed on Thursday at a notary’s office on Calle Serrano in Madrid. Aguirre Newman led the sales process and studied the various offers that were received from domestic and overseas groups, to bring this deal to a successful conclusion. Sources at the consultancy firm declined to comment on the transaction.

A centenary building

The unique Mercado de San Miguel, located in the square of the same name, next to Plaza Mayor, was acquired more than a decade ago by a group of companies led by Monserrat Valle with the aim of restoring it and turning it into a gastronomic centre.

On 13 May 2009, it reopened its doors, restoring the splendour that it enjoyed in its heydey. The building was constructed between 1913 and 1916 and was designed by the architect Alfonso Dubé y Díez. Nowadays, it still retains its original iron structure dating back to the beginning of the 20th century, which stands out as one of its greatest features (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake