Prologis Leases 10,600 m2 of Logistics Space in Madrid to Airpharm

9 April 2018 – Eje Prime

Prologis is welcoming the first tenant at its building in San Fernando de Henares, in Madrid. The giant of the logistics sector has leased 10,600 m2 of space to Airpharm, out of a total surface area of 21,000 m2 that it has developed in the area. The entire complex spans a surface area of 90,000 m2 in total.

As a specialist in the supply of transport and storage services for chemical, cosmetic and pharmaceutical products, Airpharm has chosen this property due to “its proximity to the Madrid-Barajas Airport”, amongst other reasons, according to a statement issued by the company.

This operation by Prologis is further evidence of the good health of the logistics sector in Spain. In Madrid alone, the leasing of these kinds of spaces exceeded 920,000 m2 last year, registering record figures. Moreover, during the first quarter, the rental of logistics space rose by 61% with respect to the same period in 2017, when 310,000 m2 of space was leased.

In terms of Prologis, the Spanish subsidiary of the US operator, which has a presence in 19 countries, recorded turnover from rental income of €38 million last year and managed to let 95% of the total surface area that it owns in Spain.

Original story: Eje Prime

Translation: Carmel Drake

Colliers International Acquires Spanish RE Consultancy Irea

27 February 2018 – El Confidencial

There’s a new marriage in the market for real estate consultancy firms. Colliers International Group has acquired the independent Spanish firm Irea. This move comes just a few months after Savills purchased Aguirre Newman, a firm that Colliers also expressed its interest in.

Following this integration, the new company will have a team comprising more than 100 professionals, with offices in Madrid and Barcelona, a turnover of €25 million, and will provide services in the following fields: advisory, capital markets, consulting, valuation, workplace solutions and project management. The objective of the new group is to be one of the top three firms in the sector within five years.

The operation has been structured through the purchase of the majority of Irea’s share capital by Colliers International, a listed company with a global turnover volume of €27 billion, a move that has been followed by a merger, whereby Irea has acquired the Spanish subsidiary of Colliers.

Mikel Echavarren, Founding Partner at Irea, is going to be the CEO of Colliers in Spain. Meanwhile, the rest of the management team is going to comprise: Ignacio M. Iturriaga, Joan García and Álvaro Alonso as the Heads of Corporate Finance; Neil Livingstone and Antonio Pan de Soraluce as the Heads of Capital Markets; and Miguel Vázquez and Laura Hernando, as the Heads of the specialist hotel services division.

In addition, in accordance with the model that characterises Colliers, which teams up with local partners, Echavarren, Livingstone and Pan de Soraluce will hold onto 20% of the share capital of the Spanish subsidiary.

“The Spanish real estate and hotel markets have experienced significant growth in recent years, and having the opportunity to expand our business with Irea’s excellent team of professionals is going to allow us to offer high added value services for our clients”, said Chris McLernon, CEO at Colliers International for the EMEA region.

“Our integration into Colliers represents a natural evolution for Irea, given that both companies share the same business culture and a strong commitment to excellence”, said Echavarren. “We consider that integrating ourselves into a global brand that has an unparalleled international platform is the key for strengthening our growth strategy and continuing to offer the best service possible to our clients, wherever they are in the world”, he added.

Original story: El Confidencial (by R. Ugalde)

Translation: Carmel Drake