Tag: surface area

VGP Invests €22M in 2 Logistics Platforms in Cheste (Valencia)

15 May 2019 – Levante EMV

The Czech group VGP has announced that it is going to invest €22 million in the construction of two latest-generation logistics platforms on plots spanning 75,000 m2 in Cheste. The logistics platforms will span 15,000 m2 and 26,000 m2, respectively, and the projects are expected to create around 400 new jobs.

The logistics industrial estate in Cheste is enjoying a boom in recent times driven, in particular, by the Lidl logistics platform. It sits within the first logistics ring of Valencia and has direct access to the Manises airport, as well as to the Port of Valencia.

VGP will add these assets in Cheste to the other sites that it is already developing in Spain, including VGP Park San Fernando de Henares, VGP Park Lliçà d’Amunt, VGP Park Fuenlabrada and VGP Park Zaragoza, which together span 360,000 m2.

Original story: Levante EMV (by Ramón Ferrando)

Translation/Summary: Carmel Drake

Operación Calderón: Mahou Puts First Plot Up for Sale

7 May 2019 – Eje Prime

Mahou has put the first plot of land up for sale on the site of Operación Calderón. The brewery has engaged Colliers to handle the sales process, which it hopes will close this year and generate proceeds of €60 million

Potential candidates for the purchase include the cooperative Ibosa, amongst others, which plans to build around 400 homes on two of the plots.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Árima Makes its Logistics Debut with the Purchase of a Warehouse for €16.4M

7 May 2019 – Expansión

Árima Real Estate has made its debut in the logistics sector with the purchase of a warehouse spanning 26,000 m2 in San Agustín de Guadalix from an institutional fund for €16.4 million. The property is occupied in its entirety by the supermarket chain Eroski.

For the operation, the Socimi led by Luis Alfonso López Herrera-Oria, has been advised by Catella, EY Abogados and Savills Aguirre Newman as its real estate, legal and technical experts, respectively.

Following this operation, logistics assets account for 12.7% of Árima’s portfolio, with the remainder comprising offices in Madrid. The Socimi’s main shareholders include Bank of Montreal (10.4%); the British fund Pelham (9.984%); UBS (9.164%); Luis Alfonso López Herrera-Oria, (7.791%) and Morgan Stanley (5.122%).

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Haya Real Estate Manages the Sale of Bankia’s Branch on Calle Serrano for €59M

6 May 2019 – Eje Prime

Haya Real Estate has managed the sale of Bankia’s former premises on Calle Serrano, 64, to the Prada group for €59 million. The premises have a surface area of 908 m2 and are distributed over three storeys.

Bankia will have to vacate the property within six months of the transaction being formalised and will be replaced by one of the Prada group’s brands: Miu Miu, Church’s, Car Shoe, Prada and Pasticceria Marchesi.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Vicasol Invests €26M in its Fourth Logistics Platform

22 April 2019 – Mis Oficinas

The cooperative Vicasol is investing €26 million in its new logistics platform. The facilities will be located in El Ejido (Almería) and will house an urbanised surface area spanning more than 125,000 m2.

This will be the cooperative’s fourth logistics centre as it already owns facilities in La Puebla de Vícar, La Mojonera and Níjar (all in the province of Almería).

The warehouse will have a surface area of 20,000 m2, with a semi-basement spanning another 20,000 m2 and a loft spanning 3,000 m2.

Original story: Mis Oficinas

Translation/Summary: Carmel Drake

Socimi Lar Sells its Last Office Building in Madrid to Swiss Life for €40M

24 April 2019 – Idealista

Lar España has sold the last office building left in its portfolio as it continues its strategy to specialise in the retail sector.

The Socimi has sold the property located at number 27 Calle Eloy Gonzalo, in the centre of Madrid, to the manager of the Swiss insurance company Swiss Life for €40 million. The building spans a surface area of 6,300 m2, distributed over 9 floors with various retail premises on the ground floor. The upper floors are leased in their entirety to the US coworking specialist WeWork.

Lar España acquired the property, which was constructed in the 1960s, for €12.7 million at the end of 2014.

Following this sale, the Socimi can now focus on the 14 assets in its retail portfolio (shopping centres and retail parks), which will become 15 after the summer, once the Lagoh shopping centre has been opened in Sevilla.

This represents the Swiss manager’s second purchase in Spain, following its acquisition of 13 retail premises from Corpfin Capital Prime Retail Assets in July 2018 for more than €83 million.

Various high-profile consultancy firms participated in the operation, with Cushman & Wakefield advising on the buy side and JLL and Knight Frank on the sell side.

Original story: Idealista (by Ana P. Alarcos)

Translation/Summary: Carmel Drake

Pedro Trapote Puts Teatro Barceló in Madrid up For Sale

23 April 2019 – Expansión

The businessman Pedro Trapote has put the “for sale” sign up over Teatro Barceló in Madrid. The former Pachá nightclub was an important meeting point during Madrid’s “movida” era (in the 1980s).

The asset, located at number 11 Calle Barceló, was constructed in the 1930s and comprises six storeys with a useful surface area of 3,200 m2. The asking price for the property is reported to amount to around €25 million and the Spanish consultancy firm TC Gabinete Inmobiliario is advising the sale.

It is thought that the transaction will be formulated as a sale and leaseback deal with a long-term rental contract that will allow the property to continue as a nightclub.

The property was originally a theatre and cinema, but has been a nightclub for almost forty years. Some of the building’s installations have been renovated in recent years.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

El Corte Inglés to Sell its Centres in Xanadú and Francesc Macià

22 April 2019 – Eje Prime

El Corte Inglés is continuing to divest its real estate. The department store group has put its shops in Xanadú (Madrid) and Francesc Macià (Barcelona) up for sale.

They will be joined by others in San Juan de Aznalfarache (Sevilla), Alcalá de Henares (Madrid), Ademuz (Valencia), Navarra, Independencia (Zaragoza), Málaga, Marineda City (A Coruña) and Siete Palmas (Gran Canaria).

In total, the group’s portfolio for sale comprises 14 properties, 16 plots of land and 65 assets of various types, including flats and parking spaces, spanning a combined surface area of 1.2 million m2.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Conren Tramway Buys a 8,000 m2 Plot in 22@ to Build Offices

18 April 2019 – Eje Prime

Conren Tramway has purchased a plot of land at number 162 Calle Almogàvers in Barcelona’s 22@ technological district, on the same block as another project that the firm is already working on, at number 97 Calle Badajoz.

The company, owned by the Hugas brothers and the German manager Conren Land, plans to build an office building on the 8,000 m2 plot. Construction work is expected to start next year and be completed by 2021.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Spain’s Largest Landlords are Merlin, Colonial, GMP & Mapfre

19 April 2019 – Expansión

Merlin, Colonial, GMP and Mapfre: three Socimis and one insurance company together own 16% of the total office space in Madrid. Blackstone, Realia, Mutua Madrileña, Tristan, Pontegadea and Starwood complete the Top 10 ranking.

According to a report from Deloitte, the ten largest landlords own more than 3.1 million m2 of leasable space in Madrid, out of a total spanning more than 13 million m2 (24%). In Barcelona, there is 6.1 million m2 of leasable space.

Leading the ranking is Merlin, which owns 7% of the total stock in Madrid and more than 3% in Barcelona. Its 140-strong office portfolio is worth €5.5 billion and accounts for 45% of its total assets. The Socimi’s tenants include BBVA, Endesa, Inditex and PwC, and its star assets include Torre PwC in Madrid and Torre Glòries in Barcelona.

Behind Merlin is Colonial, which owns 3.8% of the office stock in Madrid and 4.6% in Barcelona (where it is the market leader). Its key assets include the building located on Paseo de la Castellana, 52, two properties on Calle Miguel Ángel (numbers 11 and 23), all in Madrid, and Torre Marenostrum in Barcelona.

Completing the podium is GMP, which owns 2.8% of the gross leasable area in Madrid, including Torre BBVA and Torre Ederra, both in Azca. Meanwhile, the insurance companies Mapfre and Mutua Madrileña own 2.7% and 1.4% of the total stock in the Spanish capital, respectively.

In addition, the funds have strengthened their positions in recent months. The US fund Starwood purchased a portfolio of offices in Madrid and Barcelona from Autonomy for €125 million. It also acquired the San Fernando Business Park, in conjunction with Drago, from Oaktree for €120 million.

The British fund Tristan has also been active, with the acquisition of an office complex on Avenida de Manoteras in 2017 and the purchase of six offices spanning 78,000 m2 from Colonial in 2018 (…).

Original story: Expansión (by R. Arroyo)

Translation/Summary: Carmel Drake