Airbus to Arrive in Toledo Opening 31,000-m2 Logistics Centre in 2019

9 October 2018

The European aerospace behemoth signed an agreement with P3 Logistic Parks for the development of a new logistics space in Illescas. Construction will start at the end of 2018.

Airbus is flying into Toledo. The global aerospace behemoth will move into a new logistics centre that P3 Logistic Parks will develop in Illescas (Toledo). Construction on the project, which will have 31,280 square meters of surface area, will begin at the end of this year. The expectation is that Airbus will be able to move into its new facilities by the third quarter of 2019, P3 explained to EjePrime.

Airbus’s future logistics centre will be located in Toledo’s Plataforma Central Iberium, a 350-hectare logistics hub. Designed with the sustainable construction certificates rated BREEAM Very Good, the future centre will have sprinkler systems with their own water supply and a dedicated connection to the nearest train station.

The logistics platform that P3 will develop for Airbus will be its second in Illescas, a very attractive municipality for the logistics sector considering its location near Madrid. The socimi already has about 200,000 square meters of surface area already built or under development.

The new facility will increase the size of P3 Spain Logistic Parks’s portfolio. The socimi debuted on the Alternative Stock Market (MAB) in December of last year. The company, which has operations throughout Europe, is controlled by Singapore’s sovereign wealth fund, GIC Private Limited. In Spain, the company has 18 assets with more than 400,000 square meters of industrial area. A large part of the portfolio was acquired in April 2017, when the socimi purchased GreenOak’s Spanish logistics centres for 243 million euros.

Original Story: EjePrime – Berta Seijo

Translation: Richard Turner

Merlin Buys 43,000 m2 Logistics Plot in Toledo

20 March 2018 – Eje Prime

Merlin is incorporating new land into its portfolio. The Socimi has purchased a plot measuring 43,000 m2 in Seseña, Toledo, where it is going to build a logistics platform with a total constructed surface area of 28,408 m2. Construction work at the site is due to start within the next few weeks, with the aim of making the property available within a year, during the first quarter of 2019.

The constructed surface area will be dividable into four separate spaces. Two of them will have a total surface area of 7,026 m2 each, with 13 loading bays, 6,636 m2 for warehouse use and 390 m2 for offices.

Similarly, another module will have a total surface area of 4,816 m2, of which 4,426 m2 will be for warehouse use with seven loading bays and 390 m2 for offices.

Finally, the largest space of the four will measure 9,540 m2, with a warehouse spanning 9,150 m2 and 17 loading bays, with the same amount of office space as the others, in other words, 390 m2.

The Socimi closed 2017 with a net profit of €1.1 billion, up by 88.8% compared to 2016. Its real estate portfolio appreciated in value to reach more than €11.3 billion, with an increase of more than 10% in comparable terms with respect to 2016.

The revenues of the group led by Ismael Clemente also grew last year. Merlin recorded revenues from rental income of €484.3 million, up by 29.3% compared to the previous year, when the group’s turnover amounted to €362.8 million.

Original story: Eje Prime

Translation: Carmel Drake

Meridia Buys Assets In Madrid & Toledo For €40M

25 July 2017 – Expansión

The fund manager Meridia Capital will invest €40 million on the purchase and refurbishment of two office buildings in Madrid and a logistics warehouse in Seseña (Toledo), according to a statement issued by the company.

The logistics platform in Seseña, acquired by one of the funds of the manager, Meridia II, occupies a surface area of 40,000 m2. One of the office buildings in Madrid, which has a surface area of 4,000 m2 and 70 parking spaces, has been acquired by Meridia II and the other one, which spans 8,300 m2 and has 140 parking spaces, has been purchased by Meridia III.

The CEO of Meridia Capital, Javier Faus (pictured above) explained that the Spanish market for value added assets offers “great opportunities”. He also added that the manager expects to invest the remaining capital from its specialist funds (Meridia I, Meridia II and Meridia III) in the hotel and real estate sector over the next 12 to 18 months.

Original story: Expansión

Translation: Carmel Drake

The Housing Stock Is No Longer A Problem In 36 Provinces

9 February 2016 – Cinco Días

Improvement of the housing situation goes on. The increase in housing sales continues to drain the stock of new homes for sale, though perhaps at a slower pace than might be expected. The latest data of the Confederation of Construction Products Manufacturers Associations of Spain (Cepco) states that at the end of the third quarter of 2015 the surplus for sale amounted to a total of 507,477 homes, 5.14% lower than at the end of 2014.

In aggregate terms it still seems a figure too high to think that in 2016 many homes will be built, although we must remember that from the peak reached in 2009 (when it amounted to 687,953 homes) the stock has decreased a 26,2% in six years.

But in the real estate market what is of importance is the analysis by territory, since while in some provinces the increase in transactions have been reflect double digit figures for months, in others the activity remains still quite weak.

This is one of the factors that explains how – if those data are currently analysed by province stock, we can see that there are already over 36 of them below 1,500 houses per 100,000 inhabitants, a level considered by sector experts to be acceptable. Among them we find Madrid, Barcelona and Valencia, the three major population and activity centres in the country, but the three Basque provinces, Navarre, where there is no longer a housing surplus, the four Galician provinces, and other areas washed by the Cantabrian Sea also lead the classification

Likewise, the stock volume in all the Andalusian provinces (except for except Almería) in both Extremadura (Badajoz surplus has no surplus) or five of the nine provinces of Castilla y León and the two archipelagos is not worrisome.

The ‘crown’ of Madrid

On the contrary, where there is oversupply of new homes is in three of the five provinces bordering Madrid: Toledo, Ávila and Cuenca, while Guadalajara y Segovia are below the psychological limit of 1,500 houses per 100,000 inhabitants. Precisely this proximity to the capital and the construction of new transport infrastructure were the factors that spurred housing construction in these three provinces, when it was thought that the locations closer to Madrid could end up becoming dormitory towns for thousands of citizens working in the capital.

Not that close to the big city, but also influenced by the construction maelstrom, Ciudad Real appears as one of the provinces with more stock, at the same level as Teruel or Lérida. However, no province comes close to the alarming situation of Castellón which with 4,650 homes per 100,000 inhabitants leads the ranking made by the building materials manufacturers.

These differences in supply of new homes from one province to another is what has favoured that while building cranes have reappeared in the landscape of some large cities, neither have they arrived nor are they expected in others due to oversupply of new construction still for sale or rent. Nevertheless, in the absence of knowing the closing data published by the Infrastructures Department, 2015 will be the first year of the last seven (since 2008) in which the volume of homes started exceeds that of finished homes. This is because Cepco confirms with figures from the colleges of surveyors how from past January to October the building of 39,781 homes was started and 37,497 were finished. The areas with more economic growth and better jobs are the ones concentrating the higher volume of building certifications, which has made both variables to cross again.

A year to strengthen the sector’s recovery

Developers, builders and ultimately all subsectors that depend to some extent on the real estate business, have started this 2016 with the hope that it will become the year in which the recovery takes place. The main research services made their projections for 2016 and 2017 with a focus on labor market performance, the financing flow and the evolution of interest rates.

In this scope, except in the event of major surprises derived from a global catastrophe, all estimates agreed that the purchases of homes continue to rise at moderate rates, prices would not increase far beyond what is considered reasonable (between 3% and 5% except in places with occasional shortages of supply) and certifications to start promotions would focus on areas with less stock.

In such market analyses, only a few remember that 2016 would begin after an electoral process, so that the composition of the new government was mentioned as a risk factor, although it is not defined as a determining factor. Now, 50 days after the elections, given the direction the negotiations between the parties are taking, some experts are beginning to recognize that perhaps the political factor in making the projections was underestimated. The figures for the next few months will tell.

Keys and data

Housing Lists: Visiting each of the new building developments and quantifying the supply of homes would be the best method to calculate the stock, but it is certainly the most costly in human and technical resources. TINSA is the only company that has so far made such an ambitious study, although not a pure housing list.

Calculations: Cepco uses the methodology of the Infrastructure Department, which is subtracting sold homes from finished homes.

Population: To calculate the rate per 100,000 inhabitants, the data quarterly published by the INE are taken into account.

Original story: Cinco Días (by Raquel Díaz Guijarro)

Translation: Aura Ree