Tag: turnkey

Segro Purchases 44,500 m2 of Land for Industrial Development in Madrid

11 October 2018 – Eje Prime

Segro is increasing its commitment to the Spanish logistics sector. The British Socimi, which specialises in the industrial segment, has purchased 44,500 m2 of land on which it is going to build two urban distribution centres in Madrid.

The first logistics space is going to be located in the south of the Spanish capital. The centre, spanning a surface area of 33,500 m2, will be located in the district of Villaverde, an area that is home to multinationals such as Telefónica, Repsol and Air Liquide.

The Socimi is also planning to build a second warehouse measuring 11,000 m2 in the Madrilenian municipality of Coslada, where it already owns a business park. The company has chosen that location due to its proximity to Barajas airport, the centre of the Spanish capital and motorways such as the A-2 and the M-40.

This operation reinforces the good times that the logistics sector is enjoying in Spain, driven by the rise in e-commerce in the country. Not in vain, in 2017, the sector achieved an investment record, exceeding €1.5 billion.

With demand constantly growing, above all due to the arrival of international funds and investment firms that are keen to enter the logistics segment, encouraged by the high yields and stability, operators are also looking for land in the last mile space to respond to current demands. That means the development of sites on the outskirts of large cities, with assets that are no more than 50km away from the city centre.

Original story: Eje Prime

Translation: Carmel Drake

Meridia Will Build Everis’s New HQ in Barcelona Spanning 25,000m2

29 September 2018 – Expansión

The multinational consultancy firm Everis will move its headquarters from Barcelona to an office complex that Meridia Capital is going to build for it in the Villa Olímpica and which will have a surface area of 25,000 m2. According to Cushman&Wakefield, which has advised on the lease, it is the largest corporate rental operation in the Catalan capital for the last 10 years.

Currently, Everis has its headquarters at 605, La Diagonal, although it also occupies other offices in different locations around the city. Its intention is to move all of its workers from Barcelona, around 2,900 people in total, to the future headquarters. The new facilities will be located at number 213 Avenida Icària and will be split between two buildings.

The plot was acquired a year ago by Meridia, the investment manager chaired by Javier Faus, and has a total surface area of 43,000 m2. The plan is to allocate two-thirds of the plot to offices and the rest to homes.

The Everis project is the first one to be announced for this mega-plot and will be constructed by Meridia turnkey for the multinational firm, with which it has signed a 10-year lease contract. According to a statement issued by the consultancy firm yesterday, the new offices will be “a series of modern, efficient and open spaces that will promote collaboration and innovation through their shared work areas and the latest technologies”.

The new space will be complementary to Living Lab, an innovation and co-creation laboratory located in Barcelona, where more than 70 Everis professionals are based working on the development of innovative projects.

Original story: Expansión (by M. Anglés)

Translation: Carmel Drake

La Once Sells Industrial Warehouse In Barcelona For €1.2M

7 November 2017 – Eje Prime

The industrial sector is continuing to see the completion of new operations during the final stretch of the year. Ilunion, La Once group’s job placement subsidiary, has signed the sale of an industrial warehouse measuring 3,088 m2 in Barcelona to the Metauto Motor group for €1.2 million. Moreover, the company has allocated a further €400,000 to spend on the complete renovation of the property to adapt it to its needs.

The warehouse is located on the Fonollar Norte industrial estate, in Sant Boi de Llobregat, Barcelona. Thanks to this operation, advised by NCI Asesores Inmobiliarios, the Metauto Motor group will launch a new establishment for second-hand vehicles, as well as a service for the cleaning, maintenance and rental of cars.

NCI has become a very active player in terms of operations in the industrial sector in Cataluña. Led by Carles Torres, the real estate consultancy firm has closed several operations in the autonomous region in recent months, including the acquisition of a 2,500 m2 asset on the La Post industrial estate for the company Litografía Roses, next to the Barnasaud shopping centre.

One of the most important operations that the group has led in the last year has been the one that it signed with the cosmetics company Markwins International. The construction firm Byco de Inbisa is responsible for completing the turnkey construction of the group’s logistics warehouse, which is located in Montornès de Vallés, Barcelona, and which will have a surface area of 9,500 m2. The land where the warehouse will be built measures 13,000 m2 and was also acquired by Markwins International in the same operation.

That operation required an investment of €6 million for the group, which until now has been undertaking its activity on the Mas Galí de Gurb industrial estate. From the new warehouse located in Montornès de Vallés, one of the main logistics enclaves in Barcelona, it will receive products from its factories in Asia to distribute them across Europe, Africa and the Middle East.

Moreover, Inbisa Construcción has already built a logistics warehouse for Goodman, one of the main operators in the ownership, management and development of investments in the industrial real estate sector, and another one for Decathlon, which specialises in the distribution of sports equipment, clothing and footwear.

In addition, in April, the company carried out the lease of a warehouse, measuring almost 1,500 m2, and of new offices in Barcelona for the Swiss company Alfa Metalcraft Corporation (AMC), a multi-national firm specialising in the manufacture of saucepans.

AMC then went on to occupy an industrial warehouse on the La Torre industrial estate, with a surface area of 1,387 m2, for use by the quality control department. Additional outdoor space measuring 1,000 m2 was added to that warehouse to allow trucks to manoeuvre, load and unload.

Finally, the group leased offices measuring 450 m2 in Sant Cugat, in the Testa building, located at number 64 Avenida Alcalde Barnils. A large number of domestic and international companies have their offices in that area, such as Hewlett Packard, Emagister, Omega Pharma and the current offices of Schibsted, although that firm is actually going to move its operations to Barcelona’s 22@ district within the next few months.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Prologis To Invest €30M In New Logistics Centre In La Ribera

25 April 2017 – El Mundo

The period of lethargy in the logistics sector has come to an end. With a growing demand that far exceeds supply, the US-based multinational Prologis is planning new projects in the Community of Valencia. The company, which is headquartered in San Francisco, inaugurated the first phase of a centre on the Valencia Logistics Park (Parque Logístico de Valencia or PLV) last week and is now finalising the construction of another large project in Massalavés, in the Ribera Alta region. This warehouse will have a constructed surface area of 60,000 m2 on a plot measuring 90,000 m2, according to the Director General for Prologis Iberia, Gustavo Cardozo.

Unlike the property inaugurated in Riba-roja, which the logistics multinational has constructed at its own risk to offer it under lease, the park in Massalavés will be constructed jointly with an operator to whom the new venue will be delivered turnkey. Negotiations with the interested company are very advanced, although Cardozo managed to avoid revealing the identity of the company in question. The project will be carried out on a plot of land that Prologis acquired in 2005, but which has been undeveloped since the outbreak of the crisis.

The Director General of the company in Spain estimates that the investment relating to this project will amount to €30 million, although the impact of Prologis in the region will be higher. In addition to that figure, there is the amount that has been allocated to the construction of the two modular warehouses in Riba-roja (€20 million). This centre, whose first phase is already operational, will generate 170 direct jobs, according to the Councillor for Homes and Public Works, María José Salvador, who cut the ribbon at the inauguration ceremony. Also in attendance at the inauguration were the Director General of Prologis for the South of Europe, François Rispe, as well as the mayor of the town, Robert Raga. (…). According to Raga, the new tenants will move into a plot of land measuring 27,000 m2, which until now had been owned by the Town Hall.

Over the last two years, commercial operations have resumed with a bang on this logistics industrial estate, which the Generalitat developed back in the day. Under this legislature, around 130,000 m2 have been sold, compared with just 10,000 m2 during the previous one. These facilities, located next to the bypass, less than 25 km from the Port of Valencia and 10 km from the airport, are receiving interest from investors, according to the Director General of Prologis, who also thanked the Valencian Government for the powers it has granted to enable this first phase to be executed in just over a year from the date the plots were acquired. (…).

The Riba-roja operation is the first that the US company has undertaken at its own risk in Spain since 2009. Prologis purchased 70,000 m2 of land in July 2016 and by November, had begun construction of the first warehouse, which is divided into four 6,000 m2 modules so that it can be rented out to a single operator or to various. According to Cardozo, it does not look like marketing this space is going to be a problem, given the high level of demand for logistics facilities in this area.

Such is the case that construction is expected to start on the second phase within the next few months. The twin warehouse will also have a surface area of almost 24,000 m2.

Original story: El Mundo (by Francisco Álvarez)

Translation: Carmel Drake

Merlin: Yields On Commercial & Logistics Assets Will Recover In 2016

8 April 2016 – Mis Oficinas

The Chairman of Merlin Properties, Ismael Clemente (pictured above), has said that the company is observing an emerging recovery in office rents and a clear recovery in the yields on logistics and commercial assets.

Speaking at the company’s General Shareholders’ Meeting, he confirmed that he expects to see less investment activity this year, and for that information to be focused primarily on logistics assets.

Given the company’s portfolio, which is worth around €6,000 million, the company says that it can afford to be more selective when it comes to committing to new investments and it recognises that international investors have uncertainties given the political landscape in Spain.

The company has also launched an energy certification program for its office buildings, which will affect around 37 of the 47 properties in its portfolio, will cost around €10 million and will last for three years.

Similarly, it is developing an office building at the junction of the M-11 and A1 motorways on the former Levitt site, whose works will go up for tender soon. It is also working on a turnkey logistics product.

During his speech, Clemente said that, following the purchase of Testa, Merlin is now the undisputed market leader with rental assets worth €6,000 million. It is also the market leader in the office, retail outlet and logistics segments.

“The magnitude of what has been achieved is enormous. The integration of Testa has been completed in record time, which has allowed the consolidation of the team that is already operating at full capacity”, he added.

Merlin’s commitment is to develop a model based on high quality assets, with solvent tenants and a policy of acquisitions and financing without risks.

“We depend on a political, economic and regulatory environment that provides us with security, but that is also where some of the uncertainty lies”, he acknowledged.

Original story: Mis Oficinas

Translation: Carmel Drake