Saltoki & Volvo Both Finalise Multi-Million Euro Investments in Valencia

1 March 2019 – Levante EMV

The Basque company Saltoki, dedicated to the distribution of plumbing and electrical equipment, is going to make an investment of between €20 million and €25 million in the Vara de Quart industrial estate, where it will create a large logistics centre, to take advantage of the proximity of the new facilities to the city of Valencia and its port. It is expected that 200 jobs will be generated thanks to this new infrastructure. Moreover (…), the automobile firm Volvo, is going to construct a large dealership in a new unique building that will be located in Campanar (…). The intention is that this large motor centre will open its doors at the end of 2019 (…).

Saltoki was created in 1978 and has 60 points of sale for plumbing and electrical equipment around Spain, as well as another four logistics centres. The Basque group inaugurated its first establishment in Valencia on 25 June 2018, in the town of Aldaia. That property is a large warehouse spanning 3,400 m2, which is located at number 15 Avenida Ovidi Montllor.

In terms of Volvo, the Swedish brand wants to reproduce in Valencia the experience that it has created in Aoyama (Tokyo) and Milan, where it has launched Volvo Studio Stores. There, the firm is offering a new dealership concept that has a cafeteria and which hosts a variety of events designed “to present the Swedish culture and philosophy of the Volvo brand to a wider audience”, according to the premium brand (…).

Original story: Levante EMV (by Josep Bartual Roig)

Translation: Carmel Drake

The Owners of Mywigo Buy 2 Buildings in Ciudad Gran Turia Complex in Valencia

26 July 2018 – Eje Prime

Cirkuit Planet is turning off the phone for a second to invest in real estate. The Valencian group, owner of the smartphone brand Mywigo, has reached an agreement with the Deposit Guarantee Fund to purchase two buildings in Valencia. The assets used to be owned by Banco Sabadell until 2016, which inherited the properties from CAM.

The operation has been led by Strongterra, the real estate arm of Cirkuit Planet, which is acquiring the last two buildings in the sale of the Ciudad Gran Turia complex, previously known as Ciudad Ros Casares, according to reports from València Plaza.

The sale is one step away from being signed and two Valencian partners have participated in it. Sabadell’s servicer, Solvia, has been the entity in charge of leading the sale of the properties, which have been in high demand in a booming real estate market such as Valencia’s.

The buildings, located close to the Vara de Quart Industrial Estate and the Gran Turia shopping centre, span 3,100 m2 each and comprise homes. In addition to that surface area, the transaction includes another 900 m2 in parking spaces. Nevertheless, the ground floor commercial premises in the two properties do not form part of the operation.

With 58 lofts, including twelve penthouses, the two residential blocks, are two of the brand new buildings that remain in Valencia. Although the exact price has not been revealed, the sale could be closed for around €4 million.

Strongterra plans to generate a return from this investment by placing the homes on the medium- and long-term rental market, to which end it is already holding negotiations with several hotel and apartment operators to obtain annual returns of between 8% and 10%, according to estimates from the company itself.

The company’s investment in Ciudad Gran Turia is its third in Valencia. Led by Jonatan Fatelevich and Maximiliano Gavilán, shareholders of Cirkuit Planet, Strongterra plans to group together all of the real estate properties owned by the two businessmen into the company and then convert it into a Socimi over the medium term.

Original story: Eje Prime

Translation: Carmel Drake