Panattoni Buys 57,000 m2 of Land from Gilsa to Promote a Logistics Park in Vitoria

The logistics developer Panattoni has signed an agreement with Gasteizko Industria Lurra (Gilsa) for the purchase of two plots of land spanning 57,000 m2.

The logistics market is continuing to generate good news for the real estate market. Panattoni is planning to develop a logistics park comprising two state-of-the-art multi-client warehouses on these plots, which are located on the Jundiz industrial estate in Vitoria.

The two buildings, which span 19,000 m2 and 13,000 m2, respectively, will be designed as distribution and storage platforms, in what is expected to be a benchmark logistics park for distribution throughout the Basque Country, as well as neighbouring regions and Southern France. The operation has been advised by the consultancy Busenver and the commercialisation of the park has been entrusted to CBRE and Ucieza Servicios Inmobiliarios.

Read the full article in Spanish.

Solicius Acquires Office Building Housing BBVA in Vitoria

17 July 2019 – Richard D. K. Turner

Solicius, the socimi owned by the Mazabi Group, has acquired a property in Vitoria. The asset is a building located at Calle Eduardo Dato, 12, in one of the most consolidated areas of the city. The almost 2,500-m2 building is valued at more than 10 million euros and is currently fully leased to BBVA.

The socimi is currently building up its portfolio of properties before an intended stock market listing sometime next year. Solicius’ goal is to reach €1 billion in assets. At the moment, its diversified portfolio consists of more than twenty properties.

Original Story: Idealista

 

Merlin Buys Several Logistics Warehouses for €78.6M

10 September 2018 – Expansión

According to a statement issued by Merlin, the recent acquisitions made by the Socimi – since July – will add an estimated rental income of €6 million p.a. to the asset portfolio, with a gross estimated yield of 7.6%.

In Cabanillas (Guadalajara), Merlin has acquired a logistics warehouse spanning 15,075 m2, which is leased in its entirety to Jaguar Land Rover under a 10-year contract, with a gross yield of 6.2%.

Moreover, also in Cabanillas, Merlin is going to start construction work on two logistics warehouses spanning 42,500 m2 with an estimated gross yield of 7.7%.

In Vitoria, on the Júndiz industrial estate, Merlin has acquired two logistics warehouses, which span 26,775 m2 and are leased to DHL under a supply contract with Mercedes-Benz, and which have a gross yield of 7.5%.

The company has also signed a turnkey project for a warehouse spanning 35,282 m2 on an industrial estate in Ribarroja, with connections to the A3 and A7 motorways, close to Valencia. The delivery of the warehouse is scheduled for the middle of 2019, with an estimated gross yield of 7.2%.

Other Merlin projects include the start of a “built-to-suit” site and a speculative project in the ZAL of Sevilla, with a gross surface area of almost 18,500 m2 and an estimated gross yield of 9.9%.

Original story: Expansión 

Translation: Carmel Drake

Bankinter’s Socimi Buys 4 Retail Premises from Inditex for €12.5M

15 June 2018 – Eje Prime

The Galician giant Inditex is continuing to divest some of its real estate assets and the main players in the sector are taking advantage to acquire retail premises on some of the country’s main high streets. Ores, the Socimi owned by Bankinter and the Portuguese firm Sonae, has purchased a package of four assets from the owner of Zara for €12.5 million. The establishments, which together span more than 1,930 m2 are currently leased to the female fashion chain Stradivarius.

Ores Socimi has acquired one store measuring 700 m2 at number 28 Rúa de Urzaiz, in Vigo; another measuring 450 m2 at number 23 on Calle de los Fueros, in Vitoria; a third measuring 430 m2 at number 2 Calle Emilio Arriesta, in Pamplona; and a fourth measuring 350 m2 on the corner of Plaza del Olivar and Calle San Miquel, in Mallorca.

“With this acquisition, financed by available cash held by Ores Socimi, the company is continuing to fulfil the investment objectives set out in its business plan and in accordance with the financial parameters committed to the shareholders”, explain sources at the group.

The purchase of these stores, located on the main high streets of the respective cities, follows another acquisition carried out at the beginning of this month in Madrid. That deal involved an establishment located at number 157 Calle Alcalá, with a surface area of 374 m2, as revealed by Eje Prime. Those premises are currently rented out to the restaurant group Tim Hortons (…).

Ores is aimed at private banking clients. Although its asset portfolio is, for the time being, limited, the Socimi made its debut on the stock market with the aim of investing €400 million in commercial premises on the high street, as well as in supermarkets, retail parks (measuring up to 20,000 m2), bank branches and single assets with long-term rental contracts and solvent tenants.

Bankinter and Sonae Sierra launched this new venture in the real estate sector in record time. The two groups constituted the company on 15 December last year and, in just two months, completed the vehicle creation process, raised sufficient capital to get it moving and made the leap onto the stock market.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Merlin to Invest €250M Developing 565,000 m2 of Logistics Space

6 June 2018 – Expansión

The Socimi Merlin is going to invest €250 million developing 565,000 m2 of new logistics space in Madrid, Valencia, Sevilla, Málaga, Vitoria and Lisbon over the next two years.

According to explanations provided yesterday by the company’s CEO, Ismael Clemente, the next main complex that it is going to promote will be Cabanillas 2, in Madrid, measuring 210,000 m2.

The listed company will expand its logistics presence in Spain to 1.7 million m2. Merlin currently has more than 1.1 million m2, excluding the space it owns inside the Logistics Activity Zone (ZAL) in the Port of Barcelona.

Original story: Expansión

Translation: Carmel Drake

Corpfin Buys 2 Retail Premises in Madrid & Vitoria

11 December 2017 – Eje Prime

The Socimi Corpfin is continuing to add new assets to its portfolio. The company, through its vehicles Corpfin Capital Prime Retail II Socimi and Corpfin Capital Prime Retail III Socimi, has purchased two retail premises in Madrid and Vitoria, according to a statement issued by the company.

At the end of November, Corpfin formalised the purchase of a store located at number 15 Calle Posats in Vitoria. The acquisition of that asset involved an investment of €1.06 million.

In Madrid, the company has also grown its portfolio of retail assets. In September, the Socimi acquired the store at number 68 Calle Velázquez from Banco de Madrid. That operation, whose consideration has not been disclosed, was formalised through a mortgage with CaixaBank and the company’s own funds.

Corpfin Capital Prime Retail Assets Socimi operates with the vehicles CCPR II Socimi and CCPRIII Socimi, raised in 2013 and 2014, respectively, with an estimated lifespan of between six and seven years.

According to the company, “the two vehicles will invest in around fifteen assets, with a maximum investment amount per asset equivalent to 15% of the total of the funds”. “The forecast combined total investment is €100 million, split between CCPR II, with €30 million and CCPR III, with €20 million, and a target leverage rate of 50%.

Moreover, the company also operates in the real estate sector through its vehicle CCPR Retail Parks. That fund specialises in retail assets, primarily retail parks, involving a high management component. According to the group, the estimated diversified investment for that fund is between twelve and fourteen operations, with an average investment volume of €3 million per operation, including land, capex, acquisition costs and marketing. To date, the fund has committed half of its planned investment.

Corpfin’s most recent operations through CPRP have involved the purchase of a plot measuring 4,345 m2 from the General Foundation of the Universidad Complutense de Madrid. For now, Corpfin has signed a contract to open an Aldi supermarket on that site, which will occupy a surface area of more than 1,200 m2 and which will be that chain’s first establishment in the municipality. The remaining land is still being marketed.

Other operations carried out by the fund are the Las Moruchas Retail Park in Ávila, inaugurated in June 2016, and the construction of a new retail complex in Alcorcón (Madrid), which is currently under development.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake