Tag: Zaragoza

The Aragonese Group Bancalé Acquires 1,220 hectares of Land in Zaragoza

13 January 2020 – Heraldo

Bancalé has acquired the rural plots of land associated with the failed urban operation linked to the Plaza Logistics Platform in Zaragoza. The Aragonese investment group plans to use the plots for the development of a new agricultural line of business, as well as to grow its renewable energy division with the construction of a large photovoltaic solar plant on the site.

The plots are located between the La Peñaza golf course, the A2 motorway, the Centrovía industrial estate and the AVE railway tracks, and span 1,220 hectares in total.

The family office has reportedly paid more than €10 million for the land, which was previously owned by the US investment giant Blackstone.

Original story: Heraldo (by Jorge Alonso)

Translation/Summary: Carmel Drake

Intu Finalises Sale of Puerto Venecia to Joint Venture for €475 Million

4 January 2020 – The British firm Intu Properties, together with Canada’s CPPIB pension fund, has finalised the sale of the Puerto Venecia shopping center in Zaragoza to a joint venture formed by Generali Real Estate and Union Investment for 475 million euros. The firm’s agreed to the sale, which they had originally announced in the summer, at the very end of 2019, makin it one of the largest such operations of the year.

Puerto Venecia is Spain’s largest shopping centre. The 206,890-m2 mall receives 19 million visitors per year. The centre has a total of 193 stores and a 120,000-m2 leisure centre. The El Corte Inglés, IKEA store and a Leroy Merlin were not included in the deal.

Union Investment will acquire a 50% stake on behalf of fund Unilmmo: Deutschland, while Generali Real Estate will acquire the other 50% for the Generali Shopping Center Fund SCS.

En español

La firma británica Intu Properties, junto con el fondo de pensiones CPPIB de Canadá, ha finalizado la venta del centro comercial Puerto Venecia en Zaragoza a un ‘joint venture’ formada por Generali Real Estate y Union Investment por casi 475 millones de euros. La firma acordó la venta, que originalmente había anunciado en el verano, a fines de 2019, convirtiéndola en una de las operaciones más grandes del año.

Puerto Venecia es el centro comercial más grande de España y el centro comercial de 206.890 m2 recibe 19 millones de visitantes por año. El shopping tiene un total de 193 tiendas y un centro de ocio de 120,000 m2. El Corte Inglés, la tienda IKEA y un Leroy Merlin no se incluyeron en el acuerdo.

Union Investment adquirirá una participación del 50% en nombre del fondo Unilmmo: Deutschland, mientras que Generali Real Estate adquirirá el otro 50% para el Fondo del Centro Comercial Generali SCS.

Original Story: El Confidencial

Translation/Summary: Richard D. Turner

Sire Acquires Portfolio of Logistics Assets in Zaragoza

5 December 2019 – Strategic Industrial Real Estate (Sire), a joint venture managed by Arrow Capital Partners, has acquired a portfolio of logistics assets in Zaragoza. The deal, in conjunction with Cerberus, includes 38,536 square meters of gross leasable area worth 20 million euros. Savills Aguirre Newman and Latham & Watkins advised on the acquisition.

Sire has €2 billion to invest in European logistics and industrial assets.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Investments in Zaragoza’s Logistics Sector Up 400%

14 November 2019 –In the first nine months of the year, firms in Aragon have invested 128 million euros, an increase of 400% compared to all of 2018. Investments in October and November have so far added another 45 million euros to the tally. The figures have established Zaragoza as a major logistics pole after Madrid and Barcelona, accounting for 10% of the investment in Spain as a whole.

A study prepared by CBRE notes that the increase is largely tied to two major transactions in the Plaza logistics centre, involving a total of 145,000 square meters. The deals have typically offered returns of between 5% and 6%.

Original Story: Heraldo – Chus García

Adaptation/Translation: Richard D. K. Turner

Roebuck Acquires Logistics Platform in Zaragoza for €78 Million

8 November 2019 – The property management firm Roebuck has acquired a logistics facility in Zaragoza, previously owned by the Pikolin group, for 78 million euros. The latter firm, a Spanish mattress manufacturer, will continue leasing the site, in a sale and leaseback operation. The facility, located in the Plataforma Logística de Zaragoza, has a useful area of ​​92,723 m2 on a 225,000-m2 plot of land.

The platform includes 11 production facilities (including a polyurethane foam factory), two storage warehouses, 2,500 m2 of workshops and 10,000m2 of offices. The facility is the largest and most modern in Europe for the production of mattresses.

Original Story: Idealista – Custodio Pareja

Adaptation/Translation: Richard D. K. Turner

LaSalle Investment Acquires Logistics Centre in Zaragoza for €20 Million

21 October 2019 – The pan-European real estate fund LaSalle Investment has acquired a logistics centre leased to Dia for more than 20 million euros from an undisclosed seller. The logistics centre, located in Zaragoza, has 31,000 m2 of surface area and was built in 2016. The supermarket chain will remain at the site.

The acquisition is not LaSalle Investment’s first foray into Spain’s logistics sector. In July, the firm acquired Metro Properties, a real estate subsidiary of Metro, consisting of a portfolio of six properties leased to Makro in Spain for 73 million euros.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Grupo Fagra Acquires Hotel Tryp Zaragoza

24 September 2019 – The Spanish Grupo Fagra has acquired the Hotel Tryp Zaragoza from an unnamed international investment fund. The 162-room hotel also has a 2,000-m2 plus retail space and parking for 52 cars.

The four-star hotel opened in 2007 and was managed by the Meliá group under its Tryp by Wyndham brand. Grupo Fagra intends to assume management of the hotel.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Savills Investment Management Acquires Logistics Platform in Zaragoza for €40MM

30 July 2019 – Richard D. K. Turner

Savills Investment Management (SIM), has acquired a logistics platform in the Plaza Logística park in Zaragoza, for 40 million euros. The asset is currently leased to the French company Decathlon. SIM acquired the asset through the Savills IM European Logistics Fund 2 (ELF-2) fund.

The property has a gross leasable area of 50,520 square meters and occupies a 90,000-m2 plot of land.

Original Story: Eje Prime

Aedas Homes Acquires Plot of Land in Zaragoza for 198-Flat Development

15 July 2019 – Richard D. K. Turner

Aedas Homes has initiated operations in Zaragoza, acquiring a plot of land in the neighbourhood of the AVE train station. The purchase from the public company Zaragoza Alta Velocidad (ZAV) involves an investment of 19.3 million euros and will result in 198 new homes.

The firm currently has 4,232 homes one sale throughout Spain and enough land to build another 15,000. Aedas also acquired more land in area, though it declined to reveal details.

The plot the firm acquired is located between Delicias station and Avenida Navarra. The asset’s surface area is 5,821 square meters, with a buildable area of 27,956 m2. Zoning in the area allows for the construction of four buildings, with a maximum height of 19 floors.

Original Story: Heraldo – Jorge Alonso

ZAV to Receive €15.9M from the Sale of an Intermodal Plot for 198 Homes

11 April 2019 – El Periódico 

The company Zaragoza Alta Velocidad is going to receive at least €15,972,060 from the sale of a plot of land in the future AVE neighbourhood. That is the highest price offered in the auction for the plot, known as block 6, which is located next to the Delicias intermodal station in Zaragoza.

Assuming no last minute surprises, the winner of the auction will be the company SPV Reoco 1, which is the firm behind which one of the giants of the residential property sector in Spain likes to hide, namely Aedas Homes. It will be the listed company’s first venture into Zaragoza, although it already has a presence in Madrid, Sevilla and Valencia, amongst others.

Nevertheless, according to sources close to the operation, the auction has not been closed yet, and the other two competing firms Refacleta S.L. and Innovación and Desarrollo Asistencial (de Logroño) are still in with a real chance.

The plot measures 5,821.2 m2 and has a buildability of 27,956 m2, with capacity for 198 flats. Construction on the site, the second real estate development to be built in the AVE neighbourhood, is expected to begin later this year.

Original story: El Periódico (by D. López)

Translation/Summary: Carmel Drake