MERLIN Properties acquires a logistics warehouse in Valencia for 12.2 million euros
• The warehouse property is located in Almussafes, Valencia, in the Sollana industrial area, the site of Ford’s main production facility in Spain
• Following the recent acquisition of Imaginarium’s central logistics complex in Zaragoza, MERLIN has strengthened its position in the industrial sector through its subsidiary MERLIN Logística
• With this purchase MERLIN has invested 1,069 million euros of the 1,292 million euros the company raised from its stock market listing, and has put 83% of its equity to work
The asset, built in 2008 following the highest standards for logistics facilities, has a gross leasable area (GLA) of 26,613 square metres and is fully leased to blue chip tenants such as Ford, Johnson Controls and Truck & Wheel. The property is located in the Sollana industrial area of the town of Almussafes (22 km. from Valencia) and boasts excellent access to the AP-7, A-7 and V-31 roads. This industrial hub has grown around Ford’s main manufacturing facility in Spain, housing major operators serving the automobile industry.
The acquisition price reflects a net initial yield, according to EPRA recommendations, of 9.0% (“EPRA Net Initial Yield”) and with potential for future yield growth through various improvements in the management of the asset.
This acquisition is a milestone for MERLIN as it has invested 1,069 million euros. This amount was invested from the 1,292 million euros the company raised through its stock market listing. Investments include a wide range of property types (high-street retail, shopping centres, offices and logistics facilities).
This acquisition represents MERLIN Properties’ second investment in the logistics area following its recent acquisition of the logistics complex of Spanish retailer, Imaginarium, in Zaragoza. The property is located in a well-established logistics park known as PLAZA, which has a surface area in excess of 13,100,000 square metres, and is one of the largest logistics park in Spain. The asset, which was acquired for 10.75 million euros, includes three buildings (two for logistics and warehousing and the third for offices) with long-term lease contracts with the well-known international toy retailer. The asset also boasts approximately 15,000 square metres of unused land that can be developed. The acquisition price of Imaginarium’s central logistics complex represents a net initial yield, according to EPRA recommendations, of 9.77% (“EPRA Net Initial Yield”).