MERLIN Properties inaugurates its logistics park “MERLIN Cabanillas”, with over 200,000 sqm of gross lettable area and full occupancy
MERLIN Properties today inaugurates the logistics park MERLIN Cabanillas, with 202,600 sqm of gross lettable area. The park is the largest logistics development since 2007 and has successfully achieved 100% occupancy before opening.
MERLIN Cabanillas is located in the main logistics hub in Spain, the Henares corridor, where most of the national and international major logistics names are present.
The logistics park is located 51 kms from Madrid city centre and 42 kms from Barajas airport, and benefits from direct access to both A-2 and R-2 highways. MERLIN Cabanillas is the main project of the ambitious logistics development program in which MERLIN Properties is currently engaged. Two years ago MERLIN identified the extraordinary potential of this location and reached an agreement with two developers for a forward purchase scheme, thus initiating the development. The park, divided into 5 modules, was conceived in accordance with the highest standards prevailing in the market. The logistics complex boasts large sized roads, minimum free height of 12 metres, very high allocation of docks (one every 800 sqm), closure with reinforced concrete, LED lighting and ample parking facilities. Module A is one of the few logistics facilities in Spain with LEED Gold certification and the certification of the remaining 4 modules is underway.
MERLIN-Cabanillas is 100% let to Logista, Luis Simoes, XPO Logistics and an undisclosed tenant. Total investment amounts to € 96.1 million, with gross annual rents over 7.8 million, generating an 8.2% yield on cost.
The success of this development evidences the excellent prospects of the logistics market in Spain, underpinned by the strong macro growth, record level of export activity, and, more importantly, the rapid growth of on-line sales. At 19%, Spain recorded the highest growth rate of on-line sales in Europe last year, accelerating the convergence of Spain, where the rate stands at 4% to the European average, where on-line sales represent above 10% of total retail sales.
MERLIN Properties continues implementing its ambitious logistics development program, with ca. 280,000 sqm currently underway both in the A-4 (Pinto and Gavilanes) and A-2 corridors (Meco, Azuqueca and San Fernando), reinforcing its leading footprint in the main hubs of Madrid.
About MERLIN Properties
MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization of approximately 4,500 million euros, specialized in the acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers and logistics facilities, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, and MSCI Small Caps indices.