The British company Segro negotiates the purchase of eight logistics centers in Madrid and Barcelona in the middle of the coronavirus pandemic. These are eight facilities located between San Fernando, Villaverde, Paracuellos (Madrid) and Terrasa, Palau, Viladecans, Cerdanyola and Polinya (Barcelona). The operation, according to knowledgeable sources, is in the negotiation phase, but has already received the go-ahead from the corresponding Competition authorities.
The transaction will be articulated through SEPL, the company that set up the British Socimi in alliance with the Canadian pension fund PSP in 2013. The company’s objective was to create a leading logistics platform in continental Europe, initially focused on six geographies , France, Germany, Poland, the Czech Republic, Belgium and the Netherlands. However, given the good opportunities detected, the company created through this joint venture decided to expand its focus to Spain and Italy. In such a way that, at the end of the 2019 financial year, the company had a portfolio valued at 4.5 billion euros. The Economist contacted Segro, who declined to comment.
However, this figure has increased in recent months as the company has closed four new logistics operations, the first crown in Madrid and Barcelona, totaling 92,000 square meters. In addition, it plans to deliver more than 180,000 square meters in other projects in which it is already working in Getafe (Los Gavilanes Industrial Estate) and in Barcelona, in the Segro Logistics Park Rubí. Currently, the British socimi in its alliance with the Canadian pension fund has a property portfolio of more than 440,000 square meters that will expand in the coming weeks if it closes the acquisition of the eight logistics centers. The current value of its portfolio of projects in the country exceeds 400 million euros.
Boost to logistics
Contrary to what has happened in other sectors, the coronavirus pandemic has increased the appetite of investors for the logistics business, who see it as a good refuge protected by the boom in electronic commerce after months of confinement. In this way, the volume of investment in logistics assets in the first half in Spain reached 438 million, a figure 22% lower than the data achieved in the same period of the previous year, according to data from the Investment Market Report in Spain from BNP Paribas. However, taking into account the planned operations, the annual investment volume in this market segment could be around € 1 billion.