17 October 2017 – Eje Prime
Lar España is putting its foot down on the accelerator. The Socimi is finalising plans for a new logistics park in Cheste (Valencia), the sixth industrial project to be undertaken by the firm in Spain. The firm has already created a company to manage the complex, which spans a leasable surface area of 122,000 m2. Now, planning permission just needs to be granted for the site so that the construction work can begin.
The project has already been granted environmental approval, according to El Español, and will be located in one of the most important enclaves for the logistics sector in Valencia, a short distance from the major distribution centre in Ribaroja on the Ciudad Circuito industrial estate. The forecast investment in this new logistics park will amount to almost €16 million.
In addition to logistics activities, the site will also be kitted out for cross-docking and will allow the entry of mega-trucks.
The company created for this asset is called Lar España Inversión Logísitic VI, which will be led by Miguel Pereda, a proprietary director of the Socimi, whilst Jon Armentia, Corporate Director of Lar España, will perform the role of Vice-President.
The project in Cheste represents the company’s sixth logistics investment, given that it already owns one complex in Valencia, in Almussafes, and four in Guadalajara (Alovera), worth €77 million in total.
In Spain, 80,000 m2 of logistics space was leased during the third quarter of 2017, down by 29% compared to the previous quarter (112,000 m2). In terms of the cumulative figure for the half year, more than 317,000 m2 of space was leased, down by 57% compared to the same period last year.
Original story: Eje Prime
Translation: Carmel Drake
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Source:: AURA Real Estate Experts