The rise in interest rates and the threat of a generalized economic recession have taken their toll on the new airport city of Barajas. The board of directors of Aena has awarded this Friday the development of the first logistics area next to the Madrid airport to the company P3 Group Sarl, which has presented a project with an investment of 168 million euros. The award to this investment company of the sovereign wealth fund of Singapore occurs after the Sagro and Logicor consortiums, which presented the best economic offers, have decided to withdraw from the bid as financing to develop their project has become more expensive since the opening of the envelopes last June.
In fact, the project presented by Segro exceeded that of P3 by more than 30%, with almost 250 million euros, 101 million for the surface right granted by Aena and another 146 million more for investments. For its part, Logicor, from the Blackstone fund, offered an investment of 200 million. Five finalists chosen by Aena in June participated in the contest: Segro, Logicor, Merlin, Goodman and P3.
P3 Sarl must now set up a joint venture with Aena, which will own 35% of it and will only provide the land, to develop logistics activity in the area near the Madrid airport. The proposal includes an investment of 116.1 million euros and an initial contribution commitment of 52.5 million euros.
The winning project defines a state-of-the-art logistics park, with offices, complementary activities, green and sports areas, and represents a strong commitment to innovation, sustainability, connectivity and excellence in construction. This first tendered area, dedicated to logistics, includes 28 hectares of surface to develop a maximum building area of 152,914 square meters in addition to four hectares for associated green areas.
The project presented by P3 Group Sarl obtained the best evaluation of all the offers presented in the technical phase, with a score of 92 out of 100, exceeding the thresholds required by Aena in a “very outstanding” way, thanks to its innovative design and its commitment with sustainability, the environment and the territory, according to the airport manager.
The joint company between P3 and Aena will be the owner of the surface right that Aena will establish on the land in Area 1, for a period of 75 years. The investor’s contribution will be monetary, to finance all the costs during the development period foreseen in his offer and an additional monetary contribution to balance the distribution of the company.
The global project of the Airport City, with an associated building area of 2.1 million m2, brings together differentiated development activities. It will be a logistics node with different types of assets such as storage and logistics warehouses, or companies providing aviation services. It also includes an Air City with offices, hotels and associated services for passengers.
P3 has a presence in 12 countries of the European Union and a network of logistics properties that add up to a total of 7.1 million m2 of gross leasable area and 1.6 million m2 of land to develop. With close to 300 managed assets, 470 clients at a European level and various international recognitions, in Spain it has 18 parks distributed between Madrid, Barcelona, Bilbao, Zaragoza and Valencia, and some 200,000 m2 of land to be developed. The socimi P3 Logistics Parks.de It has been in Spain since 2017. Its largest current project is located in Illescas, with a total area of 196,000 m².