Deconstructing an existing warehouse for to build one (or more) for the same client, it is more complicated that put at its disposal an existing building. This ability to carry out front two operations (swap) demolition/construction requires certainly more skills, but it generates more value added. Here his success in logistics real estate investor.
Three examples of deconstruction/reconstruction
Eurinpro, customized global solutions provider, has in this respect several achievements to his credit (see p. 8). By purchasing JVC site of Roissy, a building industrial deemed too small and poorly placed since the merger of audio and video activities, said real estate investor have allowed him to leave inadequate balance sheet assets, thus identify of cash, but also to have within six months of a new warehouse of 14 000 m2 and a new headquarters, "social showcase" of society in Houilles. Similarly, owner of a site at Meaux he most appropriate, Kärcher assigned it to Eurinpro in Exchange to his available 23 000 m2 to Combes-la-Ville, alongside the TNT logistics operator.
Another example, Ingram Micro, traded, US company wanted to get rid of its Brussels site, an old store inherited from the redemption of a society. Eurinpro the him resumed, rebuilding to a site at Netherlands (50 000 m2 in Tilburg), another in France (30 000 m2 to Lille-Lomme). Industrial had initially required that 25 000 m2, but planned to use the double term. In realizing this surface for all, the investor said allowed him to achieve an economy of scale.
In Eurinpro, swap represents 5 of the activity
In Eurinpro, the percentage of the CA in swap activity is still low; around 5. But it will be developed, especially in France where the Group believes that its only real competitors are customers anxious to invest themselves in storage, such as the logistics officer Faure & Machet in Ukraine or distributor Auchan in Russia. However, reconstruction market is far from saturated: of the 30 available m2 million, 20 million are inadequate to the needs of the client and/or regulatory constraints (HQE standards including) growing!
Hence the burning need to demolish, number of logisticians being anxious to separate these inadequate assets: GCA, TNT... "The DRIRE being jealous of their independence from the prefects in charge of issuing building permits, are the public authorities themselves who create the market!", fun François Rispe, country manager France of Eurinpro. The turnkey logistics investor builds on three strengths to develop its swap market: taxation (property tax varies from 3 to 9 m2 territories!), multimodal transport (although the lack of profitability of the historic railway operator hinders his zeal of resumption of branched... Terminal) and the speed - is committed to pay penalties for delay in delivery of the warehouse out of timewhich to this day never happened.
Remains that the swap transactions are riskier than ordinary provision updates. Where contracts of longer duration (6 years minimum, and ideally 9 years old, or double the normal duration of the commitments) and the prices also above, what "turning around 5 of the price of the market", says François Rispe. The customer to arbitrate between the flexibility he needs and the financial cost that it is willing to pay.