Logistics specialist VGP has announced the acquisition of the former La Naval shipyard site on the Bilbao estuary, Northern Spain.
The site will be redeveloped as part of a revitalisation project covering 280,000 m2 of land, industrial buildings, dry docks and offices of the former shipyard.
VGP bought the asset as part of the judicial/bankruptcy proceedings and asset liquidation plan of former owner Construcciones Navales del Norte, S.L., initiated in December 2020.
The buyer plans to build a new industrial park on the site.
‘For VGP, the process of adapting the facilities to the industrial activity of the 21st century necessarily involves attending to the local business fabric and projecting profitable and sustainable growth, in terms of employment as well as the environment,’ said Joan Lacosta, country manager VGP Spain.
VGP started operating in Spain in June 2015. Since then, it has closed the acquisition of more than one million m2 of industrial land in Madrid, Barcelona, Zaragoza, Valencia, Seville and now in Sestao.
Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP with a staff of circa 350 employees owns and operates assets in 12 European countries directly and through several 50:50 joint ventures.
