Cushman & Wakefield Healey & Baker (C&W/H&B) announced last Friday that it has recently sold, on behalf of BVG, a German institutional savings bank fund, managed by Real IS a prime logistics warehouse in east of Madrid (Spain) to the Insight European Real Estate Trust.
Real IS, owned by Germany´s Bayerische Landesbank, is a fund manager with over 20 real estate funds under management and totalling an investment volume of over 3 billion.
The Insight European Real Estate Trust is a new fund established by Insight Investment utilising funds from its parent HBOS plc (Halifax Bank of Scotland). Insight Investment is the asset manager of HBOS plc and at 31 March 2005 has total assets under management of over 114 billion and real estate assets under management of over 8.5 billion in the UK. The purchase of this logisitics warehouse represents Insight´s first acquisition in Spain, paying 14.25 million.
The property, located along the Corredor del Henares in Madrid, is currently leased and occupied by Tech Data, a specialised information technology and logistics service provider, occupying 21,356 m² GLA.
Rupert Lea, partner at Cushman & Wakefield Healey & Baker's Madrid Capital Markets Group commented that "this sale not only demonstrates the strength of the international investor market in this sector but that it is increasingly becoming a focus for new capital. The purchase price was in line with bench marks for prime distribution in Madrid."