Clarion Partners Europe has acquired a 37,160m² of newly built, an institutional-grade warehouse near Illescas Yeles, south of Madrid. The build-to-suit Madrid property, which was completed earlier this year, is leased to Mediapost Spain, part of La Poste group, one of the largest postal and courier companies in Europe, on a 7-year double net lease. It features 10.8 metre clear heights, 5T/m² floor loading capacity, along with 153 car parking spaces. The Illescas market is strategically located 40km south of Madrid centre offering excellent connectivity via the A-42 and A-4 motorways, which are accessible within five and fifteen minutes respectively, whilst Madrid city centre can be reached within 35 minutes. The purchase price was not disclosed.
Alistair Calvert, CEO of Clarion Partners Europe, commented: “This is an institutional warehouse asset in one of Spain’s major logistics hubs, let to a strong covenant in a market which is expected to continue to grow due to the rapid increase in e-commerce penetration caused by the Covid-19 pandemic. Despite ongoing economic volatility, our portfolio has continued to demonstrate its strong income and capital value characteristics. The importance of our assets to our diverse tenant base has been demonstrated by our rent collection figures and recent letting successes and we believe we are well placed from a sectoral and geographical perspective as more businesses seek to futureproof their operations in response to changing consumer behaviour.”