AXA Real Estate Investment Managers announced the acquisition of a prime logistic warehouse development in Madrid, Spain, on behalf of one of its clients. The development, which is situated in the Madrid southern area of Getafe, has been acquired from UTE Posmocan Los Gavilanes.
The development is due for completion in summer 2012 and comprises 42,860 m² of lettable area all of which has been pre-let to Decathlon, one of Europe's leading sports goods retailers and manufacturers.
Situated in the new business area Los Gavilanes, approximately 15km south of Madrid, the site benefits from excellent transport links and visibility, with direct access and frontage to the A-4 Madrid-Andalusia main highway and the M-50 city ring-road. This area is expected to become the prime logistics hub for the south of Madrid in the coming years, serving both the wider business community as well as retailers. The development of this business area, including AXA Real Estate's newly acquired Decathlon warehouse, is being undertaken by Obras Caminos y Asfaltos, S.A.
Hermann Montenegro, head of AXA Real Estate in Spain said: "This acquisition offers our client, a high quality asset, which is let to a secure tenant on a long lease, providing highly visible rental income. The purchase further demonstrates our expertise in sourcing properties and executing transactions which offer our clients stable cash flows and the potential for capital growth."