Delin Capital Asset Management has acquired a logistics development site, located in Alcala de Henares, 35 kilometres east of Madrid. The transaction was Delin’s first in Spain, a market characterised by an undersupply of high-quality logistics space and rapidly growing e-commerce penetration. The company previously acquired the nine-hectare site from a private vendor and has now also obtained a building permit for the speculative development of an institutional quality, multi-let 53,000m²m estate, comprising five units, varying in size from c. 10,500m² to 15,600m², across two buildings.
The warehouses will feature 12.2 metre clear heights, 80kN/ sqm floor loading capacity, high efficiency LED intelligent lighting, ESFR-certified sprinkler system and a BREEAM Very Good certification. To better guarantee safety, car and truck traffic will have separate entrances and exits and each unit will have dedicated car parking. Completion is planned for Q2 2020.
Delin Alcala park lies in the Henares Corridor, Spain’s largest logistics and distribution corridor. The park benefits from excellent accessibility via its location on the A2 motorway, a major arterial route that connects Madrid to Zaragoza and Barcelona, whilst Madrid International Airport is a 20-minute drive by car. The area also benefits from a ready-made workforce, with circa 600,000 people living in the local vicinity, and good public transport links.
Mark Kirkland, CEO of Delin, commented: “With the experience we gained over the last couple of years delivering new grade-A logistics space in the Netherlands and having assembled a team of experts with deep local knowledge of the Madrid market, we have a high degree of confidence that this expansion of our operations into a new territory is well timed and will allow us to extract significant upside on behalf of our investors.”
Jose Espinosa, Development Director Spain of Delin, continues: “The Spanish logistics market is one of the fastest growing in Europe, with e-commerce penetration considerably lower than many of its Western Europe neighbours. At the same time, there continues to be a shortage of mid and big box high."