GE Real Estate Iberia has acquired a logistics warehouse, currently under construction, from Mafort, a Valencian property company, in the Masiá Balo de Ribarroja industrial park, only 15 km from the center of Valencia. The transaction value is €44 million.
The project comprises a 44,000-m² logistics warehouse designed to meet the most modern logistics standards. The property is scheduled for handover in the autumn of 2008.
With this purchase, GE Real Estate Iberia will further strengthen its industrial portfolio in Spain, which already comprises a total of 200,000 m² of logistic and industrial space. Furthermore, this acquisition, which signals the entry of the company into the Valencian industrial and logistics market, is the second in Valencia for GE Real Estate, following the acquisition of the Ribera del Xuquer shopping center in partnership with Grupo Lar. Valencia has become one of the Mediterranean cities with the greatest growth in the logistics sector.
Marcelo Horcel, Managing Director of GE Real Estate Iberia, commented, "This transaction will enhance our growing presence in the Spanish industrial and logistics market. Not only have we added 44,000 m² to our industrial portfolio, but also announced our entry into one of the most important and fastest growing industrial and logistics markets in the Mediterranean. We expect strong growth in the Valencia region and look forward to other similar transactions in the logistics and retail sectors in this market."
GE Real Estate Iberia was advised by Garrigues, Exa and Watts. Ind. Ibérica during the transaction, while King Sturge, who held the mandate for the commercialisation of the project, acted as advisors to Mafort.
Source: GE Real Estate