GE Real Estate Iberia has signed an agreement to acquire a logistics project from Llonch Associats for approximately €80 million. Llonch Associats is developing the scheme in the town of Vilarrodona, 80 km from Barcelona. The project comprises six logistics warehouses with a total of 110,000 m² of floor space and is situated alongside the AP2 motorway in the Tarragona town of Vilarrodona. The project is currently under construction and is scheduled for delivery in summer 2008.
The design and construction of the properties is being undertaken by Coperfil Construcción, GE Real Estate's preferred partner for industrial projects in the Iberia region.
This transaction consolidates GE Real Estate's position in the Barcelona industrial market, in which it already has an asset base of 95,000 m² following the acquisition of the Landscape mixed use portfolio in January 2007.
Xabier Barrondo, Director, Business Development at GE Real Estate Iberia, commented, "The growing demand for industrial and logistics assets, due to the scarcity of industrial premises and the relative stability of the sector, makes this acquisition a strategic move to further our growth in Catalonia. This transaction not only doubles the size of our industrial/logistics portfolio in Barcelona, but also consolidates our holdings in the region, creating a total of 300,000 m² of logistics and office assets."
GE Real Estate Iberia was advised by URIA, Exa and Watts. Ind. Ibérica.
Source: Grupo Albión