Invesco Real Estate has acquired three newly-built logistics assets located in the major cities of Madrid and Barcelona, two of the most important and demand-driven logistics hubs in Spain. The transactions, with a total investment volume of €173m and comprising a total of 189,500m², have been made on behalf of two of the firm’s German separate account mandates.
The two of the logistics assets located in Abrera, Barcelona and Eastern Madrid, respectively, were closed in August 2018, with the third warehouse, a forward-funding project in Southern Madrid, exchanged contracts earlier this year and will be closed in the fourth quarter 2018. Through the interconnection of different modules, the properties enjoy strong flexibility with the ability to offer different sizes of logistics space to accommodate smaller and larger tenants.
Fernando San Juan Monje, Director – Transactions, Spain at Invesco, commented: “The size, quality and location in prime consolidated logistics areas makes these three properties unique and gives us the opportunity to further increase our portfolio of last-mile logistics assets. Situated within the vicinity of Barcelona and Madrid, with direct access to the highway, these large best-in-quality assets are an attractive product for both logistics operators and investors.”
Guy-Young Lame, Director – European Research at Invesco, said: “These exciting opportunities for two of our German separate account clients have come at the right time. We have seen the still underdeveloped e-commerce sector in Spain expand rapidly in recent years, meaning that there is a great and growing demand for high-quality logistics assets today.”