Patrizia Immobilien AG, acting for its pan-European value-add fund TEP VII, has agreed to forward-fund a 66,424m² grade A logistics centre in Ontígola, south of Madrid, for €37.5m. TEP VII builds on the success of six predecessor funds in targeting cash-flow driven strategies across office, industrial and residential sectors across Europe. The opportunity was originated off-market and comprises two warehouses which are 100% pre-let on Triple Net agreements to two high-quality tenants, DHL and Logisfashion. Delivery is expected during the first half of 2019.
Eduardo de Roda, Patrizia’s Head of Iberian Transactions, commented: “This acquisition highlights our commitment to the Spanish logistics sector, which continues to perform well against a backdrop of e-commerce-driven demand growth and an acute undersupply of high-quality buildings. Patrizia currently manages four logistics properties in Madrid and Barcelona, totalling more than 200,000m².”
