Rockspring Property Investment Managers has acquired a substantial speculative development site on the Los Gavilanes estate in Getafe, Madrid on behalf of a separate account client. The site will be developed as part of a major logistics warehousing project.
At around 88,000m2, the site will be developed to provide approximately 60,000m2 of grade-A logistics stock. When complete, the property will have the capacity to be sub-divided into 8,000m2 units, providing flexibility to cater for a variety of potential occupier requirements. Construction will start in February 2016, with completion scheduled for early 2017 and the development will target a LEED certification.
The Los Gavilanes industrial estate provides direct access to Madrid’s motorway network and is strategically located 17km south of Madrid city centre, at the junction of the A4 Andalusia highway and the M50 orbital motorway. It is 10km from Spain’s largest fish market, Mercamadrid, and 27km from Madrid Barajas international airport.
On completion of the development project, Rockspring’s Spanish logistics portfolio will comprise approximately 110,000m2 of grade-A space across two prime locations.
John Thompson, director at Rockspring Iberia said: “This acquisition will enable us to create a high quality scheme on one of the best industrial sites in Madrid, at a point in the cycle when occupier demand is clearly strengthening and the availability of quality stock in the area remains extremely low.”
Jo De Clercq, partner at Rockspring added: “In line with the acquisition of Torrejón last year, this strategically located logistics asset close to the Spanish capital enhances our growing portfolio of European logistics facilities and we are actively sourcing similar investment opportunities in cities that have a central part to play in Europe’s growing logistics infrastructure.”
