Rockspring Property Investment Managers has signed a forward commitment to acquire a c. 50,000 m² Grade A logistics park in Torrejón de Ardoz, Madrid, on behalf of a private client, for a purchase price of c. €35 mln from Inversiones Montepino.
Once completed, the park will be located in the heart of Madrid’s most consolidated logistics and distribution sub-market, close to Barajas Airport, and will benefit from easy access to the A2 motorway that connects Madrid to Barcelona and to the rest of Europe. Construction licences are in place and construction is expected to start immediately, with completion targeted for the last quarter of 2015. The new building will be LEED certified.
The vendor, Inversiones Montepino, is an experienced developer of industrial and distribution warehousing and has a strong and proven track record in the Madrid and Zaragoza markets.
John Thompson, Director at Rockspring Iberia said: "We are delighted to have secured this opportunity in the face of stiff investor competition. The site is one of the very best of its kind to have come to market in Madrid in recent years and we believe that now is the right moment in the cycle to undertake a project of this nature. Together with our development partner, Inversiones Montepino, we look forward to delivering into the recovering occupational market a world class logistics park, of a quality rarely seen in the Spanish market."