AEW has acquired two logistics assets in Granollers, Spain for its EUROCORE and LOGISTIS funds through off-market transactions with Trammell Crow Company. The sites are strategically located on the outskirts of Barcelona's central logistics market, with a shortage of supply and strong rental growth potential.
The first asset is c. 8,600m2 Grade A logistics building, which is fully let to AGCO Iberia S.L. It is located less than 20km north of Barcelona’s city centre. The asset represents EUROCORE’s first investment in Spain, expanding its pan-European portfolio across 7 countries.
AEW plans to enhance the sustainability of its asset from 'Very Good' to 'Outstanding' BREEAM In-Use rating. This includes implementing air-source heat pumps, green walls, and measures to promote community wellbeing. The building already features high-capacity PV solar panels, e-charging facilities, and green areas, reflecting a strong commitment to renewable energy.
Separately, AEW will develop c. 14,100m2 of Grade A logistics space on brownfield land on the Congost Industrial Estate, 30km outside the city centre. The building is designed to a high specification and is expected to achieve BREEAM ‘Excellent’ certification with features including LED lighting with motion detection, green areas and other energy-saving features.
Both assets benefit from excellent connectivity, with the AP-7 motorway providing access to Barcelona’s port, and airport, and to the rest of Spain, France and the Mediterranean region.
Carsten Czarnetzki, Head of Iberia at AEW, commented: “While Spain is one of the most developed logistics markets in Europe, it remains characterised by an undersupply of quality, sustainable warehouse space, particularly on the edge of its major cities and our investments in these two logistics warehouses, one of which is already let and operational while the other is under development, represent strategic opportunities for our investors. Both assets are located on the outskirts of Barcelona, where they benefit from a structural imbalance between supply and demand of logistics warehousing, which is fuelling rental growth. These acquisitions also demonstrate our ability to leverage our local relationships to unlock opportunities off-market, which match the different risk profiles of EUROCORE and LOGISTIS, on behalf of our investors.”
AEW was advised by Baker McKenzie, Fabregat Perulles Sales, Hollis and Savills.
Image provided by FTI Consulting. Photo credit: ©Trammell Crow Company
