AXA IM Alts has completed the acquisition of a sizeable and newly developed last-mile logistics asset in Barcelona, Spain. The investment opportunity was sourced from Acciona, a global leader in providing regenerative solutions for a decarbonized economy, who acted as developer for the project and pre-let the facility to a leading global e-commerce operator on a long-term lease.
The 58, 000m² asset comprises a bespoke last-mile logistics operating centre spread across 13,350m² of high-quality warehouse space alongside 44,540m² of parking, with capacity to accommodate more than 600 delivery vans. The asset will have a very strong covenant from day one, while its innovative design improves current best-practice distribution systems, supporting long-term value.
Located in central Barcelona, the second most populated city in Spain, the asset will benefit from a strategic logistics location with good transport connections due to its proximity to the main highways and ports. Additionally, the asset borders one of the main residential districts in the city centre, creating a genuine last-mile logistics network and supporting the growing demand for rapid e-commerce delivery time frames.
Due to the scarcity of vacant development land of meaningful size in the area, this acquisition presents a significant opportunity to increase AXA IM Alts’ exposure to high-quality last-mile logistics in Spain. This acquisition adds to the business’ portfolio of 158 European logistics assets located across key distribution hubs in 11 countries, and brings its European logistics assets under management to over €5bn, spread across c. 5.5 million m² of high-quality primarily big box or last-mile urban logistics space.
