Deka Immobilien has sold the “Eroski” logistics property in Zaragoza to Barings for €17,6m. The property comes from the portfolio of the WestInvest TargetSelect Logistics sector fund, which is aimed at institutional investors.
The property was built in 2006, offers close to 29,000 m² of leasable space and 159 parking spaces, and was added to the fund property portfolio as a sale-and-leaseback in 2009. It is fully leased to the operator of the Spanish Eroski supermarket chain, which uses the hall as a distribution centre for hypermarkets in the north-eastern part of Spain. The property is in the “Plaza” logistics park, one of the largest in Europe.
Fund management is using the sale to take advantage of the portfolio optimisation opportunities offered by strong market demand for commercial real estate in Spain.
