Dunas Capital Real Estate has successfully closed a financing agreement of over €45m with Cheyne Capital Management (U.K.) LLP (Cheyne Capital), for the development of the Chiloeches project.
The loan will finance the construction of an approximately 49,000m² logistics building on a 94,000m² plot of land, with storage capacity for pharmaceutical products. The state-of-the-art building will have the latest temperature control system, with three storage chambers between +15ºC and +25ºC, three storage chambers between +2ºC and +8ºC, one negative cold chamber and one bi-temperature chamber. In total, the site has 69% of cold storage space, approximately 1,350m² of office space and 124 parking spaces, including electric chargers.
The development in the Corredor de Henares is at the heart of Spain's most important logistics centre and has direct access to the A-2 highway. The location is only 45km from Madrid and has immediate access to the Madrid metropolitan area, making it well-positioned for national distribution.
Construction of the Chiloeches project, which began this summer, is expected to be completed in the third quarter of 2025.
The project has commenced work to obtain a BREEAM Excellent sustainability certification, demonstrating the development’s commitment to sustainability and environmental responsibility.
The building is fully pre-let with a top-tier tenant on a long-term lease.
Miguel Lopez Puche, Head of Dunas Capital Real Estate, said: “The cold storage and distribution industry has robust fundamentals and is currently very attractive to investors. This financing agreement is a key driver for the continued growth of our real estate business.”
Daniel Schuldes in London and Javier Quintela in Madrid of Cheyne Capital said: “We are pleased to expand our partnership with Dunas Capital Real Estate to support the development of the Chiloeches project. This is our second financing transaction with Dunas Capital Real Estate, who has proven to be reliable and ambitious partners, following a very positive experience with PTL-Noblejas. Significant achievements have already been made with this project, including securing a pre-let of the full area of the logistics warehouse on a long-term contract to one of the leading logistics operators in the sector, as well as achieving the highest quality standards in terms of sustainable construction.”
Image provided by Prosek Partners.
Europe Real Estate — an overview of real estate developments in European countries.
