Hines has acquired two logistics assets to be developed, spanning a total of 31,000m² in Madrid on behalf of its Hines European Value Fund 2 (HEVF 2). Located on the industrial estate of Atalayuela, in the Vallecas district of Madrid, the two assets are adjacent to each other and have been purchased from a private investor and from ACCIONA’s real estate division, respectively. The first one is a land plot which will be developed into a 21,000m² shed while the second one will be a 10,000m² turnkey facility. Both Class A logistics facilities are targeting BREEAM Excellent certification.
Atalayuela is a prime first ring logistics location in Madrid just 20 km from the airport and 12 km from the city centre. It is ideally located, within the metropolitan region, benefitting from easy access to the M-40 and M-45 concentric ring roads, alongside the M-31 motorway, and is situated adjacent to the A-4 road corridor. Furthermore, it is only 3 km away from Mercamadrid, the main wholesale fresh food market in Spain.
Paul White, Senior Managing Director and HEVF 2 Fund Manager at Hines, said: “Atalayuela marks HEVF 2’s second acquisition in Spain, following Valdebebas 125, the dynamic 31,000 square meters residential for rent project located in one of the fastest-growing districts of Madrid. We continue to see opportunity and value in both Spain and the logistics sector. Atalayuela’s location is important, as we foresee strong long-term growth prospects for logistic assets in Madrid particularly given the scarcity of new stock arriving onto the market. This project will incorporate Class A technical and environmental specifications and a flexible design for either a single or multi-tenant arrangement.”
Vanessa Gelado, Senior Managing Director and Country Head of Spain, at Hines said: “We are very pleased with these acquisitions as it allows Hines to leverage its pan-European platform to develop critical infrastructure for the community of Madrid. We continue to expand our portfolio in Spain across all of our active sectors with a desire to go deeper into both the logistics and living sectors, particularly in strong locations such as this. Atalayuela has fantastic connectivity for last-mile fulfilment and provides an opportunity to benefit from e-commerce distribution expansion.”
Andres Pan de Soraluce, CEO – Real Estate division at ACCIONA, said: “We are pleased to have reached a satisfactory agreement on a key location for ACCIONA Real Estate, such as Atalayuela. On one side, it strengths our relationship with a global leading real-estate investment firm, after our successful ongoing residential development of Valdebebas 125 and on the other side we position ourselves as a key developer on the roaring logistics sector in Spain, in which we foresee a major growth for the next decade. The Atalayuela development will reflect once more ACCIONA´s corporate values, achieving the highest standards in sustainability in all our developments.”
