LaSalle Investment Management has acquired the Villaverde Logistics Portfolio, comprising two new state-of-the-art logistics development projects located in Villaverde, a southern district of Madrid. The developments are targeting a BREAM Excellent sustainability standard. The developments, located at Calle San Dalmacio 17 and Avenida Real de Pinto 83 logistics parks, have been acquired via a forward funding agreement from Engel & Volkers Development Spain. Completion of the two developments is scheduled for Q1 2023.
The district of Villaverde is an attractive logistics location on the southern outskirts of Madrid, benefitting from excellent transport infrastructure, its industrial zone is surrounded by major roads allowing rapid access to several highways and strong connectivity to the city centre, as well as neighbouring municipalities and logistics hubs along the A-4 route. The site itself is particularly well connected, including via the adjacent metro station and Avenida de Andalucia, the main North-South road artery bisecting Villaverde. The scheme will entail the development of a modern Class A logistics park designed for multi-let occupation. The modular design and smaller configuration of individual modules offer occupiers greater flexibility, particularly for smaller to medium-sized firms.
Francesco Coviello, Head of Investment for CEE and Southern Europe at LaSalle Investment Management, said: “We are pleased to be forward-funding the development of these properties, in a very well-connected urban location serving a major European capital, as we continue the build-out of a prime European logistics portfolio. Overall, Spanish logistics assets have performed very well in recent years and we expect continued upward pressure on rents.”
