Patrizia has completed its sixth acquisition in Spain on behalf of TransEuropean VII (“TEP VII”/ the “Fund”), its flagship, Europe-wide discretionary value-add programme. Located within the Los Gavilanes industrial estate in Getafe, Madrid, the property is being developed speculatively and will provide approximately 29,000m² of flexible, grade A floor space across up to 12 units. Practical completion is expected in early 2021. This latest acquisition complements the Fund’s earlier purchase of a 67,000m² fully leased logistics complex in Ontigola, Madrid in July and reinforces the firm’s commitment to the wider Spanish logistics market where Patrizia currently manages in excess of 230,000m². The purchase price was not disclosed.
Eduardo de Roda, Country Manager for Patrizia Iberia, said: “Spain is fast being becoming the engine of the European economy and this is supporting the growth in occupier demand we are seeing in both Barcelona and Madrid. The quality of these opportunities is reflective of the deep market knowledge available to the Fund, combining the on the ground expertise and deal structuring of Patrizia with that of its local partners.”
