Patrizia AG has forward purchased a logistics warehouse development in Illescas, Spain, for circa €56m, on behalf of its institutional clients. The asset will have a combined surface of 92,000m² and is scheduled to be completed by the first quarter of 2023. The investment was made on behalf of a Patrizia logistics flagship fund for its institutional clients and further strengthens the already significant logistics portfolio of the firm.
Martin Trodden, Fund Management Patrizia, explained: “We are delighted to add the Illescas forward purchase deal to our portfolio in Spain. The logistics sector has proven to be safe haven during the Covid-19 pandemic. As economic recovery takes hold, we are seeing continued growth in e-commerce and increasing demand from logistics occupiers. Despite many new entrants to this investment sector, our specialist logistics funds benefit from a long track record and unique market insight that allow us to find value in this asset class.”
“This acquisition will add another modern, flexible and competitive asset in the second logistic ring of Madrid to our growing logistics portfolio in Iberia,” said Eduardo de Roda, Country Manager of Patrizia Iberia. “We are particularly pleased that as part of our commitment to delivering net-zero carbon assets, these buildings will have the highly coveted LEED Silver certification, based on their commitment to energy efficiency and to the environment.”
Illescas is one of the main nodes of the second logistics ring in the so-called ‘central zone’ of Spain and has direct access to the A-42 highway that connects Madrid with Toledo. This area has become one of the most strategic and demanded by distribution and logistics companies due to its excellent connections, proximity to Madrid and the competitiveness of its assets compared to those in other nearby locations. Large consumer and distribution companies such as Amazon, Michelin, XPO, Airbus, Dia, Zalando, Seur and Correos, among many others, are already located there.
