There is a category of real estate that has quietly become one of the most defensible income plays in European logistics, and most institutional investors have not yet worked out that they want it. Redevco, one of Europe's largest privately owned real estate managers with approximately €10.5bn in assets under management, has acquired two Industrial Outdoor Storage (IOS) assets in Spain, a vehicle rental depot in Getafe, Madrid, and an electric bus terminal in Sant Boi, Barcelona, both fully let and both in transport-advantaged urban submarkets where the gap between supply and occupier demand is structural rather than cyclical. The acquisitions mark the second tranche of investment from Redevco's logistics platform and push its European IOS footprint to approximately 511,000 m² and €175m in assets under management across 13 assets.
The Getafe asset totals approximately 14,242 m² across a 1.86-hectare site within a core logistics hub in Madrid's first ring. Completed in 2020 and fully let to Northgate, the vehicle hire division of FTSE 250-listed Zigup PLC, the property has been operational under that tenancy since 2008 and benefits from direct access to the A2, A50 and N2 ring roads. That 18-year operational history at the site is not a footnote. It signals the kind of occupier entrenchment that is almost impossible to replicate in a conventional logistics shed, where relocation costs remain manageable, and lease renewals are negotiated on commercial terms alone.
In Barcelona, the Sant Boi asset totals approximately 11,416 m² across a 1.21-hectare site and represents a more forward-looking thesis. Newly redeveloped as an electric vehicle bus depot and fully let to Monbus, a long-established operator of regional and airport transport services, the facility sits close to Barcelona El Prat Airport with direct access to key transport routes. Its redevelopment includes high-capacity EV charging infrastructure, an investment made by the tenant that is inseparable from the operational use of the site. For real estate investors, that capital commitment by the occupier functions as a long-form lease obligation in all but name. You cannot easily extract or relocate a bus fleet charging grid.
Hugh Macdonald-Brown, Head of Logistics at Redevco, commented: "Spain continues to demonstrate strong fundamentals for logistics, supported by high occupier demand, limited availability of well-located land, and the critical role of transport-oriented assets in urban supply chains. These transactions reflect the strength of our deal sourcing and execution in Iberia, where we are building a high-quality portfolio in core locations. The quality of the tenants, the strategic positioning of the assets, and the embedded growth potential all reinforce our conviction in the logistics sector as a resilient and attractive investment theme."
What the announcement does not address, but what gives this acquisition pair genuine significance for investors and developers watching the IOS sector in Europe, is how different the risk profile of these assets is from conventional logistics. Both assets carry low site coverage ratios relative to land area, meaning the underlying land value is high relative to the income yield, and any future intensification or change of use represents additional optionality that a fully occupied big-box shed simply does not carry. In markets as supply-constrained as Madrid's first ring and Barcelona's inner orbital, where planning consent for new logistics land is measured in years rather than months, that residual land value is not theoretical. It is structural. Meanwhile, the EV infrastructure angle is only getting more relevant as Spain presses toward its fleet electrification targets: operators investing in depot-level charging will not move. That is the long-income thesis that most of the market is still catching up with.
Redevco operates specialist investment strategies focused on retail parks, logistics, high street retail repurposing and living and leisure, with a growing presence across seven European locations. Its debt arm provides transitional lending solutions and Redevco Capital Partners focuses on special situations opportunities. For both acquisitions, Leander Property advised on real estate, Garrigues provided legal counsel and Hollis delivered technical due diligence.
People mentioned:
- Hugh Macdonald-Brown, Head of Logistics, Redevco
Companies mentioned:
- Redevco, pan-European real estate manager and acquirer of both IOS assets
- Zigup PLC, FTSE 250 vehicle services group whose Northgate division is the long-standing tenant at the Getafe depot
- Monbus, Spanish regional and airport bus operator and tenant at the Sant Boi EV depot
- Leander Property, real estate adviser to Redevco on both acquisitions
- Garrigues, legal adviser to Redevco on both acquisitions
- Hollis, technical adviser to Redevco on both acquisitions
Image: Northgate, Getafe, Madrid Source: Redevco
