Rockspring Property Investment Managers, on behalf of a separate account mandate, has acquired a newly developed logistics park in Torrejón de Ardoz, Madrid for €28m, increasing to €35m once 100% occupation is achieved but the seller, Inversiones Montepino.
The grade A logistics park was completed in February 2016 and is currently vacant. It comprises a site area of 84,968m² and provides 47,500m² of lettable space across two independent, adjacent warehouses. Located in the heart of Madrid’s logistics and distribution sub-market, Torrejón de Ardoz is on the recently developed Casablanca Estate, which has a strong infrastructure profile and is attracting an impressive international tenant mix, including Carrefour and H&M.
The park is located 10km east of Barajas Airport and provides direct access to the A2 motorway which connects Madrid to Barcelona and to the rest of Europe. The newly constructed assets comprise 5% office space and can be subdivided into units of approx. 5000m² to cater for different tenant requirements.
The warehouse units have 12 metre clear heights and a total of 63 hydraulic loading docks. Constructed with a concrete portal frame structure and concrete panel-clad exterior, the park is situated on a self-contained landscaped site with perimeter fencing, full security and parking facilities for cars and trucks.
This acquisition follows Rockspring's signing of a forward commitment to acquire the site in March 2015.
