Pamplona, Spain: A warehouse in northern Spain, home to two global industrial names, has just changed hands, and the buyer has crossed the Pyrenees to get it. Sogenial Immobilier has acquired an 18,580 m² logistics warehouse in Arazuri, near Pamplona, on behalf of its SCPI Coeur d'Europe. The property is leased to two international groups, Siemens Gamesa and Benteler. The price was not disclosed.
Built in 2004, the warehouse stands at Calle E, 5, on a plot of 35,653 m². It is mainly let to its two industrial tenants, with an average residual duration of firm lease agreements (WALB) of 5.5 years. For an income-focused vehicle, that is the number that matters most.
The setting adds to the appeal. Navarre sits in northern Spain, close to the French border, between the country's main economic hubs and the southwest of France. Its economy is driven by the automotive, industrial, and renewable energy sectors, industries that need space to store and move heavy components.
For Sogenial Immobilier, an investment management company authorised by the French Financial Markets Authority (AMF) since 2012, the deal deepens the SCPI's footprint in Spain. It widens the diversification of its European portfolio. The firm drew on CMS Hasche Sigle for legal advice, Arcadis for technical advice and CBRE for brokerage.
What the announcement leaves unsaid is how tenant strength interacts with lease length. The release does not disclose how rent is split between the two tenants. Siemens Gamesa, Siemens Energy's wind division, has been through a multi-year turnaround, and its chief executive warned in June 2026 that European wind plants could be scrambling for contracts from 2028 if follow-up orders fail to arrive. A 5.5-year WALB runs well beyond that date. For investors, the question is how much of the income rests on a wind supply chain still finding its footing. For developers, Navarre's industrial base suggests demand for modern, flexible logistics space that can be re-let if an occupier's needs change.
Companies mentioned
- Sogenial Immobilier, buyer and investment management company, manager of SCPI Coeur d'Europe
- Siemens Gamesa, tenant
- Benteler, tenant
- CMS Hasche Sigle, legal adviser to Sogenial Immobilier
- Arcadis, technical adviser to Sogenial Immobilier
- CBRE, real estate broker
Image source: Sogenial Immobilier
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