Spearvest Spanish Logistics fund (SSL) has invested in a new built-to-suit development in Zaragoza, Spain. The acquisition was structured under a forward funding transaction whereby SSL will develop a state-of-the-art logistics facility comprising c. 21,000m² over a plot of land of c. 35,000m². In parallel, SSL signed a 14-year-lease over the entire space with a top tier Iberian logistics operator.
The property is located in Centrovia industrial park, a prominent historical industrial area of Zaragoza. The park is expanding to the West as it benefits from a new direct exit from the A2 highway connecting Madrid to Barcelona. With larger plots of lands, Centrovia offers strong potential for hosting further e-commerce and logistics companies at an affordable rent.
Benoit Pallard, partner and head of real estate at Spearvest commented: “We are pleased to announce our second acquisition in Zaragoza. Thanks to solid logistics fundamentals, Zaragoza leasing market has proved extremely resilient in spite of the COVID crisis. This transaction demonstrates our ability to implement innovative deal structures to secure acquisitions that meet our core investment criteria and approach. As a recently launched fund, this core asset elevates our portfolio to institutional levels and demonstrates a consistent strategy under key investment fundamentals.”
Wael Al-Nahedh, CEO, Spearvest commented: “We are thrilled to expand our Spearvest Spanish Logistics fund to include new assets, allowing us to achieve our targets of stable income and excellent prospects of capital growth. It is especially important to demonstrate this ability at times of uncertainty, given a strong focus on diligence. We remain dedicated to secure solid investments for investors and ourselves, and the Spanish logistics market is a great place to achieve just that.”
