Azora acquires logistics asset in Barcelona

Azora acquires logistics asset in Barcelona
Image of the asset in Gélida (Barcelona)

Spanish real estate investment and asset management company Azora has purchased a logistics asset located in the Gélida municipality of Barcelona from Meridia.

The logistics asset comprises 24,865 square metres and has been leased to the Dachser Group, one of Europe’s leading transport companies.

The asset has a strategic location, with direct access to the AP-7 motorway and within close proximity to its junction with the A-2 freeway, allowing for efficient regional and national transport.

The deal, mediated by Savills, was partly financed by BBVA, demonstrating the Banking sector’s commitment to high-quality assets in the logistics sector.

With this deal, Azora’s total investment in this segment reached circa €100 million with a total built area of around 90,000 square metres.

The remaining deals are primarily located in the Madrid ‘first ring’ metropolitan area, including Villaverde, Vallecas, Cosalda and Getafe. These include development projects, as well as completed and fully leased warehouses, as is the case of Grupo Palibex’s headquarters in Villaverde, and a warehouse in Getafe, fully leased to food company FRIOZ. Azora has also recently closed a deal with Grupo Golderos, a leading company in Spain in the design and manufacture of dispensing equipment for beverages, on a warehouse in Cosalda.

Javier Picón, Head of Logistics at Azora, states: “Azora is well-known for its knowledge of local submarkets and for the agility it offers in terms of analysis and execution, which is essential in the logistics market.”

Andrés Correonero, Associate Director of Logistics Investment at Azora, states: “Our latest deal in Barcelona confirms our commitment to invest in consolidated logistics markets, acting accordingly with the overall market context and remaining highly selective in terms of asset quality and tenant-base.”

Azora operates two vehicles for investment in the logistics sector, MilePro Logística Última Milla, created alongside Indosuez Wealth Management in September 2021, and PGIM Real Estate Última Milla, created alongside PGIM Real Estate (PGIM’s real estate investment arm) in July 2021, as a means by which to invest in Spain, one of Europe’s most attractive logistics markets with one of the continent’s largest growth capacities.