Clarion Partners Europe has acquired a 10-acre plot in Esparreguera, Barcelona city region for the speculative development of a Grade A logistics facility.
Clarion will bring forward the development of a c. 20,000 sqm high-specification industrial unit on the site, which is located 45km north-west of Barcelona city centre and adjacent to the A-2 motorway. The area is characterised by very low availability of industrial space with future development restricted by the topology of the Barcelona region.
Construction of the warehouse will commence imminently with completion scheduled for Q1 2023. The property will have a BREEAM Excellent certification and will be ideal for single-tenant occupiers looking to distribute across the Barcelona/Catalonia region.
The acquisition has been made on behalf of one of Clarion’s comingled funds. Grupo Lar, a Spanish private real estate developer, will act as Development Manager.
The acquisition further expands Clarion’s footprint in Spain where it owns, manages or has under construction a total of 18 assets totalling 363,000 sqm, in and around the key conurbations of Madrid, Barcelona, Seville and Zaragoza.
Alistair Calvert, CEO of Clarion Partners Europe, commented: “This land acquisition underlines the strength of our on the ground relationships and ability to identify and execute opportunities in highly competitive markets. This is a rare opportunity to develop high-specification logistics space in the Barcelona city region, Spain’s second most populous region, which is characterised by very low availability of logistics space. The decision to bring forward the schemes speculatively underlines our confidence in the future demand for modern industrial space and the prospects for rental growth in the area.”