Hines has purchased a logistics asset in Castellar del Vallès in Barcelona.
The firm acquired the asset, for an undisclosed price, on behalf of its Hines European Core Fund (HECF).
The logistics asset spans 49,231 square meters of high-quality space and offers first-class occupier connectivity due to its location near the AP-7 motorway and the main logistics corridor in Barcelona.
The asset aims to achieve a BREEAM Very Good certification following Hines’ scheduled water and energy efficiency upgrades. The industrial unit is currently occupied by ID Logistics, one of the largest logistics operators in Spain.
The acquisition reinforces HECF’s focus on the logistics sector which to date includes 9 investments in the logistics sector in 6 European countries, covering a total surface area of more than 380,000 square meters of industrial space. In Spain, this marks HECF’s third acquisition in the sector, with two other last mile assets spanning 9,798 and 7,676 square meters respectively, both located in Villaverde, Madrid, and fully occupied by the logistics operator, Ontime, on a long-term lease.
Simone Pozzato, managing director and HECF fund manager, said: “We have a clear investment strategy to continue to deploy capital in the European logistics sector given the opportunity for long-term value creation, the imbalanced supply and demand dynamics, and the continual need for logistics occupiers to have quality space. We have been looking to enter Barcelona for some time as Hines believes it’s a key connectivity hub in Spain.”
Vanessa Gelado, senior managing director and country head of Hines in Spain, added: “This is an excellent opportunity for Hines to invest in the logistics market in Barcelona, a market characterized by lack of supply and land constraints for new development due to its location between the sea and the mountains. The location is a crucial transportation axis for national and international logistics and, in recent years, for e-commerce. Additionally, the Spanish logistics market is experiencing a record year in terms of take-up levels with very solid demand fundamentals.”