Hines Global Income Trust (Hines Global), a public, non-listed real estate investment trust sponsored by Hines, has acquired an office and industrial complex in Madrid through a sale and leaseback transaction with Airbus Defence and Space, S.A.U. for €29.2 million.
The 43,387-square-meter facility is located in the Corredor del Henares submarket facing the A2 Motorway, only a five-minute drive from Madrid’s airport and 20 minutes from Madrid´s city center. The complex is fully leased with a six-year term to Airbus Defence and Space S.A.U. and is comprised of six office and industrial buildings plus two security access points.
“Hines has over 25 years of experience investing in Spain, and we are excited about acquiring this investment, which provides us access to a prime location in Madrid with upside potential. Hines Global continues to be a believer in the long-term growth prospects of last-mile logistics in major European cities, and this opportunity is in-line with advancing our strategy,” said Omar Thowfeek, Hines managing director-fund management.
“This asset’s location facing the A2 motorway and only five minutes from the Barajas Adolfo Suarez airport’s freight terminal represents one of the best locations in Madrid for an asset of this class. Also, completing this acquisition in such a difficult time shows the continued commitment from Hines to the Spanish market,” Vanessa Gelado, senior managing director and Hines Spain country head.
Hines Global was represented by DLA and Knight Frank, while BNP Paribas represented Airbus Defence and Space, S.A.U. in the transaction.
