PATRIZIA AG has acquired the development of four logistics warehouses on behalf of its institutional investors for €50 million at a logistics park located in Valdemoro, within the greater Madrid area.
The construction of the 65,800 sqm development is expected to be completed by 2022.
In addition to its excellent location and transport links through the A-IV motorway, the warehouses will benefit from modular, state-of-the-art design, providing flexibility to the future tenants.
“The existing growth trend towards e-commerce and particularly last-mile delivery has only accelerated under Covid-19. With the increased demand for premium logistics space, the timing for this deal and the quality of these assets could not have been better,” said Eduardo de Roda, PATRIZIA Country Manager for Iberia.
This latest transaction further strengthens PATRIZIA’s footprint in the Spanish logistics sector and in the Madrid region in particular where the company already has more than 515,000 sq m of logistics space and 652,000 sq m across the whole of Spain. Overall, logistics makes up around 40% of PATRIZIA’s assets under management in Iberia. The value of PATRIZIA’s assets under management in Spain and Portugal currently stand at over EUR 1.35 billion