SEGRO, a UK Real Estate Investment Trust (REIT), announced that it has acquired a portfolio of logistics land sites in Barcelona and Madrid, on behalf of SEGRO European Logistics Partnership (SELP), a joint venture in which SEGRO owns a 50 per cent interest.
All of the logistics land sites are able to support approximately 240,000 sq m of modern, sustainable warehouse space, developable over the next five years, says the company.
The sites total 41 hectares and are all in locations within close proximity to major population hubs, making them ideal to meet ongoing occupier demand that has been further strengthened by the rapid rise in e-commerce.
Five of the assets are in Barcelona, including development sites in Cerdanyola del Vallès, Terrassa, Palau-Solità i Plegamans, Viladecans as well as an existing, fully let 14,000 sq metres warehouse facility in the Polinyà municipality.
The remaining sites are in Madrid including in Paracuellos, strategically located next to Madrid Barajas Airport and two further sites bordering the M45 orbital road in San Fernando de Henares and Villaverde.
“This acquisition will significantly expand our footprint in Spain, an exciting market where we are growing our portfolio of high quality, well located assets to meet the increasing demand for prime, sustainable warehousing. It will complement our existing portfolio in Barcelona and Madrid, helping to establish us as a leader in modern warehousing and industrial property in these important logistics markets,” said Marco Simonetti, Southern Europe Business Unit Director for SEGRO.