Barings Real Estate Advisers has acquired a fully let logistics asset in Madrid for €35m (£29.9m) from GLL Real Estate Partners as part of its core investment strategy across Europe.
The 602,778 sq ft unit is fully let to global logistics and freight management business Ceva, who recently renewed their lease. The property is strategically located in a prime distribution area with direct access to the A4 corridor which is south of the Spanish capital as well as having direct access to the R4 toll-way, connecting Madrid with southern Spain.
Adolfo Favieres, head of Spain at Barings, said: “We believe in the attractive supply / demand dynamics in the Madrid logistics market which is underpinned by an improving economy. The continued growth in market share from online sales is likely to significantly impact the demand for good quality and well located logistics units such as this core investment.”
The acquisition follows the recent appointment Carlos de Oya as Barings new director for asset management in Spain within the ongoing expansion of its European offering. Barings first invested in the Spanish market with the acquisition of a prime retail asset in Madrid in July 2016, following the opening of the Madrid office in late 2015.
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