Aquila Capital has marked its entry into the Spanish logistics real estate market with a deal to develop over 500,000sqm of properties in Toledo.

The alternative investment specialist said it bought the site in Spain’s first green industrial park for an undisclosed sum. 

The first segments of the development will be ready for tenants by mid-2021.

Roman Rosslenbroich, co-founder and CEO of Aquila Capital, said: “This agreement is a milestone for us in several ways. Besides marking our entry into the highly attractive Spanish logistics market, it also enables us to push ahead with our green real estate strategy.

“We will make the entire industrial site climate neutral and equip it with rooftop photovoltaic and thus create ESG-compliant assets for our investors.”

Rolf Zarnekow, head of real estate at Aquila Capital, said: “This established location makes the property an ideal entry point to the Spanish logistics market that is still characterized by a relatively low share of e-commerce compared to Northern Europe.

“We expect a continuation of the above-average yields for our institutional investors in this segment.”

Aquila established its real estate team in Spain in 2012. The company already has a long logistics track record in Germany, where the group carried out large projects across the country.