CBRE Global Investors has partnered Spanish logistics developer Montepino to build around 500,000sqm of prime assets in Spain.

The real estate investment manager has established a joint venture with Montepino to develop a portfolio of assets in core locations, initially focused on the greater Madrid market.

CBRE Global Investors said the joint venture has been launched with four development projects located in prime logistics locations along the Corredor de Henares and two standing assets in Zaragoza totaling 245,000sqm. The portfolio is 80% pre-let.

In addition, the joint venture has identified a pipeline of 11 development opportunities, totaling in excess of 300,000sqm.

Charles Bigler, fund manager for CBRE Global Investors’ Europe Value Partners fund series, said: “This joint venture perfectly fits with our European value-add strategy of creating core assets in supply-constrained markets.

“The logistics sector is a key focus for the fund series and we are very pleased to be in partnership with Montepino, who are a best-in-class logistics developer with a proven track record of sourcing and delivering high-quality assets in prime locations.”

Juan Jose Vera, vice president of operations at Montepino, said the joint venture will enable the Spanish firm “to maintain its leadership in the Spanish logistic market”, is providing “a sufficient contribution of economic resources that allow us to grow and develop the significant projects we have planned for the next few years”.

He said the logistics sector is currently experiencing a surge in tenant demand, and developments are necessary “to launch important logistic projects for large national and international firms”.

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