Clarion Partners Europe has acquired a 37,160sqm newly built in Madrid, Spain for an undisclosed sum.

The logistics and industrial real estate investor said the build-to-suit property is leased to Mediapost Spain on a 7-year double net lease.

Alistair Calvert, CEO of Clarion Partners Europe, said: “This is an institutional warehouse asset in one of Spain’s major logistics hubs, let to a strong covenant in a market which is expected to continue to grow due to the rapid increase in e-commerce penetration caused by the Covid-19 pandemic.”

“Despite ongoing economic volatility, our portfolio has continued to demonstrate its strong income and capital value characteristics. The importance of our assets to our diverse tenant base has been demonstrated by our rent collection figures and recent letting successes and we believe we are well placed from a sectoral and geographical perspective as more businesses seek to futureproof their operations in response to changing consumer behaviour.”

Clarion Partners Europe, formerly known as Clarion Gramercy, was created in April last year after US real estate investment firm Clarion Partners entered the European real estate market with the Gramercy Europe buyout. 

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