Hines has acquired a 17,474sqm urban logistics park in Spain’s central capital on behalf of its core European property fund.
The Hines Pan-European Core Fund (HECF) has bought the fully-let Villaverde asset in Madrid from Allegra for an undisclosed sum.
The manager said this transaction is the second urban logistics acquisition this year for HECF, after announcing plans to diversify its portfolio into the urban logistics and residential sector in March.
It also represents the fund’s first urban logistics deal in Spain, Hines added.
As of the second quarter of the year, the properties in the HECF’s €1.3bn portfolio were 97.1% leased.
The fund’s portfolio currently comprises 21 assets invested in 15 city markets across 8 different European countries.
Peter Epping, HECF fund manager, said: “This is an excellent asset in a strong close-to-city centre location that will benefit from the rising demand for last-mile and e-commerce facilities across major European gateway cities.
“We are committed to continuing to increase the fund’s portfolio of last-mile logistics assets in top-tier European cities, a strategy which benefits from the strong backing of our investor base.”
Vanessa Gelado, Hines Spain country head, said: “This acquisition demonstrates our ability to identify key growth submarkets in Spain and subsequently source best-in-class assets.”