AEW European funds, Eurocore and Logistis, have acquired logistics assets in Spain in two separate deals from Trammell Crow Company (TCC).

AEW’s pan-European core fund, Eurocore, has marked its entry into Spain with the acquisition of CORE Granollers I. The fully-let, 8,600sqm logistics building is located just north of Barcelona’s city centre, marking Eurocre’s presence in a seventh European country.

The manager’s specialist pan-European logistics strategy, Logistis, has also agreed to forward-fund the development of CITYDOX Granollers, a 14,100sqm logistics facility on brownfield land on the Congost Industrial Estate, 30km outside of the city centre. 

CITYDOX Granollers, expected to be completed in the third quarter of the year, lifts the fund’s portfolio to over 200,000sqm in Spain.

Carsten Czarnetzki, the head of Iberia at AEW, said: “While Spain is one of the most developed logistics markets in Europe, it remains characterised by an undersupply of quality, sustainable warehouse space, particularly on the edge of its major cities and our investments in these two logistics warehouses, one of which is already let and operational while the other is under development, represent strategic opportunities for our investors.

”Both assets are located on the outskirts of Barcelona where they benefit from a structural imbalance between supply and demand of logistics warehousing, which is in turn fuelling rental growth.”

Thierry Bougeard, the head of Iberia logistics at Trammell Crow Company, said: “The outlook for prime logistics assets in Spain remains compelling because of a lack of supply compounded with occupiers seeking best-in-class assets for their operations and investors seeking strong returns coupled with premium sustainability credentials.

”Completing these transactions with such a prestigious institutional investor is an endorsement of TCC’s approach to the commercial real estate markets in Spain and across Europe, and we look forward to working with AEW on developing CORE Granollers II, and with other partners on the 600,000sqm of land already secured around main Spanish markets.”

Both parties agreed not to disclose the purchase price.

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