Two Spanish real estate investment trusts (Socimi) managed by private equity real estate manager Azora have acquired a €90m logistics portfolio in Spain from CBRE Investment Management.

Azora said the MilePro Logística Última Milla and Ashington SA, a new real estate investment trust created for the transaction, have acquired the portfolio of 11 assets totaling 193,000sqm, financed by a loan of up to €54.9m.

Azora said the plan for the assets includes modernising the facilities, improving workspaces, and integrating energy-saving and other sustainability initiatives throughout the portfolio.    

Azora said the two Socimis were created in partnership with Crédit Agricole’s wealth management and private banking division, Indosuez Wealth Management.

Javier Picón, a partner in charge of logistics at Azora, said: “The acquisition of this sizeable and strategically located portfolio marks our latest commitment to the logistics sector, which continues to be characterised by solid demand-supply fundamentals and supportive global trends including the growth of e-commerce and the redesign of logistic distribution chains.

“This transaction concludes our planned investment for our MilePro vehicle, and marks the first investment for our Ashington SA vehicle, bringing our total global investment into this sector to date to over €700m.

“The expansion of this market is critical to generating a positive impact on urban development, both through new developments and the upgrading of existing assets, and we look forward to being able to leverage our significant local experience and operational expertise to transform this portfolio to enhance its energy usage and efficiency.”

To read the latest IPE Real Assets magazine click here.