A joint venture between DeA Capital Real Estate and Corebridge Real Estate Investors has sold two fully-let Spanish industrial properties in Spain for €25m.

The 9,500sqm Villaverde warehouse and 8,500sqm Pinto industrial facilities located in Madrid were sold to a UK-based, single-family office advised by Delin Property.

Emanuele Caniggia, CEO, DeA Capital Real Estate and Emanuele Dubini, CIO, DeA Capital Real Estate, said: “This transaction marks another milestone in our ongoing strategy to create and realise value across European logistics real estate.

“We are proud to have successfully completed the sale of two prime assets in Spain through this joint venture and remain committed to delivering consistent, long-term value for our investors.”

Brenda Monaghan, MD, Europe asset management for Corebridge Real Estate Investors, said: “These assets represent a continuation of our strategy of investing in and developing high-performing urban logistics assets in core European markets.”

Isaac Núñez, Delin Property’s managing director for Spain, said: “These modern, sustainable and fully occupied properties are a perfect fit for our new venture in Spain.

“They will seed a portfolio of stabilised assets in urban infill locations in major Spanish cities that we will be assembling on behalf of our client to seize the opportunities arising from the dynamic Spanish economy and strong occupier demand for high-quality, well-located distribution centres.”

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