Delin Property, the European logistics warehouse fund manager, has acquired a 2.2-hectare site in Coslada, the prime logistics hub to the east of Madrid, to build a 13,363sqm facility that meets “the highest sustainability standards”.
Tom Wattles, CEO of Delin Property, said: “This is an exceptional opportunity to deliver a state-of-the-art, last-mile logistics warehouse – exactly the kind of facility for which there is tremendous demand in this strategic location. It’s the start of our renewed expansion in the Spanish market, having already developed two existing logistics parks in the Greater Madrid area.”
Coslada has the highest concentration of major third-party logistics providers and e-commerce distributors in Spain, due to its proximity to central Madrid and the international air freight terminal at Barajas, as well as highway links to the rest of the country. Amazon, Rhenus Logistics, DHL, FedEx and Aldi have all established distribution centres in the vicinity.
Delin Property will refurbish the existing 9,068sqm warehouse on the site off Calle Bélgica in the Centro de Transportes de Coslada (CTC) and build a 4,300sqm extension, with completion of the works scheduled for late 2024. The total investment, covering the purchase of the site and construction costs, will be approximately €16m.
The enlarged facility will feature more than 2,000sqm high-end office space, providing space for a future occupier to establish a headquarters there. The warehouse will have 19 dock-level doors, two large truck manoeuvring areas – each more than 45m deep, with 360-degree circulation and 53% site cover. The building’s specifications mean it will be suitable for distribution, storage or a mixed operation.
Isaac Núñez, Delin Property’s managing director for Spain, said: “This deal fits perfectly with our strategy for Spain, since it will allow us to add value through a complete renovation of an existing building, then extending it, improving the property’s environmental aspects to the point where we obtain ESG certification, and leasing the asset to a new tenant.
“CTC is considered the prime location for logistics in Madrid, so the resulting building will be a trophy asset. It’s an exciting project for our in-house development and asset management team.”
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