Invesco Real Estate has bought three newly-built logistics assets in Spain for two of its German separate account mandates.

The global real estate investment manager said it bought the assets, made up of 189,500sqm of space, in Madrid and Barcelona for €173m.

The two of the logistics assets located in Abrera, Barcelona and Eastern Madrid, respectively, were closed in August, with the third warehouse, a forward-funding project in Southern Madrid, exchanged contracts earlier this year and will be closed in the fourth quarter the year.

Fernando San Juan Monje, a director of transactions in Spain at Invesco, said: “The size, quality and location in prime consolidated logistics areas makes these three properties unique and gives us the opportunity to further increase our portfolio of last-mile logistics assets.

”Situated within the vicinity of Barcelona and Madrid, with direct access to the highway, these large best-in-quality assets are an attractive product for both logistics operators and investors.”

Guy-Young Lamé, a director of European Research at Invesco, said: “These exciting opportunities for two of our German separate account clients have come at the right time.

“We have seen the still underdeveloped e-commerce sector in Spain expand rapidly in recent years, meaning that there is a great and growing demand for high-quality logistics assets today.”