LaSalle Investment Management’s open-ended pan-European real estate fund has added a fully-let 31,000sqm warehouse in Spain to its portfolio.
LaSalle said its E-REGI fund has bought the DIA Logistics warehouse located near Zaragoza for over €20m.
Completed in 2016, the flexible-use warehouse – let to the discount supermarket chain DIA – is capable of supporting multi-tenant use.
Uwe Rempis, fund manager at LaSalle Investment Management, said: “This is an important acquisition for the E-REGI fund as it increases our investors’ exposure to logistics, one of our target sectors.”
Rempis said Spain’s logistics market is particularly attractive as it has experienced strong occupier demand in recent years, largely thanks to the growth of e-commerce, which is driving demand for strategically located, large logistics units than can serve the whole country.
”We expect this trend to continue and so are pleased that we have been able to advise on this acquisition.”
The LaSalle E-REGI fund aims to generate stable income return from a diversified core portfolio of office, retail and logistics.