LaSalle Investment Management has acquired a logistics portfolio in Spain for its open-ended continental European real estate fund.

The investment manager, on behalf of the Encore+ fund, has bought the Villaverde Logistics Portfolio in Madrid for €52.6m in a forward funding deal with Engel & Völkers Development Spain.

The Villaverde Logistics Portfolio comprises two new logistics development projects located at Calle San Dalmacio 17 and Avenida Real de Pinto 83 logistics parks. Completion of the two developments is scheduled for the first quarter of 2023.

LaSalle said the acquisition marks the return of the Encore+ fund to the Spanish logistics development, following the sale of Alcala and Azuqueca De Henares in 2016.

Francesco Coviello, the head of investment for CEE and southern Europe at LaSalle Investment Management, said: “We are pleased to be forward-funding the development of these properties, in a very well-connected urban location serving a major European capital, as we continue the build-out of a prime European logistics portfolio.

“Overall, Spanish logistics assets have performed very well in recent years and we expect continued upward pressure on rents.”

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