Patrizia Immobilien’s value-add pan-European property fund is acquires a logistics asset in Spain for €37.5m.

The manager said its TEP VII fund has agreed to forward-fund the 66,424sqm logistics centre in Ontígola, south of Madrid.

TEP VII targets cash-flow driven strategies across office, industrial and residential sectors across Europe.

The asset comprises two warehouses which are pre-let to DHL and Logisfashion. Delivery is expected during the first half of 2019.

Eduardo de Roda, Patrizia’s head of Iberian transactions, said: “This acquisition highlights our commitment to the Spanish logistics sector, which continues to perform well against a backdrop of e-commerce-driven demand growth and an acute undersupply of high-quality buildings.”

Patrizia currently manages four logistics properties in Madrid and Barcelona, totalling more than 200,000 sqm.