Patrizia has strengthened its footprint in the Spanish logistics by investing €50m to buy four logistic warehouses in a forward fund deal.
The asset manager said it has acquired the assets at a logistics park located in Valdemoro on behalf of its institutional investors. The construction of the 65,800sqm development is expected to be completed by 2022.
Eduardo de Roda, Patrizia country manager for Iberia, said: “The existing growth trend towards e-commerce and particularly last-mile delivery has only accelerated under COVID-19.
“With the increased demand for premium logistics space, the timing for this deal and the quality of these assets could not have been better.”
Patrizia already has more than 515,000sqm of logistics space and 652,000sqm across the whole of Spain. Overall, logistics makes up around 40% of Patrizia’s €1.35bn assets under management in Spain and Portugal.
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