Patrizia has invested €56m on behalf of a logistics fund to buy a warehouse in Spain.

The manager said it has acquired the 92,000sqm asset in Illescas in a forward funding deal. The asset is scheduled to be completed by the first quarter of 2023.

Martin Trodden, fund management Patrizia, said: “The logistics sector has proven to be safe haven during the Covid-19 pandemic. As economic recovery takes hold, we are seeing continued growth in e-commerce and increasing demand from logistics occupiers.

“Despite many new entrants to this investment sector, our specialist logistics funds benefit from a long track record and unique market insight that allow us to find value in this asset class.”

Eduardo de Roda, country manager of Patrizia Iberia, said: “This acquisition will add another modern, flexible and competitive asset in the second logistic ring of Madrid to our growing logistics portfolio in Iberia.

“We are particularly pleased that as part of our commitment to delivering net zero carbon assets, these buildings will have the highly coveted LEED Silver certification, based on their commitment to energy efficiency and to the environment.”

With this transaction, Patrizia further strengthens its presence in the logistics segment in Spain, in which it already has assets with a total area of more than 620,000sqm throughout the country, the company said.

As a whole, the logistics segment represents around 40% of the assets that Patrizia manages in Iberia, whose total value exceeds €1.4bn.

To read the digital edition of the latest IPE Real Assets magazine click here.