Stoneweg has acquired a Coca-Cola bottling plant site in Spain’s capital city to develop into a logistics facility.
IPE Real Assets understands that the real estate investment manager has paid between €40-45m to buy the former Coca-Cola bottling plant site in Madrid and has earmarked around €50m to invest in the project.
The site, which will be redeveloped into 110,000sqm of logistics space, is expected to complete in early 2024.
Jaume Sabater, founding partner and CEO at Stoneweg said: “The Spanish market has a scarcity of grade A industrial stock and last year Madrid saw its highest take-up of warehouse space in a decade.
“The availability of land for logistics facilities is also difficult to come by, particularly in the capital, and this transaction is a strong example of where we were able to leverage our network of local relationships to source a rare opportunity.”
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