Global real estate investment and asset manager AEW has acquired a 50,000 m2 brownfield development site in a prime logistics location in Madrid on behalf of Logistis, its specialist pan-European logistics strategy.
The off-market transaction has been undertaken in joint venture with Iberian Capital Corporation (ICC) and follows the €500 mln of new equity successfully raised for the fund in July last year, bringing the fund’s net equity to over €2.7 bn.
The acquisition will permit the development of 30,000 m2 of purpose built, modern urban logistics space in Torrejon de Ardoz, one of Madrid’s strongest logistics locations along the A2 corridor.
The project is designed to be a complementary offering to Citydox, another of the fund’s assets currently under development in the vicinity, aimed at providing big box warehouse space.
Ludovic Bernini, fund manager of AEW Logistis said: 'Having raised another significant tranche of equity for the fund last summer, the profile of this investment is fully in line with our build-to-core strategy.
'We are very happy to have teamed up with ICC to secure this opportunity as we continue to diversify and expand Logistis’ footprint across Europe’s main logistics hubs.'
Said Iban Ortuzar, partner at ICC: 'With this project, ICC continues with its growth strategy based on developing logistics platforms of the highest quality and sustainability in excellent locations, together with international institutional funds experienced in logistics real estate investments.'
The €500 mln of new equity raised on behalf of Logistis in July last year, which brought the fund’s net equity to over €2.7 bn, will allow the Logistis platform to grow to around €5.5 bn of assets under management, through speculative developments, standing assets and build-to-suit projects.
Since the platform was launched in 1999, Logistis has built a 3.4 million m2 portfolio that comprises 117 logistics assets over 51 sites across Europe with a total value of approximately € 4.1 bn and an ongoing development pipeline of around €1 bn.
AEW was advised by Garrigues and Hollis.
