AEW has bought two logistics properties in Granollers on the outskirts of Barcelona, the second manager to reveal a logistics transaction in Iberia in the same day.
The logistics assets were acquired from developer Trammell Crow Company in two separate off-market transactions on behalf of the EUROCORE and LOGISTIS funds.
Earlier on Wednesday, Barings revealed a logistics deal in Portugal.
AEW has acquired 14,100 m² of logistics space on behalf of the pan-European fund LOGISTIS, Trammel Crow invested in the Granollers location as its fourth site in Spain in 2022. The idea was to develop one building divided in two parts that will offer a warehouse, office and mezzanine space. The development plans meet state-of-the-art requirements and are designed to enable green spaces to achieve BREEAM 'Excellent' certification through the integration of LED lighting with motion detection and other energy-saving features.
At the second site, CORE Granollers I, Trammell Crow took on the delivery in spring 2023 of an 8,594 m2 building with 11.5m clear heights, a 7tn/sq m floor loading capacity, and eight loading docks. The property is fully leased to AGCO Iberia S.L., the world's second largest agricultural producer, with a fixed lease term of 11 years. That investmemt goes into AEW’s open-ended, EUROCORE fund, and is the first investment in Spain, extending its pan-European fund portfolio diversification to seven countries.
AEW will implement sustainability measures to improve the property's BREEAM certification from a "Very Good" to an "Outstanding" rating. In addition to the installation of air source heat pumps and façade greening, the measures also include promoting the well-being of the community. The use of high-performance PV solar panels, e-charging facilities and green spaces reflect the company's strong commitment to renewable energy and biodiversity.
Both locations are adjacent to Barcelona's 1st Ring, one of the most central and dynamic logistics markets in the region, which has excess demand and thus offers rental growth potential. Due to the persistently tight supply of high-quality logistics inventory, rental growth is expected to continue in the medium to long term.
Carsten Czarnetzki, Head Iberia at AEW, said: 'Spain is one of the most developed logistics markets in Europe and yet there is a lack of high-quality and sustainable logistics space, especially on the outskirts of major cities. The two properties, one of which is already leased and in operation and the other is still under development, are a first-class investment for our investors from a strategic point of view. Both acquisitions underline our ability to secure off-market opportunities of different risk profiles, such as here from EUROCORE and LOGISTIS, via our local network.'
