Real estate investor-developer and manager Arrow Capital Partners has acquired a 16,000 m2 logistics warehouse in Alcala de Henares for its €3 bn Strategic Industrial Real Estate (SIRE) joint venture with Cerberus.
Financial details were not disclosed.
The deal marks the fifth asset Arrow has acquired in the Corredor de Henares and the third in Alcala de Henares, located northeast of Madrid within the city’s second logistics ring road.
Arrow will refurbish the existing vacant asset into a modern single 16,000 m2 warehouse that can be split into two units incorporating a total of 21 loading docks, six van doors and a large loading area, as well parking facilities.
The refurbished building will be future-proofed to meet ESG guidelines and has an expected completion date of Q4 2023.
Commenting on the development, Malgorzata de la Torre, head of acquisitions in Spain at Arrow Capital Partners, said: 'Once the refurbishment is complete, our latest acquisition will complement the other facilities we’re developing in the area, providing occupiers with large, modern logistics space close to Madrid and its main highways.
'Given the limited vacancy and strong occupational market in the area, we anticipate rental growth and solid demand for this asset.
'We remain interested in additional select development sites, with or without zoning, which are suitable for logistics development.'
Arrow was advised by Estrada Partners. The due diligence process was completed by Garrigues, Arcadis and PwC. Dokei will be appointed as Project Manager to undertake the refurbishment.
