Private investment firm Bain Capital and Conren Tramway (CT), a Spanish real estate investment and development firm, have launched a joint venture to co-invest over €600 mln into the acquisition and development of logistics in Spain and Portugal over the next five years.
In Spain, the JV will target consolidated and growing logistics hubs nationwide including Madrid, Catalonia, Valencia and Southern Spain. In Portugal, the focus will be on the hubs in Lisbon and Porto.
The JV will focus on delivering grade A logistics to suit the whole range of operator demand, including big box, cross-docking, cold storage and last mile.
ESG alignment will be pursued through a use of photovoltaic panels, EV chargers, sustainable construction materials and innovative façades, roofing, and pavements.
Rafael Coste Campos, managing director at Bain Capital said: 'We are pleased to launch this new JV as we expand our logistics services across Southern Europe, in particular Spain and Portugal.
'We have a solid track record of establishing logistics platforms in markets with strong fundamentals, controlling 400,000 m2 in Europe alongside two best-in-class JV partners.
'Our global investment expertise is complimented by CT who have a strong track record of investment and development in Iberia. We look forward to working with them on this project.'
CT has a significant track record of investment and development in the Spanish market. Its logistics division, CT Logistics, is led by José María Gutiérrez and Juan Manuel Esteban, with a combined 40 years’ experience investing in, developing, and managing logistics warehouses.
Luke Treasure and Gerard Cuevas, with backgrounds at Hines and Goodman, respectively, will support the team in design, construction and sustainability.
Bain Capital has developed 400,000 m2 of logistics platforms in Poland and Italy, where it focuses on ground-up development in sought after micro-locations, and locations in close proximity to the main logistics corridors, respectively.
The JV kicks off with the acquisition of a 92,000 m2 GLA plot in Valencia.
The Loriguilla project is located near the junction of the A3 and A7 motorways, a strategic logistics area due to its easy access to Valencia’s cargo port and good connectivity with the rest of Spain. Available space in the area is currently limited.
José María Gutiérrez, managing director of CT Logistics, said: 'Our team’s four decades of experience in the logistics market has shown us how important it is for our clients to have real estate partners who understand their needs and know how to reflect those needs in the design of next generation logistics projects, while working alongside them as they grow their operations. CT and Bain Capital are ideally poised to perform this role over time.'
