CB Richard Ellis (CBRE) announced that it has advised a confidential purchaser on the acquisition of two Spanish logistics properties of 20,468 m[sup]2[/sup] and 14,501 m[sup]2[/sup] for EUR 29 mln. This is the largest logistics deal completed in the Spanish market since 2007.
CB Richard Ellis (CBRE) announced that it has advised a confidential purchaser on the acquisition of two Spanish logistics properties of 20,468 m2 and 14,501 m2 for EUR 29 mln. This is the largest logistics deal completed in the Spanish market since 2007.
The properties, located on the South M-50 Industrial Estate, Leganés, near Madrid, were sold by a Luxemburg-based investment fund.
Basilio González, National Industrial director, CBRE Spain, said: 'After six months of intensive negotiations, CBRE successfully acquired two logistics properties on behalf of the client for a total of EUR 29 mln, at a yield of 8%. This transaction exemplifies the increased levels of industrial investment activity in Spain, which look set to continue in 2010.'
The deal has set a new benchmark for yields in the Spanish commercial property market, reflecting rising investor interest in the logistics sector. Current yields of 8% offer a 200 basis points premium over prime offices. In addition, vacancy rates have started to tighten after peaking at just over 15% and rents for prime property appear to have stabilised.
James Markby, director of Cross-Border Industrial Investment, CBRE EMEA, said: 'This deal mirrors a broader trend of rising industrial investment volumes across Europe. Industrial and logistics turnover rose by 52% from the first to the second half of 2009, taking the full-year European total to just over EUR 6.5 bn. We expect this momentum to continue in 2010, reflecting a broader recovery in investment appetite across most of Europe.'
