CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired a 90,000 m2 prime logistics development in Pinto, Spain.
The development comprises two brand-new Grade A logistics assets, available to let. Located in Pinto, 21km south of Madrid’s city centre, the scheme is suitable for both last-mile logistics and regional distribution tenants. The development has achieved LEED Gold and BREEAM Gold.
'This was a rare and exciting opportunity to acquire a Grade A logistics portfolio in a prime location,' said Antonio Roncero, head of transactions Iberia at CBRE Investment Management.
'In Spain, demand for newly built, flexible warehouses in consolidated logistics hubs remains high - this development offers excellent connectivity to Madrid and its surrounding areas, making it ideal for last-mile logistics operators looking to leverage the increased penetration of e-commerce in Spain, whilst still benefiting from an excellent location for regional and national distribution,' Roncero added.
The development offers occupiers access to the densely populated neighborhoods and southern suburbs of Spain’s capital city. Pinto is part of Madrid’s Ring 2 logistics area; however, this development is adjacent to Ring 1.
The development was executed by ICC in a joint venture with Angelo Gordon.
Advising CBRE IM on the acquisition were CBRE, Perez Llorca, Dokei and Deloitte.
