Clarion Partners Europe, formerly known as Clarion Gramercy, the real estate investment fund manager specialising in logistics and industrial assets, has acquired a 37,160 m 2 newly built warehouse near Illescas Yeles, south of Madrid.
The Madrid deal was signed on Monday and involves a build-to-suit property completed earlier this year. It is leased to Mediapost Spain, part of La Poste group, one of the largest postal and courier companies in Europe, on a seven-year double net lease. The purchase price for the asset was not disclosed.
The Illescas market is located 40 km south of Madrid centre offering connectivity via the A-42 and A-4 motorways, which are accessible within five and fifteen minutes respectively, whilst Madrid city centre can be reached within 35 minutes.
Despite the economic uncertainty caused by Spain’s nationwide lockdown announced on 13 March, the Madrid logistics market has continued to see strong take-up, underpinned by accelerating e-commerce trends, according to the company. A total of 260,000 m2 was leased during H1, representing a 56% increase versus the same period last year.
Alistair Calvert, CEO, said of the Madrid deal, ‘This is an institutional warehouse asset in one of Spain’s major logistics hubs, let to a strong covenant in a market which is expected to continue to grow due to the rapid increase in e-commerce penetration caused by the Covid-19 pandemic.’
Clarion Partners Europe added that so far in 2020 it had collected all rent due, including the period since the Europe-wide lockdown commenced in March. In addition, it has recently signed new lease agreements or renewals on more than 150,000 m2 with a further 71,000 m2 due to sign imminently.
Rebrand
The corporate update comes 18 months after US investor Clarion acquired Gramercy as part of a strategy to break into Europe.
Gramercy has now rebranded as Clarion Partners Europe and has a team of 17 people, while Clarion has a total of 277 in its vast platform.
Clarion Partners Europe has offices in London, Berlin, plus a new presence in Paris and aspirations to open in Amsterdam.
It was advised by HSF and technically by GLEEDS on the Madrid transaction. The vendor was advised by CBRE.
