Delin Property, the European logistics warehouse specialist, has sold two of the logistics parks it developed and leased to full occupation on the outskirts of Madrid for €100 mln.
The properties comprise Alcalá East Madrid Park in Alcalá de Henares and South Madrid Logistics Park in Illescas, two strategic distribution hubs serving the Spanish capital and the rest of Spain.
The parks provide a total of 110,000 m2 of modern, BREEAM sustainability-rated warehouse space occupied by major third-party logistics providers (3PLs) and consumer brands.
Since acquiring the sites and establishing a local team in Spain in 2018, Delin obtained consent to build the two parks, oversaw their development to meet stringent sustainability criteria and leased all the space.
Delin is also currently redeveloping a 2.2-hectare site in the heart of the prime logistics hub of Coslada, east of Madrid, on which it will deliver a 13,363 m2 warehouse later this year.
Tom Wattles, Delin’s CEO, said: 'The sale of these parks crystallises six years of value creation and showcases what we do best: mastering each step of the development chain to deliver modern, sustainable logistics parks in prized locations. As stabilised, quality assets they are now ready for an institutional owner and the parks’ customers will have an excellent new partner in EQT Exeter.'
Alcalá East Madrid Park comprises two warehouses divided into five smaller units to provide a total of 45,700 m2 of leasable space. A.P.Moeller – Maersk occupies two units, while Delin’s other customers include third-party logistics provider arvato-Bertelsmann and Conforama, the home furnishings retail chain. Each building is certified as “Very Good” by BREEAM.
South Madrid Logistics Park comprises three facilities which provide a total of 66,000 m2 of space. Pan-European healthcare supply chain provider Alloga occupies one BREEAM “Outstanding” rated 21,000 m2 building and has just moved into a second property constructed to the same specification. The park’s first building, delivered in May 2022, is occupied by household appliances and lighting product manufacturer Aigostar.
Isaac Núñez, Delin’s managing director for Spain, said: 'The sale of our first two parks is far from the end of our journey in Spain as we have our ongoing Coslada project.
'We’re on the hunt to acquire more value-add and development opportunities where we can bring our expertise to bear and replicate our successes in Alcala and Illescas. We’re looking in the Madrid region and beyond to other key locations, such as Barcelona and Valencia.'
Knight Frank was Delin’s agent for the sale of the two assets, while CMS acted as its legal counsel. EY provided Delin with tax advice and Artelia gave it technical expertise during the sale process.
