Greenoak, the real estate investment firm co-founded by former Morgan Stanley real estate head John Carrafiell, has acquired five logistics assets in the surroundings of Madrid as part of a Spanish investment spree.
Greenoak, the real estate investment firm co-founded by former Morgan Stanley real estate head John Carrafiell, has acquired five logistics assets in the surroundings of Madrid as part of a Spanish investment spree.
The assets provide a total of 100,000 m2 of logistics space and a further 100,000 m2 of land in the Getafe and Corredor del Henares areas. They are let to tenants including Seur, Montfrisa and TransXtar.
According to Spanish press reports, the acquisitions total between €60 and €75 mln and are part of a major investment drive to reach half a million m2 of logistics space over the next 12 months in cities such as Madrid, Barcelona, Zaragoza and Valencia.
Greenoak is also in negotiations on a further three logistics assets offering an additional 100,000 m2 of space in the Madrid area.
'Logistics is an asset class where scale and experience make a difference. We are currently focused on Spain,' said Carrafiell.
Founded in 2010, Greenoak is headquartered in the US and has European offices in London, Munich and Madrid. The investor entered Spain last year with the purchase of seven malls from Vastned Retail for €160 mln. The acquisition was made jointly with US hedge fund The Baupost Group, and Spain’s Grupo Lar.
