International real estate firm Hines has acquired an office-industrial complex in Madrid through a sale-leaseback transaction with Airbus Defence and Space for €29.2 mln.
The asset was acquired on behalf of the Hines Global Income Trust, marking the fund's debut deal in Spain.
The 43,387 m2 facility is located in the Corredor del Henares submarket facing the A2 motorway, near Madrid airport. The complex is fully let with a six-year term to Airbus Defence and Space and comprises six office and industrial buildings plus two security access points.
Omar Thowfeek, Hines managing director of fund management, commented: 'Hines has over 25 years of experience investing in Spain, and we are excited about acquiring this investment, which provides us access to a prime location in Madrid with upside potential.
'Hines Global continues to be a believer in the long-term growth prospects of last-mile logistics in major European cities, and this opportunity is in line with advancing our strategy.'
Vanessa Gelado, senior managing director and Hines Spain country head, said: 'This asset’s location facing the A2 motorway and only five minutes from the Barajas Adolfo Suarez airport’s freight terminal represents one of the best locations in Madrid for an asset of this class.
'Also, completing this acquisition in such a difficult time shows the continued commitment from Hines to the Spanish market.'
Hines Global was represented by DLA and Knight Frank, while BNP Paribas represented Airbus Defence and Space in the transaction.
