US privately-held developer-investor Hines has acquired two turnkey logistics developments in Madrid on behalf of its Hines European Value Fund 2 (HEVF 2). Financial details were kept confidential.
Located on the industrial estate of Atalayuela, in the Vallecas district of Madrid, the two assets are adjacent to each other and have been acquired from a private investor and from Acciona’s real estate division, respectively.
The first one is a land plot which will be developed into a 21,000 m2 shed while the second one will be a 10,000 m2 turnkey facility. Both Class A logistics facilities are targeting BREEAM Excellent certification.
Atalayuela is a prime first ring logistics location in Madrid just 20 km from the airport and 12 km from the city centre.
The HEVF series is the Hines value-add series of real estate funds which invests across all major real estate sectors. HEVF 1 focused on core-plus and value add office investments and HEVF 2 is most active in the logistics and living space.
With this acquisition, HEVF 2 continues to increase its exposure to logistics assets across Europe, with deals completed this year including the acquisition of 11 logistics projects spanning 350,000 m2 across France, its first investment in Tiel, The Netherlands with the acquisition of a 40,000 m2 logistics distribution centre and an adjacent 4,000 m3 DIY retail offering, and three new industrial and logistics sites spanning over 100,000 m2 located in Tortona, Montichiari and Brescia, in Northern Italy.
In total, Hines now owns and manages 2.4 million m2 of logistics space across Europe, up from 1.3 million m2 a year ago.
Paul White, senior managing director and HEVF 2 fund manager at Hines, said: ‘Atalayuela marks HEVF 2’s second acquisition in Spain, following Valdebebas 125, the dynamic 31,000 m2 residential for rent project located in one of the fastest growing districts of Madrid. We continue to see opportunity and value in both Spain and the logistics sector.’
