Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, has secured five logistics assets with a total surface area of 53,000 m2 in core logistics locations within Madrid and Barcelona.
The five transactions are a mixture of standing acquisitions and turnkey projects and represent the platform’s ambition to increase its presence in Spain. Financial details were kept confidential.
The three last-mile logistics assets are located in strategic hubs within the Barcelona and Madrid metropolitan areas and consist of a mixture of let and vacant tenancies. The investments consist of a 8,000 m2 vacant logistics asset in Coslada with refurbishment works to be executed shortly (Ring 1 Madrid), a 3,000 m2 logistics asset fully let in La Maquinista (Ring 1 Barcelona) and a 10,000 square meter asset fully let in Castellar del Valles (Ring 2 Barcelona).
In addition, Mirastar is purchasing two turnkey projects in the strategic locations of Valls and Constanti in Tarragona with a total area of 32,000 m2. The projects benefit from excellent connections to Barcelona, Tarragona city, and the seaport and airport of Tarragona. Both projects are expected to be delivered in the fourth quarter of 2023 by leading Spanish developers, Onilsa (Constanti) and Carbonell Figueras (Valls), with engineering works by INEL.
The new projects will target both the "Excellent" rating of the BREEAM sustainable building certificate and the "A" rating of the Energy Efficiency Certificate (EEC), representing Mirastar and KKR’s commitment to environmental sustainability and energy efficiency.
The investments follow the recent acquisition of a 10,000 m2 turnkey project in Ripollet, Barcelona.
Amos Chia, investments director at Mirastar, said: ‘The acquisitions compliment the first transaction we signed recently. Mirastar will continue our significant investment program in Spain focusing on key sub-markets and owning and developing assets with strong ESG credentials.’
Diederik Schol, principal in EMEA Real Estate at KKR, said: ‘The transactions are the latest wave of successful acquisitions in Spain which continues our investment into quality logistics assets across Europe. These assets are strategically located and we feel confident of growing the platform rapidly in Spain over the coming 12-18 months.’
Mirastar was advised by Garrigues, Savills Aguirre Newman and Nova Ambiente on the legal, technical and environmental aspects, respectively.
Buyside advisors for the investments include Knight Frank, Rio Grande Capital, JLL and BNP Paribas Real Estate.
