LaSalle Investment Management has acquired the Villaverde Logistics Portfolio, comprising two new state-of-the-art logistics development projects located in Villaverde, a southern district of Madrid, for an undisclosed amount.
The developments have been acquired via a forward funding agreement from Engel & Völkers Development Spain, part of Engel & Völkers Group, on behalf of Encore+, LaSalle’s flagship European fund.
Completion of the two developments, which are being delivered by their former owner, is scheduled for Q1 2023. The projects are targeting a BREAM Excellent sustainability standard.
The acquisition marks the return of Encore+ to the Spanish logistics development sector, following the successful sale of Alcala and Azuqueca De Henares in 2016.
‘We are pleased to be forward-funding the development of these properties, in a very well-connected urban location serving a major European capital, as we continue the build-out of a prime European logistics portfolio,’ said Francesco Coviello, head of Investment for CEE and Southern Europe at LaSalle Investment Management. ‘Overall, Spanish logistics assets have performed very well in recent years and we expect continued upward pressure on rents.’
LaSalle was advised on this transaction by Hogan Lovells on the legal and tax side and JLL and Tauw on the Technical and Environmental side.
