Blackstone’s logistics property arm Mileway has acquired a portfolio of four assets in Spain from Transportes Gallastegui, a Spanish logistics company.
Although financial details were not disclosed, the Spanish press reported that Mileway is paying around €10 mln for the assets, reflecting a yield of 7%.
The four cross-dock assets provide a total of 13,000 m2 and are all situated in prime last mile locations in the main logistics hubs in Spain: Madrid, Barcelona, Valencia and the Basque Country.
The assets are 100% occupied with long term lease agreements.
Following the transaction, Mileway now has more than 60 assets in Spain totalling more than 500,000 m2.
‘We are delighted to have acquired four last-mile assets in important logistics hubs in Spain. We continue to see growing demand from companies across Spain for last mile logistics real estate, primarily driven by the strong growth in e-commerce. These four assets strengthen our existing portfolio in Spain and will enable us to better connect our customers to the consumers and local communities they serve,’ said Guillermo Ravell, country director for Mileway Spain.
Mileway was advised on the transaction by CBRE.
