Spanish logistics specialist Montepino has unveiled plans to invest €327 mln in one of the largest logistics projects in Spain.
The Illescas development in Toledo will be built on a plot of 680,000 m2, with a gross leasable area of 424,000 m2.
The complex of nine logistics buildings will be located in the industrial park of Los Pradillos II in the municipality of Toledo, with access to the A2 and the A-42 highway, which connects Madrid to Toledo.
Montepino is currently developing the first three buildings, which it has already pre-leased to two textile companies and a food retailer for their e-commerce operations.
The most advanced project, with 120,000 m2 of leasable area, will be ready by the end of end of Q2 2023, for an investment of €118 mln.
Another project, budgeted at €46 mln, will consist of a warehouse on a 76,000 m2 plot, with 375 parking spaces and 2,600 m2 office, which will be ready in September.
The third will have a gross leasable area of around 58,200 m2 and will be delivered in the summer of 2024, at a cost of €52 mln.
Montepino has land for another six buildings in the Los Pradillos II industrial park, ranging between 10,000 m2 and 50,000 m2, which will be built as and when agreements are reached with future tenants.
Owned by Bankinter and Valfondo IM, Montepino is preparing a listing on Euronext Paris by the end of H1 2023, thus becoming the largest Socimi specializing in logistics assets.
