German property group Patrizia said on Thursday that it has forward-purchased the development of four logistics warehouses on behalf of institutional investors for €50 mln at a logistics park located in Valdemoro, within the greater Madrid area.
The construction of the 65,800 m2 development is expected to be completed by 2022.
Eduardo de Roda, Patrizia country manager for Iberia, said: ‘The existing growth trend towards e-commerce and particularly last-mile delivery has only accelerated under Covid-19. With the increased demand for premium logistics space, the timing for this deal and the quality of these assets could not have been better.’
This latest transaction further strengthens Patrizia’s footprint in the Spanish logistics sector and in the Madrid region in particular where the company already has more than 515,000 m2 of logistics space. Nationwide, it has a footprint of 652,000 m2. Overall, logistics makes up around 40% of Patrizia’s assets under management in Iberia.
Patrizia manages €1.35 bn of assets in the Iberia region.
