Germany's Patrizia Immobilien has agreed to forward-fund a 66,424 m2 logistics centre in Ontígola, south of Madrid, for €37.5 mln.
The transaction is being signed on behalf of Patrizia's pan-European value-add fund, TEP VII.
The opportunity was originated off-market and comprises two warehouses which are 100% pre-let on triple net agreements to two high-quality tenants, DHL and Logisfashion.
Delivery is expected during the first half of 2019.
'This acquisition highlights our commitment to the Spanish logistics sector, which continues to perform well against a backdrop of e-commerce-driven demand growth and an acute undersupply of high-quality buildings,' said Eduardo de Roda, Patrizia's head of Iberian transactions.
Patrizia currently manages four logistics properties in Madrid and Barcelona, totalling more than 200,000 m2.
