German property group Patrizia has forward purchased a logistics warehouse development in Illescas, Spain, for €56 mln, on behalf of its institutional clients.
The asset will have a combined surface of 92,000 m2 and is scheduled to be completed by the first quarter of 2023. In order to deliver flexible assets, attractive for several tenants and able to provide increased asset management opportunities, the warehouses in Illescas can be divided into up to six modules from 14,000 m2 each.
The investment was made on behalf of a Patrizia logistics flagship fund for its institutional clients.
Martin Trodden, fund management at Patrizia, commented: ‘The logistics sector has proven to be safe haven during the Covid-19 pandemic. As economic recovery takes hold, we are seeing continued growth in e-commerce and increasing demand from logistics occupiers. Despite many new entrants to this investment sector, our specialist logistics funds benefit from a long track record and unique market insight that allow us to find value in this asset class.’
With this transaction, Patrizia further strengthens its presence in the logistics segment in Spain, in which it already has assets with a total area of more than 620,000 m2 throughout the country. As a whole, the logistics segment represents around 40% of the assets that Patrizia manages in Iberia, for a total value over €1.4 bn.
Patrizia currently owns €5.8 bn of logistics assets.
