Global investor Patrizia has acquired a logistics property near Madrid, in Spain.
Financial details were not disclosed.
The deal is the German company’s sixth property purchase in Spain for its TransEuropean VII fund (TEP VII). Financial details were not disclosed.
Located on the Los Gavilanes industrial estate in Getafe, the property is being developed speculatively. When complete, it will comprise around 29,000 m2 of flexible, grade A floor space across up to 12 units. Completion is expected in early 2021.
Eduardo de Roda, country manager for Patrizia Iberia, said: ´Spain is fast being becoming the engine of the European economy and this is supporting the growth in occupier demand we are seeing in both Barcelona and Madrid.
'The quality of these opportunities is reflective of the deep market knowledge available to the fund, combining the on the ground expertise and deal structuring of Patrizia with that of its local partners.'
With the acquisition, TEP VII now has €505 mln invested in the cities of Madrid, Paris, Barcelona and Berlin. The fund launched last year and has a target cap of €1.5 bn.
Earlier this year, the fund purchased a 67,000 m2 fully leased logistics complex in Ontigola, near Madrid, reinforcing Patrizia’s commitment to the wider Spanish logistics market, where it currently manages a portfolio of more than 230,000 m2.
