Real IS, the property arm of German lender BayernLB, has acquired two logistics assets in Madrid for €150 mln from German investment giant Patrizia.
Patrizia bought the two assets in the Madrid districts of Getafe and Torrejón in 2015 and 2016, and has since transformed the sites into prime logistics facilities, attracting tenants such as Amazon, Leche Pascual and GM Food, the firm said.
Eduardo de Roda, Patrizia country manager for Iberia, said: 'This landmark deal shows that thanks to our strong local expertise, we acquired these assets at just the right time, in the right place.
'We have once again demonstrated our ability to create sustainable value in our Iberian portfolio through our pro-active and expert asset management. We remain committed to our logistics assets which make up around a third of our entire real estate portfolio in Spain.
'Despite the challenging market conditions, we are fully on track to deliver on our local business growth objectives for Iberia.'
The asset in Getafe comprises a single 60,000 m2 warehouse leased to Amazon. The one in Torrejón spans two multi-tenant warehouses with a total surface of around 50,000 m2 and is currently leased to Spanish multinationals including Leche Pascual and GM Food.
Patrizia said that following the disposal, its logistics portfolio in Spain still comprised assets under management (AUM) valued at nearly 500 mln, across 500,000 m2 of space. The value of Patrizia’s AUM in Spain and Portugal currently stand at over €1.3 bn.
