Spain's Renta Corporación has begun the development of a last-mile logistics asset with a surface area of 10,000 m2 in Ripollet, Barcelona, on behalf of Mirastar, KKR Real Estate’s industrial and logistics platform in Europe.
The turnkey project is expected to be delivered in the third quarter of 2023 with a sale value in excess of €13 mln.
The deal is the first in Spain for Mirastar, which is also actively investing and developing projects in other European countries such as the UK, the Netherlands and Italy.
The company is also looking to expand into new markets in 2022. The investment is being made through KKR’s second European real estate fund, Real Estate Partners Europe II.
The project represents a new commitment by Renta Corporación to environmental sustainability and energy efficiency. The development will target both the "Excellent" rating of the BREEAM sustainable building certificate and the "A" rating of the Energy Efficiency Certificate (EEC).
Situated in Barcelona’s first logistics and industrial ring, the asset is located in the town of Ripollet, a strategic hub within the Barcelona metropolitan area.
Anthony Butler, chief investment officer & co-founder of Mirastar, said: 'Mirastar has been committed to investing and developing in Spain since we launched. We look forward to completion of this well-positioned scheme, with strong ESG credentials, in a supply constrained sub-market and to add to our strong pipeline of opportunities.'
Diederik Schol, principal in EMEA Real Estate at KKR, said: 'We are pleased that we have been able to expand the platform into Spain as we continue to invest in quality logistics assets across Europe.
'This acquisition is a high-quality last-mile asset in an undersupplied market, and fits perfectly with our strategy of working with best-in-class local developers.'
Luis Guardia, director of commercial assets at Renta Corporación, said: 'Logistically, the asset is very well located, which allows for efficient links between the hub and the rest of Spain and Europe.
'In recent years, the Barcelona metropolitan area has become an attractive market for logistics land due to high demand, limited supply and high occupancy rates. For Renta Corporación, this is a new commitment to the logistics sector, in which significant deals have been made in recent years.'
Renta Corporación was advised by the real estate consulting firm Savills Aguirre Newman, while Mirastar was advised by Garrigues, Savills Aguirre Newman and Nova Ambiente on the legal, technical and environmental aspects, respectively.
