Rockspring acquires 88,000m2 prime logistics site in Madrid

Rockspring Property Investment Managers has bought a large logistics site in Madrid for speculative development.

The 88,000 m2 site in Los Gavilanes, Getafe, will provide approximately 60,000 m2 of Grade A logistics stock when developed, sub-divisible into modules of 8,000 m2, Rockspring said.

The site was acquired on behalf of a separate account client. Financial details were not disclosed.

Construction will begin in February 2016 and is scheduled to be completed in early 2017.

The recently built Los Gavilanes estate is located 17km south of Madrid’s city centre at the junction of the A4 motorway and the M50 orbital road, 27 km from Madrid Barajas international airport.

The project will bring Rockspring’s Spanish logistics portfolio to 110,000 m2 of Grade A space in two prime locations. Last spring the company acquired a 50,000 m2 logistics park in Torrejón de Ardoz, Madrid, for a reported €35 mln from developer Inversiones Montepinto.

John Thompson, director at Rockspring Iberia, said: ‘We are delighted to have secured this opportunity which gives us a platform to create a top quality scheme on one of the best sites of its kind in Madrid, at a point in the cycle when occupier demand is clearly strengthening and availability of quality stock remains close to zero.’

Jo De Clercq, Partner at Rockspring, added: ‘In line with the acquisition of Torrejón last year, this strategically located logistics asset close to the Spanish capital enhances our growing portfolio of European logistics facilities and we are actively sourcing similar investment opportunities in cities that have a central part to play in Europe’s growing logistics infrastructure.’

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Click here to watch video highlights of PropertyEU's European Logistics Investment Briefing, hosted by Savills in London on 9 February 2016