Rockspring acquires new logistics park in Madrid for €28m

Rockspring Property Investment Managers, actinf on behalf of a separate account mandate, has acquired a new logistics park in Madrid for €28 mln.

The investment volume will increase to €35 mln once the vendor Inversiones Montepino achieves 100% occupancy at the newly developed logistics park in Torrejón de Ardoz in Madrid.

The acquisition follows Rockspring’s announcement in March 2015 that it was forward purchasing the asset.

'The lack of availability of flexible and modern logistics stock in Madrid - and indeed in Spain as a whole - particularly in prime locations, makes this an attractive investment opportunity and we are already seeing strong tenant interest in the warehouses,' said John Thompson, director at Rockspring Iberia. 'After a number of years of both falling rents and capital values, we are seeing a strong recovery in the Madrid logistics market and the short to medium term outlook for rental and capital growth in these types of assets is particularly positive.'

Completed in February 2016, the Grade A logistics park, which is currently vacant, comprises a site area of 84,968 m2 and provides 47,500 m2 of lettable space across two independent, adjacent warehouses. Located in the heart of Madrid’s logistics and distribution sub-market, Torrejón de Ardoz is on the recently developed Casablanca Estate, which has a strong infrastructure profile and is attracting an impressive international tenant mix, including Carrefour and H&M.

The park is located 10 kilometres east of Barajas Airport and provides direct access to the A2 motorway which connects Madrid to Barcelona and to the rest of Europe. The newly constructed assets comprise 5% office space and can be subdivided into units of 5000 m2 to cater for different tenant requirements.

ProEquity and CBRE have been appointed as co-leasing agents for the Torrejón Logistics Park. Rockspring was advised by Hogan Lovells whilst ProEquity, CBRE and Cuatrecasas acted for the vendor.

Rockspring manages a portfolio of logistics assets totalling €800 mln, located across the principal logistics markets in France (39.1%), UK (33.7%), Germany (10.5), Spain (9.1%), Sweden (4.9%) and The Netherlands (2.8%).