Trammell Crow Company (TCC), a global commercial real estate developer and subsidiary of CBRE Group, has completed its first logistics development in Europe.
The development is located on a 13,787 m2 site in Granollers, near Barcelona, a prime area in the Catalonia region for industrial and logistics assets. The site was acquired in an off-market transaction in May 2022 and has now been transformed into a Grade A, environmentally sustainable warehouse development.
TCC has agreed an 8,601 m2 lease to AGCO Iberia, coinciding with the completion of the site.
Thierry Bougeard, head of Iberia Logistics at TCC, said: 'I’m so proud of the work TCC Spain has put into completing our first site in Europe.
'It demonstrates that we’re one of the most ambitious developers in the European logistics market, with this milestone highlighting our confidence in prime logistics property in the region.
'The area surrounding Barcelona is a hub for Spanish logistics, and AGCO Iberia taking the space reflects not only the location but also the quality of the asset that we’ve developed, built to the same high standards to which we are holding ourselves across Europe.
'I’m excited to see what else we achieve this year in the Iberian Peninsula, where we have five more projects in progress.'
The warehouse provides a clear storage height of 11.5m and the development has achieved an ‘A’ rating for energy performance and a BREEAM ‘Very Good’ accreditation, with the inclusion of rooftop PV and solar water heating systems.
AGCO Corporation is an American agricultural machinery manufacturer founded in 1990. AGCO designs, produces and sells tractors, combine harvesters, foragers, hay tools, self-propelled sprayers, smart farming technologies, seeding and tillage equipment.
Antonio Orcha, operations manager, at AGCO Iberia, said: 'We have decided to maintain the strategic location of the company in the Vallès area, not too far from the AP-7, a strategic location with the rest of Spain, Portugal and the South of France, and we have moved our daily activity to the warehouse in Granollers to continue with our business.'
TCC is now underway on 10 further sites across Europe, comprising more than 6.7 million ft2 (622,000 m2) valued at nearly £2.1 bn (€2.41 bn), including three sites in Spain at Cabanillas and Alovera, both in Guadalajara, and a fourth site also in Granollers located near its first.
It is also approaching completion on its sites in Milton Keynes and Sheffield, both in the UK, which are expected to complete this summer and autumn, respectively. The firm also has over 2.5 million ft2 of development in its pipeline.
TCC was advised by CBRE and Consulta Naves Barcelona. AGCO Iberia was advised by Franklin Consultores Inmobiliarios.
