UBS Asset Management's (UBS AM) Real Estate & Private Markets (REPM) business has purchased two core logistics assets in Madrid from Invesco Real Estate for €35.15 mln.
The PP10 warehouses were acquired by REPM’s Iberian team on behalf of a separate account client. They total 34,968 m2 and have been acquired 100% let, with a sole tenant occupying each of the properties.
'These latest two additions to our Iberian portfolio bring our logistics holding in the market up to six assets, providing us with a stronger foothold in this highly sought-after and undersupplied sector,' commented Jesús Silva, Head of REPM – Iberia at UBS-AM.
Built in 2008, Warehouse 1 has a GLA of 20,468 m2 and is occupied by cosmetics distributor CADYSSA, while Warehouse 2 is leased to international player XPO Logistics. PP10 is located in Leganes, one of Madrid’s most consolidated distribution and logistics submarkets, 11 kilometres outside of the capital.
According to UBS AM, the acquisition is in line with the client's multi-asset class strategy across Europe and represents their first logistics investment.
The properties bring REPM’s assets under management across Iberia to around €675 mln.
'The strong fundamentals of the Spanish real estate market, with the economic recovery well underway, in addition to the remaining potential for further growth in ecommerce, support our confidence in the outlook of this investment and our ability to generate attractive returns for the benefit of our clients,' concluded Silva.
REPM was advised on this transaction by Dentons, Novasa & Olive, and KPMG, while the vendor was advised by BNP Paribas.
