Pan-European industrial property group VGP has acquired a 180,000 m2 new logistics building near Barcelona from Mango fashion group for €150 mln, plus land plots covering 150,000 m2 and 223,000 m2 in Barcelona and Madrid respectively.
Mango signed a 30-year leaseback deal with VGP for the Mango Logistics Park asset in Lliçà d’Amunt. The property allows for further extension possibilities to develop around 80,000 m2 of additional lettable area. Once fully developed the Mango building will represent circa 260,000 m2 of logistics building and office space.
In addition to the Mango building, VGP is buying 150,000 m2 of additional development land in the Barcelona area on which VGP will be able to develop approximately 100,000 m2 of new lettable area for other potential tenants in the near future.
'We are very happy to start a long term partnership with Mango. Mango has a long Spanish history and has decided to serve their entire network from here. This is a competitive logistic challenge,' said Jan Van Geet, CEO of VGP. 'We are happy to support them in establishing a logistics centre which is fully capable to provide all necessary structure and tools. At the same time, the acquired extra development land will allow VGP to develop additional buildings located on a top location in Barcelona.'
VGP also announced the acquisition of a large development land plot located in in San Fernando de Henares, near Madrid's Barajas International airport.
The transaction consists in the acquisition of 223,000 m2 of new development land on which VGP will be able to develop around 140,000 m2 of new lettable area.
