Rockspring is investing in a Spanish logistics park for a separate account client.
The investment manager bought the Torrejón Logistics Park in Madrid for an initial €28m.
The recently developed asset will be worth a further €7m once fully let, the company said.
The seller, Inversiones Montepino, completed development of the scheme last month, with Rockspring agreeing a forward purchase of the asset.
The 84,968sqm site includes 47,500sqm of lettable space
John Thompson, director at Rockspring Iberia, lamented the lack of “flexible and modern logistics stock in Madrid and in Spain as a whole”, particularly in prime locations.
“We are already seeing strong tenant interest in the warehouses,” he said.
“After a number of years of 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.”