French fund Alderan (subsidiary of the Ojirel Group), has acquired a 7,360 m² logistics warehouse in the town of San Agustin de Guadalix (Madrid) at an 8% yield.
San Agustín del Guadalix is located 22km north of Madrid’s major suburb of Alcobendas and fronting the E-5 European route that connects Spain, France and the United Kingdom. Spain’s largest energy company, Iberdrola, is developing a major 18 hectare innovation centre in the town comprised of seven buildings.
The acquisition has been carried out by their vehicle OPPCI Organa III and the seller was a local Spanish logistics company. A new 5 year lease has been signed with the current tenant, a German automotive parts multinational. This is the fourth logistics acquisition carried out by ORGANA III and their first in Spain. IREMCAP acted as commercial advisor for Alderan and M&B Abogados provided legal advice.
According to CBRE’s latest report, Madrid registered lease-up of 632,000m² during the first half of 2018 with most of the assets having approximately 20,000m² of GLA.