Hines has purchased from Allegra a 17,474m² urban logistics park in Madrid’s Villaverde district on behalf of its core European property fund, known as The Hines Pan-European Core Fund (HECF).
With a portfolio of 21 assets invested in 15 cities across 8 European countries, HECF has assets under management of €1.3 billion and is 97.1% leased.
Peter Epping, fund manager of HECF, has stated: “this is an excellent asset in a strong close-to-city centre location that will benefit from the rising demand for last-mile and e-commerce facilities across major European gateway cities.
“We are committed to continuing to increase the fund’s portfolio of last-mile logistics assets in top-tier European cities, a strategy which benefits from the strong backing of our investor base.”
This is HECF’s second acquisition in the urban logistics segment, after having announced plans to diversify its portfolio into the urban logistics and residential sector in March 2019.
According to Vanessa Gelado, country head for Hines: “This acquisition demonstrates our ability to identify key growth submarkets in Spain and subsequently source best-in-class assets.”