LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has acquired a flexible-use warehouse fully let to the discount supermarket chain DIA. The asset, which is located near Zaragoza in Spain, has been acquired on behalf of LaSalle’s E-REGI fund for over €20 million.
DIA Logistics was completed in 2016 and has over 31,000m2 of rental space, around 200 parking spaces and more than 60 loading docks. The property is capable of supporting multi-tenant use, including over 13,000m2 of cold storage divided into six separate modules. DIA, the sole tenant, operates more than 7,000 stores internationally, making it one of Europe’s largest food sector franchises.
Zaragoza is located in one of the most attractive logistics markets in Spain, benefiting from its proximity to Madrid, Barcelona, Valencia and southern France. The city is a key freight corridor between the Mediterranean and Atlantic coasts, with transport infrastructure including Zaragoza Maritime International, the second biggest dry dock in Spain, and Zaragoza International Airport, the third largest cargo airport in Spain by volume.
Uwe Rempis, Fund Manager at LaSalle said: “This is an important acquisition for the E-REGI fund as it increases our investors’ exposure to logistics, one of our target sectors. Spain’s logistics market is particularly attractive as it has experienced strong occupier demand in recent years, largely thanks to the growth of e-ecommerce, which is deriving demand for strategically located, large logistics units than can serve the whole country. We expect this trend to continue and so are pleased that we have been able to advise on this acquisition.”
LaSalle E-REGI is an open-ended pan-European real estate fund that aims to generate stable income return from a diversified core portfolio (office, retail, logistics) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI), which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term. The Fund also includes additional screening filters such as JLL’s Global Real Estate Transparency Index and minimum market size.
LaSalle was advised by Hogan Lovells (legal); KPMG (tax) and Malcom Hollis (technology), RP Europe (Commercial)
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $68.4 billion of assets in private and public real estate property and debt investments as of Q1 2019. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.