Arcano’s Value Added Real Estate II fund has purchased a logistics asset in the Cerro del Rubal Industrial Park, in Parla (Madrid), for c. €7.4 million.
Pablo Gómez-Almansa, Investment Manager at Arcano has stated that «the acquisition of this warehouse is in line with our business strategy of seeking high quality differentiated products capable of adding value to the investors within a very competitive context».
The property, which was bought in a public auction, has a GLA of 25.000m² and is built on a plot of 42.000m² in size. The fund’s aim is to reposition the asset as it is doing currently with EFE’s headquarters, at Espronceda 32, where it plans to develop a new luxury residential building with 50 flats.
Eduardo Fernández-Cuesta, Partner at Arcano Real Estate, has highlighted that «at Arcano we always offer a solution that meets the market’s real demand. We appreciate unique operations which demand transformation and negotiation, projects that require experience and market knowledge and to which we bring an edge».