Photo of the development in Sant Joan Despí which comprises 26,000 sq m of constructed area.
PATRIZIA AG, has forward purchased the development of four logistic warehouses for €50 million at a logistics park located in Madrid’s suburb of Valdemoro. The construction of the 65,800 sq m development is expected to be completed by 2022. The suburb has excellent transport links via the A-IV motorway and the warehouses will benefit from modular, state-of-the-art design, providing flexibility to future tenants.
Eduardo de Roda, Country Manager for Iberia, has stated that: “The existing growth trend towards e-commerce and particularly last-mile delivery has only accelerated under Covid-19. With the increased demand for premium logistics space, the timing for this deal and the quality of these assets could not have been better.”
This transaction further strengthens PATRIZIA’s footprint in the Spanish logistics sector and in the Madrid region in particular where the company already has more than 515,000 sq m of logistics space and 652,000 sq m across the whole of Spain. Overall, logistics makes up around 40% of PATRIZIA’s assets under management in Iberia.
This transaction has been announced shortly after closing a €74 million residential turnkey project in Barcelona’s suburb of Sant Joan Despí with a 26,000 sq m constructed area. Upon completion in 2022, the building wil have 208 residential units with some retail space.
Eduardo de Roda, Country Manager for PATRIZIA in Spain, said: “This acquisition further enhances our already strong position in the Spanish market and is testament to our extensive local knowledge and the ability of our team to source projects that deliver strong returns for our institutional investors.”
PATRIZIA’s Iberian property portfolio now totals €1.35 billion and the residential segment represents 15%.