PATRIZIA AG, a leading partner for global real assets, has sold two logistic assets for around EUR 150 million in the greater Madrid area to Real I.S., a real estate investment manager.
PATRIZIA originally bought the two assets in the Madrid districts of Getafe and Torrejón, in 2015/16 and since then has transformed the sites into prime logistics facilities, attracting tenants such as Amazon, Leche Pascual and GM Food.
Eduardo de Roda, PATRIZIA Country Manager for Iberia, said: “This landmark deal shows that thanks to our strong local expertise, we acquired these assets at just the right time, in the right place. We have once again demonstrated our ability to create sustainable value in our Iberian portfolio through our pro-active and expert asset management. We remain committed to our logistics assets which make up around a third of our entire real estate portfolio in Spain. Despite the challenging market conditions, we are fully on track to deliver on our local business growth objectives for Iberia.”
The asset in Getafe comprises a single 60,000 sq m warehouse leased to Amazon. The one in Torrejón spans two multi-tenant warehouses with a total surface of around 50,000 sq m and is currently leased to leading Spanish multinationals such as Leche Pascual and GM Food.
After this transaction, PATRIZIA’s logistics portfolio in Spain still comprises more than 500,000 sq m and assets under management valued at nearly half a billion EUR. The value of PATRIZIA’s assets under management in Spain and Portugal currently stand at over EUR 1.3 billion.