Invesco Real Estate has purchased two newly-built logistics properties in San Fernando de Henares from GreenOak.
As reported by advisor Cushman & Wakefield on Wednesday, the two properties have a GLA of 38,684m², with over 30 meters for maneuvers and eaves height of 11,.5 meters. Institutional investor interest in the Spanish logistics market continues to grow driven by growing rents and high returns. There was a significant shortage of logistic developments during the last decade, due to the Great Recession, and many of the existing current logistic parks in the country are of low quality or have been rendered obsolete thus limiting the alternatives available to institutional investors.
Spain’s e-commerce sector has also been growing rapidly in recent years generating greater demand for quality logistics parks. In fact, according to Guy-Young Lamé, director of European Research at Invesco, this rapid expansion is “due to its previous underdevelopment, which is why there is a growing demand for high quality logistics assets nowadays.”
Invesco is an independent investment management with over $988 billion in assets under managament (as of August 31, 2018 ) and over 7,000 employees across the globe. The team in Spain is led by Alejandro Monge, the Head of Real Estate Acquisition and Director of Transactions who was previously the Head of Investments at Rodamco Espana.