GreenOak entered Spain’s logistics sector towards the end of 2014 with the purchase of five logistics assets in the Madrid region, totaling 200,000m2, and the objective of reaching a gross leasable area (GLA) under management of 500,000m2 which it subsequently sold to P3 Logistic Parks in early 2017.
The U.S. based real estate investor has just launched a sale process for its second European logistics portfolio which has sold various assets to Invesco in San Fernando de Henares (Madrid). The sale of the entire portfolio would allow GreenOak to generate returns for investors of the 2nd fund whilst continuing to invest in this growing sector of the property market.
Meanwhile, GreenOak’s recently launched third logistics fund has completed its first acquisition in Spain. The fund has the goal of raising between €900 million and €1billion and advances in parallel to the sale process of the 2nd vehicle.
Their third fund has just agreed a built-to-suit purchase from construction company Pavasal, which was advised by Cushman & Wakefield. The logistic platform will be built by Pavasal on a 40,000m2 plot of land in Seseña, one of the locations with the best growth prospects for Spain’s logistics segment. The distribution platform is expected to have an approximate GLA of 28,000 m².