Allegra hires Knight Frank for the sale of its last-mile logistic portfolio.

Allegra Holding is reportedly selling its logistics portfolio which could fetch a price of €30 million and trade at a net initial yield of 5%.

The portfolio includes two warehouses located in Villaverde, at the entrance to Madrid, and space in front of Amazon’s operations in the town of San Fernando de Henares. The properties in Villaverde have 9,798m² and 7,676m² of GLA and are let to logistics operator, On Time, with a 10-year duration.

In addition, the portfolio includes a 16,430 m² plot of land in San Fernando with a project to develop a 10,265 m² warehouse with a long-term lease.

There is currently an investor craze for Spanish logistic properties fuelled by the growth of the electronic commerce sector. During the first quarter of 2019, the sector has attracted €200 million of investment and this is expected to reach half a billion by the end of the first semester.

About Allegra

Allegra is the family office of the Losantos-Ucha family and was created after selling their real estate development company, Riofisa. The patriarch, Mario Losantos del Campo, who was from the town of Calahorra in La Rioja, sold 50% of Riofisa to Luis Portillo (President of Inmocaral) for €1 billion in 2007. His heirs, Irene, Eva, Mario and Sara Losantos and his wife Irene Ucha now have two property holdings: Maori European Holding and Allegra which own and develop properties in Spain, the USA, Australia and New Zealand having left the UK market due to the uncertainties around Brexit. Last year the family office bought a property in Virginia, USA and an office building in New Zealand (its 2^nd property in Oceania where it owns the Bulgari store next to the Sydney Opera house).