Blackstone’s Mileaway continues to bet on Spanish logistics.

Mileaway has purchased a logistic unit let to bread company Pansur in Seville. The purchaser is Europe’s largest real estate fund specializing in «last mile» logistics and was launched by Blackstone in 2019.

Savills has advised the vendor, Sandton Capital Partners, in the sale of the asset which is located in the industrial park known as La Isla de Dos Hermanas in southern Seville. The asset has a 5.649 sqm GLA within a plot of 10.000 sqm and is located in one of the main logistic nodes of the region of Andalusia.

The tenant is Pansur, a provider of frozen bread and pastries owned by the Pineda Rivera brothers which was financially bailed out a year and a half ago, in September 2018, when it was entering liquidation. At that critical moment, the Sandton Capital Partners fund agreed a sale & leaseback of the property which was valued at 1.8 million euros at the time.

Vicente Bernabé, in charge of the Logistic Department at Savills Aguirre Newman for Andalusia, has stated that «this deal shows the strong investor demand that exists for the Andalusian logistic market. There is great pressure from top international funds, as well as from international developers to position themselves in the market, especially in Malaga and Seville».

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