DWS Buys Madrid Logistics Park as Investors Target Scarce A-1 Corridor Assets

DWS purchases income-producing logistics complex in northern Madrid’s San Agustín de Guadalix from Scannell Properties.

Investment manager DWS has acquired a newly delivered logistics complex in San Agustín de Guadalix, north of Madrid, from developer Scannell Properties, in a move that underscores the growing competition for modern industrial space along the capital’s A-1 corridor. The price of the transaction has not been disclosed.

The asset, Logistic Park San Agustín, comprises 43,300 sq m of gross leasable area across four modules and was completed earlier this year following the regeneration of an ageing industrial site. The project was developed as a brownfield redevelopment, with Scannell reusing significant portions of the demolished structures—an increasingly common approach as investors tighten sustainability requirements and greenfield opportunities in the region diminish.

Three of the four units are already occupied. Fever, the global events and entertainment platform, took an 8,000 sq m module last autumn, while Fitness Deluxe, a distributor of professional sports equipment, took a similar unit during the summer. A third module of 11,785 sq m was leased by Grupo Joanca, which supplies the pharmaceutical and cosmetics sectors. The final module, measuring 15,500 sq m, remains available, giving DWS scope to capture further rental growth in a market where supply remains constrained.

For the German asset manager, the appeal of the project lies partly in its timing. “There is a limited supply of high-quality assets along the A-1, and demand remains solid even as valuations adjust,” said Manuel Ibáñez, Head of DWS Real Estate for Iberia. The firm has been increasing its allocation to logistics in southern Europe, a segment that has outperformed other commercial property classes through the economic cycle.

Scannell Properties sees the transaction as validation of its strategy of targeting complex redevelopment opportunities. “Logistic Park San Agustín is perfectly suited for large-scale national and European distribution,” said Javier Inchauspe, the developer’s Managing Director for Spain and Portugal. He highlighted the need to transform obsolete industrial fabric around Madrid, where competition for viable development plots has intensified.

The A-1 corridor has emerged as one of Madrid’s most strategic logistics axes. Stretching north toward Burgos and the French border, it forms a key route for overland freight between central Spain and the rest of Europe. While other corridors such as the A-2 and A-4 offer more abundant land, the A-1’s scarcity of developable plots has supported rental resilience and made modern, well-specified assets particularly sought after by both occupiers and investors.

San Agustín de Guadalix sits at a point where long-distance haulage, regional distribution, and last-mile logistics intersect. Close enough to serve Madrid’s metropolitan area yet positioned for rapid outbound transport, the location has attracted companies seeking to consolidate operations or shorten delivery times. The area also benefits from higher-income residential zones nearby, reinforcing labour availability and consumption demand.

Although the boom in logistics development has moderated from its pandemic-era peak, the sector continues to outperform as retailers, manufacturers, and e-commerce platforms adjust supply chains to favour resilience and proximity over cost minimisation. Institutional investors have maintained their appetite for assets that meet environmental standards and offer stable cashflow, particularly when supported by corridors with limited speculative development.

The acquisition positions DWS to benefit from these dynamics. With a strong tenant mix already in place and one sizeable unit yet to be leased, the company gains exposure to a corridor where competition for modern stock remains intense. For Scannell, the sale marks the completion of a project that reshapes a once-obsolete site into a contemporary logistics hub—an increasingly common model in a market where new land is scarce but demand for high-quality space continues to outstrip supply.

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