CapitaLand Eyes Entry into Spain’s Logistics Market with Potential Blackstone Asset Deal

CapitaLand, the Singapore-based global real estate giant, is poised to make a major move into the Spanish logistics market with the acquisition of a €130 million portfolio of six prime logistics assets from Blackstone, the renowned US investment firm. The deal marks CapitaLand’s first foray into Spain’s booming logistics sector, underscoring the company’s growing commitment to expanding its industrial and logistics portfolio in Europe.

The six assets, collectively known as the Alba Portfolio, comprise 99,000 sqm of Grade A logistics space spread across two key logistics parks located in Torrejón de Ardoz (Madrid) and Sant Feliu de Buixalleu (Girona). These strategically located properties are fully let, with major tenants such as H&M and Carrefour operating key distribution hubs from these facilities.

Among the flagship assets in the deal are two highly significant logistics platforms:

• A 23,500 sqm refrigerated and frozen food facility, operated by Carrefour, which opened in 2015. This facility serves as one of the supermarket chain’s critical distribution points for perishable goods.
• A 36,000 sqm warehouse in Torrejón de Ardoz, occupied by H&M since 2012. This warehouse acts as a major supply center for the retailer’s operations across Spain and Portugal.

In addition to these high-profile tenants, the portfolio also includes a platform in Sant Feliu de Buixalleu originally developed for Trace Logistics, a subsidiary of Fluidra. This facility highlights the diverse nature of the logistics operations within the Alba Portfolio, which includes temperature-controlled spaces and a range of distribution platforms.

CapitaLand’s Entry into Spain

This transaction is a significant milestone for CapitaLand, which has traditionally been focused on residential, commercial, and hospitality sectors. With this acquisition, the company is diversifying its portfolio to include more industrial assets, capitalizing on the increasing demand for logistics facilities in Europe.

The acquisition also underscores CapitaLand’s strategy of expanding its global footprint, particularly in markets with resilient logistics demand. As of August 2025, the company manages assets worth around SGD 117 billion (€77.8 billion) across 270 cities in 45 countries, spanning a wide range of sectors from offices, industrial, and data centers to hospitality and residential real estate. This diversification strategy allows CapitaLand to navigate changing market conditions while focusing on high-growth asset classes.

A Growing Interest in Spain’s Logistics Sector

The logistics sector in Spain has witnessed steady growth in recent years, driven by factors such as the country’s strategic location as a gateway to Europe, the rapid growth of e-commerce, and increasing demand for distribution centers in key urban hubs. In fact, Spain has become one of the top logistics markets in Europe, attracting significant foreign capital in recent years. According to data, €1.1 billion was invested in Spanish logistics assets in the first three quarters of 2025 alone.

CapitaLand’s move into Spain comes at a time when other international investors are also increasing their presence in the country. For example, in 2025, P3, a logistics developer backed by Singapore’s sovereign wealth fund GIC, acquired a portfolio of nine logistics centers in Getafe (Madrid) for €146 million. Other notable players, including Nuveen and Fidelity International, have also made significant investments in Spanish logistics assets.

Strengthening CapitaLand’s European Presence

While CapitaLand is well-established in several markets across Asia and North America, the company’s move into Spain through this acquisition is an important step in strengthening its position in Europe. The company already has a presence in Spain through its hospitality arm, Ascott Limited, which manages the Citadines Ramblas Barcelona apart-hotel. However, this new acquisition signals CapitaLand’s commitment to growing its presence in the Spanish and broader European logistics markets.

In October 2024, CapitaLand further enhanced its capabilities in the region by hiring Armando Martín-Gómez as its Real Estate Transactions Manager in London. Martín-Gómez brings local knowledge from the Spanish market and his appointment will play a key role in managing the company’s growing investments in the region.

If the deal is finalized, this acquisition will represent a strategic foothold for CapitaLand in one of Europe’s most resilient logistics markets. As demand for high-quality warehouse space continues to increase, the Alba Portfolio is positioned to benefit from Spain’s growing e-commerce sector, a key driver of the logistics industry.

This transaction follows Blackstone’s strategy of capital recycling in Spain, which has seen the firm divest multiple logistics assets in recent years. For example, in 2024, Blackstone sold a €215 million portfolio of logistics assets to Mapletree, further demonstrating the high demand for well-located logistics properties in Spain.

CapitaLand’s acquisition of the Alba Portfolio will be a landmark transaction for the company, marking its entry into Spain’s logistics sector and strengthening its position as a leading global player in industrial real estate. With high-profile tenants like H&M and Carrefour, and prime locations in Madrid and Barcelona, the assets in this portfolio represent a valuable addition to CapitaLand’s expanding European portfolio.

As CapitaLand continues to diversify its global real estate holdings, its push into the logistics sector aligns with broader trends in the industry, where demand for modern, well-located distribution hubs is expected to remain strong for the foreseeable future.

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