Rockspring Property Investment Managers has let 11,220 sq m of space at its recently developed Grade A logistics park in Madrid to Leche Pascual Group, a Spanish manufacturer and distributor of dairy and other food products.
The letting at Torrejón includes 669 sq m of new offices at mezzanine level which have been developed for Leche Pascual on a bespoke basis, as well as 149 car parking spaces.
Torrejón comprises a total site area of 84,968 sq m and provides 47,500 sq m of lettable space across two independent, adjacent warehouses. It is located in the heart of Madrid’s logistics and distribution sub-market, Torrejón de Ardoz, 20km east of the Spanish capital and 10km east of Barajas Airport, on the recently developed Casablanca Estate, which has a strong infrastructure profile and is attracting tenants such as Carrefour and H&M. It also provides direct access to the A2 motorway, which connects Madrid to Barcelona and to the rest of Europe.
Rockspring manages a portfolio of logistics assets totalling circa EUR0.8 billion, located across the principal logistics markets in France (39.1 per cent), UK (33.7 per cent), Germany (10.5 per cent), Spain (9.1 per cent), Sweden (4.9 per cent) and The Netherlands (2.8 per cent). This portfolio includes a land bank, with a consented development potential of 240,000 sq m GLA.
“We have built a first rate logistics park in Torrejón and we are pleased to welcome Leche Pascual as our first tenant. Having an operator of this calibre as the anchor tenant is reflective of the property’s excellent location and specification, as well as the asset management skills we have within our team on the ground in Spain. The fact that we are currently in advanced negotiations to lease a further 20,000 sq m of space in the park, which if completed will bring the asset to more than 60 per cent occupancy, underscores the lack of availability of this kind of high quality logistics space within the Madrid market.”
Source: PropertyFundsWorld