TH Real Estate has just completed its first acquisition on behalf of its European Logistics Fund (ELOF), a logistics centre in the greater Madrid area for €21.5m.
Acquired from a private vendor, El Corte Inglés Logistics Centre is located in the Valdemoro industrial zone c.30 kilometres south of downtown Madrid. It is conveniently connected to the city's metro area and its international airport via the A4 motorway, which passes through the immediate vicinity. Built in 2009, the property occupies a plot of c.54,000 sq m, and has excellent modern specifications as well as ample parking. The gross lettable area of c.35,000 sq m can be divided into four separate modules of c.8,000 sq m of storage area and 675 sq m of office space each.
The property is occupied by two subsidiaries of the well-known Spanish department store chain El Corte Inglés – ECI Business Solutions and Bricor – on long-term leases. The centre serves as the conglomerate's logistics hub for the Madrid metro region.
“Together with Barcelona, Madrid is a key logistics site in Spain due to its location in the heart of the country. This asset fits perfectly with our strategy for the Fund and we are very pleased to have secured such a well-connected and customisable high-spec logistics asset as our first acquisition.”
Launched in 2016, ELOF invests in high-end logistics assets in Spain, France, the Netherlands and Italy, all of which show a rising demand for logistics facilities. The Fund is targeting a portfolio size of more than €400m, and is designed for German clients who wish to invest in a low-risk asset class. Its investors include pension funds, insurance companies and banks.
Source: TH Real Estate