8 October 2019 – Hines, the world’s fourth-largest real estate fund by volume of assets under management, has finalised its first acquisition in the logistics sector in Spain, as the growth of e-commerce continues to roil the market.
The US fund has acquired two last-mile logistics assets in Villaverde, on the outskirts of Madrid, from Allegra. Allegra hired Knight Frank to lead the sale of a portfolio consisting of two warehouses in Villaverde and a plot of land in San Fernando de Henares. Hines paid 20 million euros.
Hines opted to bid for the two warehouses, both of which have a 10-year leasing contract with the logistics operator Ontime. The two units have a surface area of 9,798 and 7,676 square meters, respectively.
Original Story: El Confidencial – Ruth Ugalde / Elena Sanz
Adaptation/Translation: Richard D. K. Turner