Transaction / Assets Seller Buyer € MM
Axiare Acquires 2nd Phase Of Logistics Project In San Fernando De Henares
3 July 2017 – Observatorio Inmobiliario
Axiare Patrimonio has completed the acquisition of the second phase of its logistics park in San Fernando de Henares (Madrid) after having pre-leased a significant part of the first phase, which it acquired just one year ago.
This latest acquisition represents the culmination of a pre-agreement reached in 2016, during the purchase of the first phase of the project, for which the Socimi reserved the right to develop a second, turn-key, phase.
The CEO of Axiare Patrimonio, Luis López de Herrera-Oria, stated that “this operation shows once again our capacity to act outside of the market, acquiring assets with great potential in complex operations. We continue to faithfully fulfil our business plan, with the ultimate objective of maximising value for our shareholders”.
The Socimi has invested €38 million in the acquisition of this second phase. This new investment will add two new logistics warehouses, with a gross leasable area of 60,000 m2, to the three already planned for the first phase of the project, all integrated within the same logistics complex. The handover of this second turnkey phase is scheduled for the second half of 2018.
In total, Axiare Patrimonio will invest €81 million in the development of the two phases of this logistics park, which is located in the first ring of Madrid, in the best area of the Corredor de Henares. It is one of the most important logistics centres in the country, located just 10km from the airport and 18km from the city centre. High-profile first-rate tenants, such as Amazon, TNT and XPO, also have their logistics centres close to this site.
The technical specifications of the new warehouses will be identical to those constructed during the first phase, which means that they will be high-quality facilities, with LEED environmental certificates.
With this off-market operation, Axiare Patrimonio has invested €195 million in the acquisition of five properties in line with its investment strategy.
The project will be developed by Grupo Barral, a company specialising in the logistics sector.
Original story: Observatorio Inmobiliario
Translation: Carmel Drake