29 January 2019 – Eje Prime
A trio of funds are taking a piece of the Spanish real estate pie. The investment fund KKR, the investment group and real estate manager Round Hill Capital and the logistics company Pulsar Properties have created a joint venture to purchase four platforms in the Spanish market. The objective over the medium term is to acquire logistics spaces in Spain spanning up to 400,000 m2.
The joint venture, called Pulsar Iberia Logistics, has already signed the acquisition of three logistics development projects in Madrid and another one in Barcelona. KKR has formalised the investment through its fund Real Estate Partners Europe.
The four logistics assets are going to be developed by Pulsar Properties, a Spanish company specialising in the promotion of industrial, logistics and inter-modal surfaces. The four properties are the first investments undertaken by the new joint venture in Spain, “a country that is showing very positive signs for logistics investment, with high demand and, at the same time, a scarce supply of logistics assets, as well as an economy with a solid track record”, said the company in a statement.
One of the developments is located in Ontígola, in the third logistics ring of Madrid, and has a gross surface area of 21,145 m2. In Barcelona, the asset is located in Parets del Vallès and has a surface area of 19,907 m2. Finally, the company has also acquired two logistics warehouses measuring 33,091 m2 and 20,280 m2, respectively, in Torija, also in the third logistics ring of Madrid.
Original story: Eje Prime
Translation: Carmel Drake