Invesco Real Estate Acquires Three Logistics Assets in Madrid and Barcelona

5 October 2018

Invesco Real Estate (Invesco), the global real estate investment manager, has announced the acquisition of three newly built logistics assets in Madrid and Barcelona, the two Spanish cities with the greatest demand for logistics capabilities. The sum of the three transactions reached 173 million euros, totalling 189,000 square meters. The acquisitions resulted from mandates from two German companies.

Fernando San Juan Monje, director of transactions for Invesco Spain, said that “the size, quality and location in prime logistics areas makes these three properties truly unique and give us the opportunity to increase our presence in the “last mile” segment, which is the last link in the chain of  distribution of goods in cities.” Mr San Juan added that “their locations, close to Madrid and Barcelona and with direct access to motorways, makes these high-quality assets an attractive product for both investors and logistics operators.”

The interest of institutional investors in the Spanish logistics market is growing significantly, driven by an increase in rents and relatively high returns. The absence of new logistics developments during the economic crisis in Spain has caused that the supply of logistics centres in many cities to become obsolete and of low quality, which has limited the alternatives for investors interested in acquiring assets.

Guy-Young Lamé, the director of Invesco’s European Studies, stated that “this fantastic opportunity for two of our mandates in Germany comes at a great time. We have seen how the e-commerce sector in Spain has been rapidly expanding in recent years after a previous lull, so, these days, there is a growing demand for high-quality logistics assets.”

The acquisition of Abrera’s assets (see photo) together with the other two in Madrid’s south and east were finalised in recent weeks. Thanks to the interconnection of their different modules, the properties have the advantage of a high level of flexibility, with the option of offering different sizes to suit the needs of both large and small operators.

Original Story: Inmodiário

Translation: Richard Turner