Losantos Invests €50M to Become the King of the Last Mile

12 November 2018 – Expansión

The real estate group, Allegra, chaired by Mario Losantos, has acquired several plots in recent months on the outskirts of Madrid to develop projects relating to the logistics sector and to increase its commitment to e-commerce in Spain. These operations will allow it to have a very active role in the business known as “the last mile”, the critical part of the distribution of products purchased online, which involves transporting them from the final warehouse to customers’ homes.

Before the summer, the group acquired a logistics park in the town of Villaverde, to the south of Madrid, which was leased to the group On Time Logistics last week. The plot, measuring 30,000 m2, contains a warehouse measuring 17,000 m2 and a cross-docking platform measuring 8,000 m2.

Moreover, the group has closed the purchase of two plots of land in the north of Madrid, very close to the facilities of Amazon, the largest online operator in the world. Both plots have a buildability of 40,000 m2 and have involved an investment of €30 million.

The three operations undertaken in Madrid will take the total investment figure to more than €50 million, once all of the platforms have been constructed. The Spanish group started to invest in logistics centres a while ago in the USA and the UK. In recent weeks, the group has purchased a new platform measuring 89,000 m2 in Hampton (Virginia) to continue with its international expansion. That park is leased to the urgent parcel operator Fedex. Sources close to the group indicate that over the coming weeks, the firm may acquire another platform in Chicago, which is also operated by Fedex.

In the United Kingdom, Allegra has recently purchased two platforms in the cities of Telford and Durham, bringing its investment in the British logistics sector in recent years to €30 million.

The Spanish company, whose portfolio of real estate assets amounts to around €1 billion, has invested €250 million in the logistics sector. The group also owns commercial premises and residential buildings in the United States, Australia, New Zealand and Portugal, amongst other countries.

Original story: Expansión (by Amparo Polo)

Translation: Carmel Drake