6 November 2018 – Eje Prime
International funds are continuing to back the Spanish logistics sector. The investment firm Organa III, created by the French real estate investment company Ojirel, has just acquired an industrial warehouse spanning 7,360 m2 in Madrid.
The asset, located in the municipality of San Agustín de Guadalix, was owned by a Spanish company specialising in logistics services. The contract specifies that the warehouse will continue to be operated by its previous tenant, a German multi-national specialising in automotive spare parts, for five more years.
The operation, which has been advised by the real estate consultancy firm Iremcap, “shows the growing interest from French real estate investment funds in the acquisition of real estate assets in Spain”, according to sources at the consultancy firm.
Madrid is one of the magnets in the country for logistics investors. Although the spectrum of the sector is increasingly broad and is spanning increasingly more regions, the area surrounding the Spanish capital is the most attractive for 63% of those surveyed in the latest edition of the International Logistic Fair (SIL), which is organised every year by the company Prologis.
That is also reflected in the numbers. 632,000 m2 of logistics space was leased in the Spanish capital during the first half of 2018. Similarly, more than half of the assets leased corresponded to warehouses with a surface area of more than 20,000 m2, according to the latest report published by CBRE.
Due to the boom in e-commerce, in particular, the market for industrial centres and warehouses in Spain is currently one of the strongest in Europe. Despite the high demand for assets, in cities such as Barcelona and Madrid, just 4% of stock is available, which is driving up rental prices. The experts indicate that the main challenge facing logistics firms between now and 2022 is how to “adapt existing properties to the new needs of companies”.
Original story: Eje Prime (by B. Seijo)
Translation: Carmel Drake