GreenOak Sells €1.3 Billion Portfolio of Logistics Assets to Patrizia

8 October 2019 GreenOak announced that it was close to finalising a deal to sell a pan-European portfolio of logistics assets to Patrizia, the German real estate investment giant. The German group is in exclusive negotiations with the US fund to acquire the portfolio for roughly €1.3 billion. The two firms expect to finalise the transaction before the end of the current fiscal year.

The portfolio consists of 1.5 million square meters of logistics assets, which the US firm acquired over the last three years for its second pan European logistics fund.

At the same time, GreenOak is acquiring assets for its third fund. In April, the US fund acquired 40,000 square meters of logistics space in the town of Seseña from Pavasal.

Original Story: El Confidencial – Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

GreenOak Reaches Deal to Acquire Logistics Platform in Toledo

29 April 2019 – El Confidencial

GreenOak has once again launched an initiative to acquire logistics assets in Spain. The fund founded by John Carrafield has reached an agreement with Pavasal to acquire 40,000-square-meter project it recently in Seseña, Toledo. Pavasal acquired the land on which it will build a 30,000-square-meter warehouse and will sell the finalized project to GreenOak in the middle of the coming year.

Original Story: El Confidencial – Ruth Ugalde

Translation: Richard D. Turner

 

Pavasal to Build 175,000m2 of Logistics Space in Valencia, Madrid & Barcelona

14 June 2018 – Eje Prime

Pavasal is taking advantage of the good times in the logistics sector embark on its growth strategy. The Valencian construction firm is adding almost 175,000 m2 of surface area to the logistics market in three large operations in Madrid, Barcelona and Valencia. Last week, the group signed an agreement with the engineering firm Aspor to develop 35,000 m2 of land in Ribarroja.

Besides the complex in Valencia, Pavasal is also immersed in two more projects with the fund Invesco for the development of logistics land in Madrid and Barcelona. In the Spanish capital, the group is going to build a 90,000 m2 logistics park, which will involve an investment of €80 million, whilst in Cataluña, the company is finalising the hand over of a large platform measuring 49,500 m2 in Abrera (Barcelona).

The project in Madrid will result in the construction of the logistics complex with the largest available surface area in the Spanish capital. Last year, the sector invested €1.5 billion in assets, a historical maximum, and experts expect similar numbers to be recorded in 2018.

Original story: Eje Prime 

Translation: Carmel Drake

Invesco Invests €80M in Madrid Logistics Park to be Built by Pavasal

19 March 2018 – Expansión

The Valencian construction company Pavasal and the investment fund manager Invesco have reached an agreement to develop the largest available area of logistics space for rent in the city of Madrid, with an investment of €80 million.

The project will involve the construction, by Pavasal, of a logistics park spanning 90,000 m2, just 8km from the centre of the Spanish capital, which Invesco will subsequently purchase. The operation has been advised by the consultancy firm BNP Paribas Real Estate.

The Madrid M-40 Logistics Park (PAL-40), which is going to be located alongside the M-40, will be built in two phases. The first phase will involve the construction of a building measuring more than 45,000 m2. This property may be leased in modules upwards of 2,500 m2 to several tenants or be occupied by a single logistics operator.

Work on the first phase is scheduled to begin during the second half of 2018 and the keys are expected to be handed over during the third quarter of next year.

Meanwhile, the second phase of the project will include another 45,000 m2 of logistics space, which may be used for turn-key projects adapted to the needs of operators.

Last mile delivery

The park is going to be constructed on the basis of a ratio of more than 2,000 delivery operations per day and will optimise delivery times thanks to its location with respect to the large population nuclei and logistics activity centres. Moreover, it will receive an energy efficiency certificate, according to those responsible for the project.

Specifically, the platform will have a 336-metre long façade overlooking the motorway and will be accessible by vehicle from Avenida de Andalucía, which the logistics sector call the last mile.

In this way, the new logistics park is going to be located less than 8km from Puerta del Sol, close to the Atocha AVE station and 19km from the airport.

The logistics sector was one of the segments that performed the best last year, as shown by the large volume of land that was bought and sold thanks to the growing demand for logistics space by companies dedicated to e-commerce.

Thus, the level of uptake in the sector in the market of Madrid and its area of influence reached historical highs in 2017, with 886,405 m2 of space leased, according to data compiled by BNP Paribas Real Estate.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake