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