19 October 2018 – Eje Prime
Gazeley has returned to the Spanish market. The logistics warehouse and distribution park investor and developer group has acquired a 75,000 m2 plot in the Toledo town of Illescas on which it will build a 36,000 m2 warehouse. The company is planning to complete the project in 2019.
Moreover, the company has opened new offices in Madrid. Oscar Heras, Construction Director at Gazeley, will assume the role of Director of the subsidiary Gazeley España, which, until now, has stayed away from Spanish real estate activity after selling all of its assets in the country in 2016.
Then, the company was going through a bad time: it had accumulated more than 1.5 million m2 in more than a dozen platforms. Moreover, that same year, the Spanish subsidiary recorded a net profit of more than €16 million, which it used to offset losses from previous years, exceeding €11 million.
Now they are back, because, according to Heras, “it is a time when there is more demand for logistics warehouses than ever”. The company’s intention is to continue growing in Spain.
In Europe, Gazeley has a portfolio of assets spanning 17 million m2, concentrated in the United Kingdom, Germany, France and the Netherlands and leased (96%) to clients such as Amazon, UPS and Volkswagen. The company forms part of the GLP group, which is listed on the Singapore stock market, with more than $50 billion in assets under management.
Original story: Eje Prime
Translation: Carmel Drake