Germany-headquartered global real estate investment manager, Patrizia AG (XTRA:PAT), has forward purchased the development of four logistic warehouses on behalf of its institutional investors for €50 million. The warehouses are under construction at a logistics park located in Valdemoro, in the greater Madrid area. The 65,800 sqm development is expected to be completed by 2022.
The warehouses are located near to the A-IV motorway, and will feature modular, state-of-the-art design, designed to offer flexibility to future tenants.
The acquisition is the latest in a long list of logistics deals to come to market this year, with logistics seen as one of the more resilient real estate sectors in 2020.
Commenting on the deal, Eduardo de Roda, Patrizia’s Country Manager for Iberia, said, “The existing growth trend towards e-commerce and particularly last-mile delivery has only accelerated under Covid-19. With the increased demand for premium logistics space, the timing for this deal and the quality of these assets could not have been better.”
Founded 35 years ago by its current CEO and Chairman of the Management Board, Wolfgang Eggers, Patrizia manages more than €45 billion in assets and employs over 800 professionals at 24 locations worldwide.
This deal adds further to Patrizia’s significant footprint in the Spanish logistics sector, where the company already has 652,000 sqm of logistics space across the whole of Spain, 515,000 sqm of which is located in and around the capital. Overall, logistics makes up around 40% of Patrizia’s €1.35bn worth of assets under management in Spain and Portugal.