Augsburg based Patrizia has sold two logistic assets for around €150 million in the greater Madrid area to investment manager Real IS.
PATRIZIA originally bought the two assets in the Madrid districts of Getafe and Torrejón in 2015 and 2016 and has since developed logistics facilities.
The asset in Getafe comprises a single 60,000 sq m warehouse leased to Amazon. The Torrejón property comprises two multi-tenant warehouses with around 50,000 sq m of space and is currently leased to Spanish multinationals including Leche Pascual and GM Food.
Patrizia still has over 500,000 sq m of logistics assets under management in Spain following the deal and said that these are valued at nearly €500 million. The value of all Patrizia’s assets under management in Iberia currently stand at over €1.3 billion.
Patrizia’s country manager for Iberia Eduardo de Roda said: “We remain committed to our logistics assets which make up around a third of our entire real estate portfolio in Spain. Despite the challenging market conditions, we are fully on track to deliver on our local business growth objectives for Iberia.”
Munich headquartered Real IS bought the properties for the Real IS BGV VII Europa real estate special AIF.
“The logistics market in Spain is reaping huge benefit from the growing importance of e-commerce for Spanish consumers. By investing in this market, with these two logistics properties near the city, Real IS has secured the opportunity for its customers of participating in this growth trend,” said Juan Jiménez-Hevia, head of country Spain at Real IS.