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AEW launches new €400m last-mile logistics fund

AEW has launched a new value-add Spanish logistics partnership, Relog with €150 million of equity commitments from the Teacher Retirement System of Texas and Israeli company Migdal Insurance. The partnership’s first acquisition is a 9,200 sq m facility let to Amazon in Alcala de Guadaira.

AEW said the initial equity commitments will provide €400 million of investment capital to target more infill and last-mile assets.

The Alcala de Guadaira property, which is 10km from Seville city centre is located in a consolidated logistics zone and in a strategic last-mile location. Amazon, which has been in occupation since 2020, refurbished the building which includes a 25,000 sq m development site with scope for an additional 10,000 sq m of space.

Relog is targeting both income-producing assets and portfolios, as well as properties with value-add potential and new developments around major cities such as Madrid, Barcelona and Valencia as well as smaller but strategically important locations, such as Zaragoza, Seville, Malaga, Bilbao and the Basque Country.

Vega Partners, Relog’s local operating partner, is a newly formed logistics asset and investment manager, founded by former Neinver director Juan-Carlos Ortega, and Alain Chetrit, who previously led Colony Capital’s Spanish business. The partnership and AEW are also stakeholders in Vega.

“Beyond Madrid and Barcelona, we are seeing increased occupier and investor interest in markets such as Valencia, Seville, Malaga and the Basque Country,” said Nikos Koulouras, head of investments for private equity funds at AEW. “With the expectation that occupiers will need further space close to major conurbations and last-mile destinations, our ambition is to scale Relog as quickly as possible to meet this demand whilst generating sustainable returns for our investors.”