PATRIZIA acquires EUR 37.5m Spanish logistics asset
Transaction highlights commitment to Spain, cementing strong position in logistics sector.
- Forward purchase of 100% pre-let grade A logistics unit in Madrid
- Acquired for flagship pan-European value-add fund, TEP VII
Augsburg/Madrid, 27 November 2018. PATRIZIA Immobilien AG, a leading global partner for pan-European real estate investment, announces that it has agreed to forward-fund a 66,424 sq m grade A logistics centre in Ontígola, south of Madrid, for EUR 37.5m for its pan-European value-add fund, TEP VII. TEP VII, which is today managed by PATRIZIA, builds on the success of six predecessor funds in targeting cash-flow driven strategies across office, industrial and residential sectors across Europe.
The opportunity was originated off-market and comprises two warehouses which are 100% pre-let on Triple Net agreements to two high-quality tenants, DHL and Logisfashion. Delivery is expected during the first half of 2019.
Eduardo de Roda, PATRIZIA’s Head of Iberian Transactions, commented: “This acquisition highlights our commitment to the Spanish logistics sector, which continues to perform well against a backdrop of e-commerce-driven demand growth and an acute undersupply of high-quality buildings. PATRIZIA currently manages four logistics properties in Madrid and Barcelona, totalling more than 200,000 sq m.”
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages almost EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
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