PointPark Properties’ Spanish logistics occupancy rate jumps to over 90 per cent
The overall occupancy rate for the Spanish logistics assets of pan-European real estate asset manager and developer of warehouse properties PointPark Properties (P3) has jumped to just over 90 per cent.
The company secured a new 15,253 square metres lease from international auto parts supply firm IDIADA at La Bisbal Park, 40 kms to the west of Barcelona.
Tim Hennes, head of asset management Western Europe for P3, says: “In the space of just one year, P3 has turned around a laggard business in Spain with a 20 per cent occupancy rate to now more than 90 per cent occupancy. This deal comes hot on the heels of the Mediapost lease extension secured by P3 in Spain last month, and IDIADA have doubled their original space requirement from half the area at La Bisbal to the entire facility. Good modern and well located logistics space is now hard to come by in the Spanish market, due to a lack of development and despite the economic recession, so companies are more willing to move from short, to mid and long-term leases.”
IDIADA is a new client for P3 and the La Bisbal lease runs for a three-year period with two extension options of three and four years thereafter.
P3 manages six logistics assets in Spain with a total lettable area of 100,661 square metres and current occupancy of 92,162 square metres. Earlier in 2012 it sold a 22,815 square metres logistics asset at Miralcampo to an institutional real estate investor.