Barings acquires Spanish logistics unit for EUR17.6m
Barings Real Estate Advisers has acquired a 29,000 sq m logistics unit in Spain from Deka Immobilien (Deka) for EUR17.6 million.
The 29,000 sq m class A warehouse, which is in a prime location in Zaragoza, Spain’s third largest logistics market, is fully let to Eroski, a national supermarket chain, until 2021. The asset is strategically located in Plaza which is the biggest intermodal logistics park in Europe and on the European Rail Freight Corridor 6 which runs across Europe’s Northeast-Southwest axis.
The asset benefits from cold storage installations, systems to automise the storage and distribution of fresh fruit, a mezzanine area for special products and 159 car parking spaces.
The acquisition follows Barings’ debut into the Spanish logistics market with the purchase of a 56,000 sq m unit in Madrid in April 2017 for EUR35 million. Dentons acted as legal adviser for Barings and Arcadis as consultant for Barings. CBRE acted on behalf of Deka.
Adolfo Favieres, Country Head of Spain at Barings Real Estate Advisers, says: “This asset is located in an important logistics hub alongside the A2 motorway, linking Madrid to Barcelona and between Spain’s four largest cities: Barcelona, Madrid, Bilbao and Valencia. Developed by Eroski for its own use in 2006, this high quality asset is an important component of the Company’s supply chain network.”
Gunther Deutsch, Managing Director and Head of Investment Transactions Europe at Barings Real Estate Advisers, says: “This marks our second acquisition in the Spanish logistics sector this year, a sector with favourable market dynamics augmented by an undersupply of high quality space. As the penetration of online sales continues to grow, demand for well-located warehouse space looks set to continue.”