M&G Real Estate acquires Spanish logistics development on behalf of Korean investor
M&G Real Estate, a solutions provider for global real estate investors, has acquired a multi-storey logistics development in Seville on behalf of a Korean institutional investor.
It marks the first deal in Continental Europe by M&G Real Estate’s Capital Solutions business, led by its newly appointed head, Peter Riley.
Pre-let to a global e-commerce business on a long term lease contract, the development will provide a secure income stream for investors upon practical completion.
The asset is located in a new three million sq m mixed use international logistics centre, Dos Hermanas Park, which is close to major motorways, Seville’s airport and port and crucial for the international carriage of goods. Serving as a primary distribution hub for the South of Spain and beyond, its strategic location will enable faster service to customers in southern Spain.
The 191,000 sq m state-of-the-art facility has been designed to meet the exacting requirements of a modern e-commerce occupier and will feature industry-leading sorting capabilities.
Peter Riley, Head of Capital Solutions, M&G Real Estate, says: “Our dedicated Capital Solutions team provides bespoke solutions, customised to the needs of our larger clients, who wish to invest in real estate through joint ventures, segregated mandates or club deals. With an experienced and growing Continental European investment management platform, we are ideally placed to help cross-border investors access compelling relative value opportunities in the region, complementing our capability and track record in the UK and Asia.
Federico Bros Tejedor, Director M&G Real Estate Spain, adds: “The macro-economic fundamentals point strongly in favour of this deal. A healthy economic outlook and increased consumer spending will drive demand for e-commerce, reinforcing demand for prime logistics assets. Development activity in Spain has remained relatively limited which, combined with increased demand, will support attractive rental growth.”