Palm Capital signs circa 21,700 sq m pre-let at new logistics hub
Palm Logistics has secured its first major pre-let with Grupo Talentum, a leading Spanish logistics company, at Los Gavilanes Business Park in Getafe, Madrid, where Palm Logistics is developing a new circa 1,250,000 sq ft (116,000 sq m) strategic logistics hub.
Grupo Talentum has agreed a 10 year lease on a 235,000 sq ft (21,700 sq m) Grade A logistics unit, taking total occupancy on the project’s first phase to 66 per cent.
Designed to meet the rising demand for modern, high quality last mile logistics space in and around the Spanish capital, the four phase development will deliver a total of nine buildings ranging between c. 50,000 sq ft and 350,000 sq ft (5,000 sq m and circa 32,000 sq m). Construction of phase two is expected to be delivered on schedule in the next few weeks.
Situated at the junction of the M50 and A4 motorways, Los Gavilanes Business Park is located approximately 20 minutes’ drive from Madrid city centre, as well as being in close proximity to Madrid Barajas International Airport and the Abroñigal intermodal freight terminal, providing connectivity with the rest of Europe. Other occupiers on the park include Amazon, Decathlon, Mercadona and ID Logistics. The buildings’ sustainability features have been rated LEED Silver.
Reda Khatim, Managing Director at Palm Capital, says: “This letting realizes our business plan for phase one, 66 per cent of which has now been let. It also endorses the quality and location of the development, with this long term agreement being secured in the top range of market rent.
“Our logistics platform now comprises over two million sq ft of space across Spain, Scandinavia and Ireland, and we continue to see further opportunity to expand the portfolio across Europe, as the structural drivers, such as the growth of e-commerce, continue to support demand. In 2020, our focus is on expanding our portfolio in our existing markets, as well as entering new selected key locations.”
Palm Capital was advised by CBRE. M2 acted for Grupo Talentum.