Thor Logis acquires Madrid-based, last-mile logistics portfolio
Thor Logis has signed a contract to acquire a premier last-mile logistics portfolio in Pinto and Torrejon, both based south of Madrid on the edge of the first ring and including 40,400 square meters of existing assets, including two high-performing and occupied commercial buildings and three prime sites for new development.
The purchase price was agreed at EUR38.7 million and will then involve further investment for development of the prime development sites.
This off-market portfolio consists of two standing assets, one in Pinto and one in Torrejon, and three new developments. The two existing buildings built in 2019 and totalling 12k sq m were sold as part of this portfolio. These two modern Class A logistics buildings have top technical specifications and are 100 percent occupied by GEFCO (in Pinto) and Endutexon (in Torrejon) who have 10-year leases in the buildings.
“This prime portfolio in the heart of Madrid will significantly expand Thor Logis’ investment in the Spanish real estate market and will offer prime development opportunities in the heart of Madrid which is extremely exciting to our growing global organisation. We are focused on the need for prime logistics and industrial space throughout Spain and Southern Europe and specifically in Madrid and the surrounding areas,” says Chairman & CEO of Thor Equities, Joseph Sitt.
This acquisition will serve as the start of a wider logistics platform in Madrid with high potential for e-commerce last-mile logistics and industrial space as part of Thor’s focus in major urban centres.