Following its strategy for 2020, Clarion Europe acquired a 37.160 sqm logistic unit in Illescas, South of Madrid for an undisclosed amount. For Alistair Calvert, CEO of Clarion Partners Europe, «this is an institutional warehouse asset in one of Spain’s major logistic hubs, let to a strong covenant in a market which is expected to continue to grow due to the rapid increase in e-commerce penetration caused by the Covid-19 pandemic».
According to Property Funds World, this operation was advised by consultant CBRE on behalf of the seller and HSF and GLEEDS, which provided legal and technical advice to the British company, respectively.
Along with this operation, Clarion Europe, formerly known as Clarion Gramercy, concluded deals for rentals for more than 150 thousand sqm. One of them was the build-to-suit Madrid property, which was completed earlier this year, which is leased to Mediapost Spain, part of La Poste group, on a seven-year double net lease.
It should be reminded that in March, during the worst of the pandemic, Clarion Europe concluded the acquisition of 5 logistic units located in Madrid’s Corredor del Henares for 30 million euro. CBRE Global Investors was responsible for selling the assets.
«Despite the ongoing economic volatility, our portfolio has continued to demonstrate its strong income and capital value characteristics. The importance of our assets to our diverse tenant base has been demonstrated by our rent collection figures and recent letting successes and we believe we are well placed from a sectoral and geographical perspective as more businesses seek to futureproof their operations in response to changing consumer behaviour», commented Alistair Calvert.