According to Spanish Real Estate, two of these assets are located in Constantí industrial complex, south of Barcelona, and cost more than 22.75 million euro. The areas are 24.032 sqm e 25.930 sqm.
The third asset is a 20.120 sqm warehouse located at La Bisbal del PEnedès, also south of Barcelona and it cost 9.5 million euro.
With these acquisitions, GPE III has a total of 18 assets and more than 500.000 sqm in Spain, France, Germany and Holland.
Alistair Calvert, Gramercy Europe’s general manager, said, quoted by the same source, that «the Spanish logistic market has one of the highest growths in Europe, because tenants move to modern buildings and the electronic commerce presence is starting to reach the same levels as that of other Western European countries. At the same time, there is a lack of both space for warehouses and terrains for new developments, which forces tenants to search for new sub-markets in order to service the main urban centres; we expect to generate a significant growth from leases from the whole sector in the mid term».
He explains that «these three acquisitions support our strategy to identify and acquire assets which are critical for tenants in areas where there are few rentals and few supllies in Western Europe, where we believe we can offer a higher market return through the management of selected assets».
Alistair Calvert also remarks that «we are in advanced talks to deploy the remaining capital from the third Fund for both existing and new markets, while we started to identify a wide range of opportunities to invest with our new vehicle».