The news was advanced by Panattoni general manager for Spain and Portugal, Gustavo Cardozo, who confirmed a 190 million euro investment plan to be directed towards the development of a portfolio with 16 new projects in Iberia.
Specialised in developing logistic projects, Panattoni landed in Spain around one year ago, and it has already acquired terrains with a total combined area of more than 100.000 sqm and moved forward with investments of 100 million euro in Guadalajara, Vitoria, Zaragoza, Cadiz, Barcelona and Valencia, where it already has six projects under construction and development. A further 100.000 sqm will be added in the coming months, concerning assets under negotiation or under due-diligence spread across markets such as Getafe (Madrid), Bilbao, Seville and Lisbon, and on which it plans to invest a further 90 million euro. The goal is to develop 500.000 sqm in logistics in Spain and Portugal within two years, according to online daily newspaper Eje Prime.
«After one year of activity we already have 200.000 sqm, including projects under development and others which will join them soon. The goal is to increase our portfolio in around 40% until the end of 2021», explained Gustavo Cardozo to Spanish daily newspaper Expansión.
Develop to sell to investors
Around 70% of these projects correspond to speculative developments, that is, the projects start without a guaranteed tenant; whereas the remaining are key-in-hand projects which include both XXL logistic warehouses and cross-docking for distribution companies and last-mile centres.
The strategy is to join investors which take the asset after it is built or sell it to a third party. «We are developers; however, we are very flexible because we walk hand in hand with investors which have been with us for a very long time, which allows us to close deals very quickly», remarked Panattoni’s general manager for Spain and Portugal.
Gustavo Cardozo recognises the revolution caused by e-commerce is deeply changing the logistic market all over the world and that Iberia is no exception. «Before the e-commerce peak, in terms of logistics, it was enough to ensure the coverage of Madrid, Barcelona, Valencia and the Northern area. But now, immediacy and the larger volume of activity, demand a much greater capillarity and the need to be present in cities with more than 200.000 inhabitants».