Patrizia buys logistic complex for €26M

Patrizia buys logistic complex for €26M

Despite the negotiations having started before the pandemic, the final deal reflected its impact, since the price was 5% less than originally expected, advanced newspaper La Vanguardia this Thursday.

The 47.000 sqm complex includes 6 logistic units and an office building. Car brand Seat’s suppliers are installed in these facilities, which ensures the complex’s returns.

The purchase of this complex, located in the Abrera municipality, was advised by Colliers and Haya Real Estate and is one more project the German fund has on the Catalan capital, to be added to 3 office buildings with a total combined area of 40.000 sqm located in the centre of Barcelona and on the city’s tech district 22@, revealed the same newspaper.

«We are particularly proud of our team in Spain, which, despite the challenges to carry on with their work during the last few months, was able to identify and negotiate the acquisition of this extraordinary portfolio, through the largest operation to take place in Barcelona so far this year. We further expect the appearance of opportunities equally exceptional in the near future, as the real estate market reopens», stated Eduardo de Roda, Country Manager for Patrizia in Iberia, in a release.

With this operation, Patrizia reaches 550 million euro invested in the country, representing 40% of its portfolio in Iberia. The latest transaction was the purchase of an 11 logistic unit portfolio spread across several Spanish cities: Madrid, Valencia, Barcelona and Bilbao, for 213 million euro.

«Despite the uncertainty we all face this year in Spain and around the world, we maintain our confidence on the Spanish economy’s solid fundamentals, especially the ongoing solid demand for top logistic assets such as the ones we have been acquiring», advanced Eduardo de Roda in the same document.

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