Bought from a private seller, the distribution centre is in the industrial area of Valdemoro, approximately 30 kilometres from the centre of Madrid. It has excellent connections with the metropolitan area and the international airport via the A4, which is nearby.
The property, built in 2009, occupies a plot of about 54.000m² with ample parking. With a gross lettable area of approximately 35,000 m², it can be divided into four different modules each with a storage area of 8,000 m² and 675 m² of offices.
The property is let through long term contracts to two subsidiaries of the large El Corte Inglés warehouse chain: ECI Business Solutions and Bricor, and is the logistical centre for the group serving the Madrid Metropolitan Group
Tim Hennes, ELOF Manager at TH Real Estate, comments, “Together with Barcelona, Madrid is a key logistics centre in Spain thanks to its location in the heart of Spain. This asset fits in perfectly with our strategy for the fund, and we are delighted that this flexible, high quality, logistics property with excellent communications is our first acquisition”.
Launched on the market in 2016, ELOF invests in logistics assets of the highest quality in Spain, France, the Low Countries and Italy. The fund aspires to a portfolio of more than 400 million euros, and is turning to German investors who seek to invest in an asset class with reduced risk.
The legal firm Dentons acted as legal consultants for TH Real Estate, with Proequity as intermediary. TÜV Süd Advimo GmbH was responsible for the due diligence process for the technical and environmental plan.