Thor Equities acquired 3 logistic warehouses in Spain

Thor Equities acquired 3 logistic warehouses in Spain

This is an operation carried out by Thor Urban Link, a division of Thor Equities Group formerly known as Thor Logis, and it was concluded for 12,5 million euro, requiring total equity amount of 9.6 million euro. The seller was a Catalan family office which was advised by consultant Savills Aguirre Newman.

The transaction will allow Thor Equities to expand its logistic portfolio after entering this segment in Spain in September. Its portfolio includes three warehouses located in strategic spots in Catalonia and Andalusia, for last-mile delivery.

One of the warehouses, newly built and with 3.806 sqm, is located in the Pratenc industrial park, in El Prat de Llobregat (Barcelona).  Another asset is located within the Llobregat de Castellbisbal industrial park and consists of a 4.906 sqm cold storage warehouse. This one is fully leased to Nice Fruit S.L. for an unexpired term of 13.2 years.

«Barcelona is one of our preferred locations in Spain for urban logistic, due to the high demand, limited offer and high occupancy rates. There is a real need for last-mile logistics given the port nature and the type of terrain of the city’s suburbs. We see the El Prat asset as a unique opportunity to acquire a freehold asset within Barcelona’s port area and that is why we consider it a trophy asset within our portfolio», commented David Hunt-Cuadrado – Global Managing Partner at Thor Equities.

Base’s portfolio also includes a 5.098 sqm logistic warehouse located within the Dos Hermanas industrial park (Seville) which is leased to Conway who has renewed until June 2021 and will then vacate

Thor Equities’ acquisition highlights the interest international funds have for the Spanish logistic market, both in already consolidated areas, such as Barcelona and in secondary areas such as Seville.

«We are pleased to announce the acquisition of these prime logistics assets in Castellbisbal, Sevilla and El Prat. Urban Link has recently acquired several other high-profile industrial assets throughout Spain and Southern Europe, recognizing the demand for e-commerce and last-mile logistical space. Comprised of first-rate assets and space to develop additional industrial sites, the transaction helps to strengthen Thor’s status as a leader in the global logistics market», said Chairman of Thor Equities, Joe Sitt.

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