Logistic Unit in Valdemoro | Photo: Thor Equities
This operation was carried out through the group’s Thor Urban Link division and includes a 31.000 sqm prime logistic unit located at number 7 of Avenida del Majuelo and 7.500 sqm development land for logistic use. Including 3.9 million euro of development cost, the total cost of this portfolio is around 30.3 million euro.
According to the press release, the assets are 95% occupied by SEAT with a five-year unexpired term (including a Porsche distribution centre).
Right now, this municipality in the South of Madrid is at the centre of demand for logistic units, due to the evolution of e-commerce in the country. For Thor Equities, this need might become an opportunity: «the area has very limited land available for logistics use and there is an increased demand for e-commerce in Southern Europe, making this a sought-after development opportunity», it can be read in the document.
Thor Equities’ chairman Joe Sitt assumed that «we are excited about this latest acquisition in the Madrid market which includes a prime commercial building and an additional development site. Following on the heels of our other recent acquisitions in the Southern European market, this development site will offer Urban Link the opportunity to continue to expand our growing footprint in Spain for premier last-mile industrial and logistics space which has been in great demand throughout the European market as well as in the U.S. and Mexico», he added.
This is the fourth portfolio acquired by the Thor Urban Link division. The latest acquisition in the country was concluded last week, the purchase of three warehouses located in strategic spots in Catalonia and Andalusia for 12.5 million euro. In October, Thor Equities had acquired the DSV Mataro-Granollers Logistic Unit for 10.7 million euro, a transaction carried out by its Thor Logis division.
With this operation, Thor Equities group reaches 50 million euro in investments in Spain during 2020.