AEW has acquired a 50,000 sqm plot in the Madrid municipality of Torrejón de Ardoz, through its Logistis fund. There it plans to build a logistics complex of 30,000 sqm.
The transaction, carried out off-market and advised by Garrigues and Hollis, has been executed in collaboration with Iberian Capital Corporation (ICC), after raising 500 million euros of capital for Logistis in July last year, which places the equity net of the fund by more than €2.7 billion, which will allow the platform to grow to around €5.5 billion in assets under management, according to the company.
The new project will adapt to requirements from 1,500 sqm and will complement Citydox, another of the AEW assets that it is currently developing in the vicinity and that will provide capacity for large-scale warehouses.
"The profile of this investment is fully in line with our build to core strategy. We are pleased to have achieved this opportunity through the alliance with ICC, while continuing to diversify and expand Logistis' footprint in the main logistics centers in Europe," details Ludovic Bernini, manager of AEW Logistis.
Looking for new investments
Looking to the future, the company continues "working on the search for last-mile logistics assets, standing or under development, in large Spanish cities and their surroundings. Although we are also interested in provincial cities and the main logistics corridors. In the In the coming years, we expect an increase in demand and our goal is to offer modern and sustainable buildings that satisfy the appetite of their occupants while increasing our logistics portfolio in Spain," said Nikos Koulouras, CEO and chief investment officer of AEW.
Since the launch of the platform in 1999, Logistis has accumulated a portfolio of 3.4 million square meters, made up of 117 logistics assets in 51 locations throughout Europe; with a total value of around 4,100 million euros, a stabilized occupancy rate of 95% and an average annual distribution profitability of around 5%. In addition, it has a portfolio of projects in development of around 1,000 million euros.