Boreal IM acquires a logistics park in Alcalá de Henares for €45M

Boreal IM acquires a logistics park in Alcalá de Henares for €45M

Real estate consultancy BNP Paribas Real Estate has exclusively advised PAVASAL to manage the sale of a Grade A logistics park. The new owner of the asset is now BOREAL IM, a pan-European investment manager, in the framework of its pan-European logistics joint venture with Cadillac Fairview, a Toronto-based institutional fund. The volume of the transaction is around 45 million euros.

With an area of 54,500 square metres, the park is located in Alcalá de Henares and will be completed in 2024. It will have a flexible design and layout that will allow it to meet needs ranging from 5,000 sqm to 50,000 sqm.

The asset also has large manoeuvring areas, as well as light and heavy vehicle parking areas equipped with battery chargers for electric vehicles. It is also equipped with a rooftop photovoltaic installation which, together with the highest quality standards, will obtain BREEAM EXCELLENT certification.

It is strategically located in the Corredor del Henares - Eje A2, a privileged area for companies that develop different regional and urban industrial and logistic activities. Thus, the site currently has the presence of several top-level operators, such as Amazon, Arvato, Conformara, Carrefour, Zeleris and Lidl, as well as renowned investors and logistics developers.

"This is a very significant transaction in the current context, which confirms the capital market's continued confidence in the logistics segment, both in terms of demand fundamentals and long-term profitability. We have no doubt that the asset will develop its full potential to position itself as a logistics platform of reference in the Corredor del Henares, one of the most sought-after and consolidated areas in the sector," said Fernando Sauras, national director of Logistics Investment Spain at BNP Paribas Real Estate.

The developer of the asset is Pavasal and the transaction has been structured as a FORWARD PURCHASE.

The platform follows a state-of-the-art development that will have ESG features, in line with current standards for users and investors, including environmental requirements. An opportunity to develop a turnkey project in less than 16 months and at the best time for logistics (ongoing occupancy records in 2022) and low availability rate (<6%).

According to the latest report by BNP Paribas Real Estate, which analyses activity in Madrid's logistics market, the first quarter of the year has added 24 new contracts, demonstrating the solid role of demand, which continues to push the availability rate to minimum levels.

Between January and March, the absorption of logistics space amounted to 248,683 sqm, with operations that put the average surface area at 10,362 sqm.

The A2 axis, known as the Corredor del Henares, was once again the axis with the highest number of transactions, accounting for 75% of signings in the fourth quarter and 45% of the surface area contracted, with a total of 111,177 sqm contracted in 18 transactions.

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