CBRE Investment Management, on behalf of one of its investment funds, has acquired two logistics assets in Madrid owned by DWS with a total gross leasable area (GLA) of 67,859 sqm.
The first asset, located in Meco, was built in the second quarter of 2020 and has 51,969 sqm GLA and a LEED Silver rating. The second asset, located in Torrejón de Ardoz, was built in the fourth quarter of 2019 and has 15,890 sqm GLA and LEED Gold rating. Both properties are already leased on triple net leases to leading companies, including a German automotive components manufacturer, a national kitchen equipment distributor and an international sustainable energy company. In addition, both assets have an EPC A energy label.
Both the Meco and Torrejón assets enjoy an excellent location, with easy access to the A-2 and R-2 motorways and good connections to the M-50, Madrid's outermost ring road.
Both assets, which have high technical and environmental standards, also benefit from the growing penetration of e-commerce in Spain and the scarcity of grade A logistics warehouses in the area.
Antonio Roncero, Iberia Transaction Director at CBRE Investment Management, said: "This has been a unique opportunity to acquire a modern, high quality, operational logistics portfolio with good tenants through an off-market process. The Spanish logistics sector is attractive due to the growing demand for operators and the shortage of quality supply. Despite the current economic uncertainty, well-located, high quality and sustainable assets such as these are well positioned to take advantage of the rental growth that the logistics sector is experiencing.
Manuel Ibáñez, Head of Real Estate Iberia for DWS, said: "In 2017, DWS made a commitment to the logistics sector, structuring a forward purchase agreement with ICC, which culminated in the purchase of the two warehouses in 2019 and 2020, once they were developed. After leasing them, we have decided to divest, closing the circle of this transaction, which has been very profitable for our investors and is part of DWS's value add strategy. We will continue to work to identify investment opportunities in key locations and strategic sectors such as logistics, residential and offices, strengthening our footprint in Spain.
CBRE Investment Management's logistics platform benefits from the firm's investment and management capabilities to deliver innovative global solutions and take advantage of market opportunities. The platform has €13.8 billion of logistics assets under management in Europe, with 420 assets, 625 tenants and 8.4 million square metres of leasable space across 12 countries.
CBRE Investment Management was advised by Savills, Pérez Llorca, Deloitte and Dokei RE. DWS was advised by Ashurst and Arcadis.