GLP buys warehouse in Barcelona from Venca

GLP buys warehouse in Barcelona from Venca

The logistics real estate developer has acquired a logistics warehouse located in the municipality of Vilanova i la Geltrú (Barcelona), owned by the fashion marketplace Venca, in what is its first direct investment operation in Spain.

The operation has been carried out through a sale & leaseback operation, so Venca will continue to occupy the facilities as a long-term tenant. The marketplace has announced that it will allocate this injection of liquidity to boost its e-commerce business, currently the company's core activity.

The property has a gross leasable area (GLA) of 38,679 square meters, built on a 70,589 square meter plot, which will be integrated into the Europe Income Partners III LPG fund, focused on the purchase of stabilized assets. Predictably, this fund managed by GLP will announce new acquisitions in the Spanish market in the coming months.

The infrastructure has two levels, using the unevenness of the plot to ensure access to twelve docks from both levels, eight located on the lower level and four on the upper level. The space also integrates 5,500 square meters of offices and a total of 352 parking spaces.

The new LPG complex is located 45 kilometers from Barcelona and half an hour from El Prat airport. The warehouse has close accesses to the C-32 and C-15 highways, as well as ensuring the connection with the AP-7 motorway. This is the fifth LPG platform in Catalonia, after the developments in Valls, Santa Perpetua, Constantí and Masquefa.

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