The peculiarity of this land is its location, as it is adjacent to another land that Hines bought just a year ago: the Airbus complex in Madrid. This operation involved the landing of the American company in the office market in Spain; However, its greatest added value was found in the logistical potential of these lands.
Hines was doing at that time with a plot of more than 43,000 sqm, which housed six office and industrial buildings. The transaction was then closed through a sale & leaseback contract, by which Airbus agreed to remain as a tenant for at least 6 years. Now, the e-commerce boom has led Hines to redesign the strategy for this asset, proposing to the aeronautical manufacturer an exit from the facilities in the short term, sources in the sector point out.
This departure from Airbus, together with the upcoming acquisition of the adjoining land, would allow Hines to have a large logistics area in one of the best locations in the capital, at the entrance to the city on the A1 highway and a few meters from the airport. from Madrid.
Hines growth in Spain
Currently, the company's portfolio consists of almost twenty assets of all types (offices, commercial premises in the center, logistics assets, student residences, an asset that will be residential for rent and a small hotel) in Madrid and Barcelona, valued at about 1,000 million.
In the last three years, Hines has focused on logistics and residential rentals and is currently preparing operations worth 200 million before the end of 2021. It also works on purchases of offices and residential, according to its manager, Vanessa Gelado, at a recent company event.
"Our purpose is to continue on this path and to continue expanding our presence in Spain," says Gelado.