Iroko Zen has acquired from a 'family office' two logistics warehouses in Andalusia rented from the Grupo Correos parcel company.
Located in the El Guadiel de Guarromán industrial estate, in Jaén, with direct access to the A-4 and the main distribution routes in the country; and in the Huelva Business Park in the capital of Huelva, a privileged location as a link with Portugal, both assets add up to a total of 7,500 sqm and are occupied by Correos Express, a subsidiary of Grupo Correos, with a ten-year lease, which the company calculates it will provide an immediate rate of return of 7.15%.
"These assets fit perfectly into our strategy of acquiring buildings leased to quality users, in line with the dynamics of market evolution and the real estate needs of users", assured Marion Bertrand, investment manager of Iroko Zen.
The transaction, which has been advised by Catella, is the second in the Spanish logistics sector carried out this year by the French REIT. Last April, it acquired another two warehouses, in Guadalajara and Bilbao, in separate sale and leaseback operations with Teknia Automotive, for a period of ten years and with an investment of 13.7 million euros. Both buildings exceed 20,000 sqm, so the company's logistics portfolio in Spain is around 28,000 sqm.
In addition, Iroko assures that "there are already plans to acquire a third messaging platform in Spain, on the plot adjacent to the Jaén asset", which "will be fully leased to CTT, the Portuguese leader in the messaging sector". The deal is expected to close "in the coming weeks."