Patrizia has acquired a turnkey development of logistics warehouses in Illescas (Toledo) for 56 million euros.
The asset will have an area of 92,000 sqm and is scheduled to be completed in the first quarter of 2023. In order to offer flexible assets, the ships acquired in Illescas can be divided into up to six modules of 14,000 sqm each. The operation has been advised by BNP Paribas Real Estate.
“The logistics sector has proven to be a haven during the pandemic, and as the recovery takes hold, we see continued growth in e-commerce and increased demand from logistics occupants,” says Martin Trodden, Director of Patrizia funds.
Illescas is one of the main nodes of the second logistics ring in the central area of the Spanish market, one of the most demanded by distribution and logistics companies due to its good connections and its proximity to Madrid. Large consumer and distribution companies such as Amazon, Michelin, XPO, Airbus, Dia, Zalando, Seur or Correos are installed there.
With this operation, Patrizia reinforces its presence in the logistics segment in Spain, where it has assets with a total area of more than 620,000 sqm throughout the country. As a whole, the logistics segment represents around 40% of the assets that Patrizia manages in Spain and Portugal, whose value exceeds 1,400 million euros. On a global scale, Patrizia manages more than €48 billion in assets and employs more than 800 professionals in 24 markets around the world.