Redevco has acquired two logistics assets located in Spain: a car hire centre in Getafe, Madrid, and a bus terminal in Sant Boi de Llobregat, Barcelona. Both are Industrial Outdoor Storage (IOS) facilities and represent the second series of investments made by Redevco’s logistics team, thereby expanding its presence in a sector in which it maintains a firm investment conviction.
The Getafe asset, with a floor area of 14,241 sqm on a plot of 18,616 sqm, is a car hire centre situated in one of the main logistics hubs in Madrid’s inner suburbs. It is fully let to Northgate, a subsidiary of Zigup PLC, which has been operating at the site since 2008 and holds a long-term lease. The tenant has made significant investments in the property over time, and the asset benefits from connections to the main motorways and to the centre of Madrid.
In Barcelona, the Sant Boi de Llobregat property, covering an area of 11,416 sqm on a plot of 12,141 sqm, is a recently refurbished electric bus terminal that is fully let to Monbus, a long-established operator specialising in regional and airport transport services. The asset is situated in a prime location, close to Barcelona-El Prat Airport and with direct access to the main transport links. Its refurbishment supports the tenant’s transition to electric mobility and includes the installation of high-capacity charging infrastructure. Like the asset in Madrid, the facility offers further potential for capital appreciation.
“Spain continues to demonstrate strong fundamentals for the logistics sector, underpinned by high demand from occupiers, limited availability of well-located land and the essential role played by transport-linked assets in urban supply chains. These transactions reflect the strength of our ability to source and execute investments in Iberia, where we are building a high-quality portfolio in strategic locations. The quality of the tenants, the strategic positioning of the assets and their growth potential reinforce our conviction that the logistics sector is a resilient and attractive investment segment”, said Hugh Macdonald-Brown, Head of Logistics at Redevco.
With these acquisitions, Redevco continues to develop a logistics platform focused on the main European markets and underpinned by the favourable structural trends driving urban logistics and transport-related property assets. Redevco’s open-air industrial storage (IOS) portfolio now totals 624,000 sqm and €224 million in assets under management, spread across 17 properties.
Leander Property acted as property adviser, Garrigues as legal adviser, and Hollis as technical adviser on the acquisition.
