The British investment fund Roebuck Asset Management (GFH Financial Group) has completed its second sale and leaseback transaction in Spain in Madrid. On this occasion, it has acquired a last-mile logistics centre from vending machine services company Delikia Fresh in San Fernando de Henares (Madrid). The property, which was built by the tenant itself in 2017, has been acquired under a long-term triple net lease. The logistics centre serves 15 micro distribution centres across Spain operating 24 hours a day every day of the week.
The warehouse continues to be operated by Delikia Fresh, with its Madrid headquarters, according to sources familiar with the operation. The centre has a surface area of 2,600 square metres and is designed for the storage and distribution of vending machines, as well as for the delivery of food and beverages in Madrid and distribution to the 15 microhubs. It is connected to the capital by the M-50, the A-2 and the M-21 and is located just 15 kilometres from the capital. This transaction is Roebuck's second acquisition in the Corredor de Henares market following the acquisition of the Grupo Sesé turnkey project in December 2022.
In the company's opinion, this market demonstrates "the best performance in the urban area of Madrid, with 43% of contracting so far this year". Roebuck acquired the distribution centre as part of its Last Mile joint venture, a logistics aggregation platform with ICG that aims to achieve a gross asset value of 400 million euros over the next three years. "The high interest rates maintained for some time, in an environment of capital restrictions, are causing an increase in sale & leaseback transactions, as a source of alternative capital for companies," said Roebuck Iberia's general manager, Victor Gregori.
Since the joint venture was formed last year, the Last Mile platform has acquired close to 70,000 square metres of industrial and logistics assets for a single tenant and of a strategic nature for its tenants through sale and leaseback transactions. "Through our acquisitions, we establish asset enhancement plans with a focus on ESG criteria to ensure future value," said Roebuck's Director of Asset Management, Joanna Zola.