CBRE Investment Management (CBRE IM) has acquired two new logistics assets in Madrid, Spain, owned by DWS, with a total gross lettable area of 67,859 m2.
The first asset, located in Meco, was completed in Q2 2020 and offers 51,969 m2 of gross lettable space with a LEED Silver rating. The second, in Torrejón, was completed in Q4 2019 and provides 15,890 m2 of gross lettable space with a LEED Gold rating.
Both properties are already leased under triple net leases to leading tenants including a German automotive component manufacturer, a national kitchen equipment distributor and an international sustainable energy company. They both also have EPC ratings of A.
Antonio Roncero, head of Transactions for Iberia at CBRE Investment Management, said: ‘This acquisition was a rare opportunity to secure an income-producing grade A logistics portfolio through an off-market process. The Madrid logistics sector is attractive due to the potential growth of occupier demand versus an acute shortage of supply.’
Manuel Ibañez, head of Real Estate Iberia at DWS, pointed out: ‘In 2017 at DWS we bet on the logistics sector and structured a forward purchase agreement with ICC, which culminated in the purchase of the two newly developed warehouses in 2019 and 2020. Following the leasing of both assets, we decided to divest, closing the circle of this deal, which will be profitable for our investors and is part of DWS's value add strategy. We will continue working to find investment opportunities in key locations and strategic sectors such as logistics, residential and offices, strengthening our presence in Spain.’
CBRE Investment Management’s logistics platform has €13.8 bn of logistics assets under management in Europe, comprising 420 assets, 625 tenants and a rental area of 8.4 million m2 across 12 countries.
CBRE Investment Management was advised by Savills, Perez Llorca, Deloitte and Dokei RE. DWS’s advisors were Ashurst and Arcadis.