European logistics investor Delin Capital Asset Management has entered Spain with the acquisition of a logistics development site in Alcala de Henares.
Financial details were not disclosed.
The site, which stands 35 kilometres east of Madrid, has the potential for a multi-let, 53,000 m2 speculative estate, Delin said.
The firm acquired the nine-hectare plot from a private vendor and has now also obtained a building permit for five units, varying in size from 10,500,2 to 15,600 m2, across two buildings. The scheme is targetting BREEAM very good certification.
'With the experience we gained over the last couple of years delivering new grade-A logistics space in the Netherlands and having assembled a team of experts with deep local knowledge of the Madrid market, we have a high degree of confidence that this expansion of our operations into a new territory is well timed and will allow us to extract significant upside on behalf of our investors,' said Mark Kirkland, CEO of Delin.
Delin Alcala park lies in the Henares Corridor, Spain’s largest logistics and distribution corridor.
'The Spanish logistics market is one of the fastest growing in Europe, with e-commerce penetration considerably lower than many of its Western Europe neighbours,' noted José Espinosa, development director Spain of Delin.
'At the same time there continues to be a shortage of mid and big box high quality logistics space, especially in and around the major metropolitan conurbations of Madrid and Barcelona,' concluded Espinosa.
Delin was advised by Estrada & Partners.