UK asset manager M&G Investments has purchased a logistics warehouse in the Spanish city of Getafe from Invesco for €32 mln.
Located in the Los Gavilanes industrial estate, the warehouse – which was built in 2018 - comprises 29,536 m2, with 36 docks. It holds a LEED silver rating and is certified as sustainable. It lies in close proximity to the A4 and M50 highways. Occupancy at the multi-tenant building stands at 85%, reports Spanish newspaper Expansion.
Announcing the deal, Alejandro Monge, director of Invesco real estate for Spain and Portugal, said: ‘We are very satisfied because the profitability of this investment has been higher than the estimates we had.’
CBRE advised on the transaction. Alberto Larrazabal, director of industrial & logistics at CBRE Spain, said: ‘With the rise of e-commerce, sites near to cities like Madrid are generating a lot of interest among investors.’
The purchase in Getafe is the latest by M&G in Spain. Last year, the firm invested €80 mln in two logistic assets and two commercial properties in Madrid and Granada.