Aristeas Logica, the joint venture between Partners Group, acting on behalf of its clients, and Aristeas, a Spanish logistics real estate specialist, has acquired a 135,000 m2 logistics plot located in Ontígola, Toledo, in Madrid’s third logistics ring.
Financial details were not disclosed.
This latest Ontígola transaction follows the JV's acquisition of a 63,000 m2 plot in Martorell, near Barcelona, earlier this year. The JV is targeting more than €350 mln in assets under management upon completion of all developments.
The Ontigola project is being marketed by Savills and Invertica on a built-to-suit basis, with final specifications which can be adapted to the client's needs. The project is targeting a BREEAM Excellent certificate.
The plot is located in the Los Abardiales III Industrial Estate facing the A-4 motorway, which connects Madrid with the south of Spain, and has direct access in both directions to both the A-4 and the R-4.
Prior to the transaction, Aristeas carried out a modification of the re-plotting project, which was approved by Ontigola Council last December. As a result, the JV has now added a single, independent plot of 135,000 m2. This is one of the largest fully permitted land plots in the submarket and will allow the JV to develop an 85,000 m2 building.
Romain Antoine Ruiz, member of management private real estate Europe, at Partners Group, commented: 'This transaction represents our JV's largest project to date and we are very excited to continue scaling our platform with Aristeas in Spain.
'In an uncertain environment, we continue to be very selective and focus on grade A logistics assets in the prime urban locations of Barcelona and Madrid. This JV reflects Partners Group's strong thematic convictions in the last-mile and big box sectors across Europe.'
Miguel Mazin, partner of Aristeas Group, added: 'We are delighted to continue growing our JV with top quality assets. The Ontigola plot is a showcase of our ability to conduct urban planning, hence creating value from the early stages of the real estate development process.'