UK REIT Segro has acquired a distribution centre development in Getafe, a city located 13 km south of Madrid's city centre.
Financial details were not disclosed. The property previously belonged to the Getafe City Hall.
David Alcazar, director of Segro Spain, commented: ‘With this operation we consolidate our position in Spain and in one of the most important logistics areas for local and national distribution.’
The 36,000 m2 asset will be built under the latest environmental standards, with the aim of obtaining the BREEAM certificate.
In the same business park of Getafe, Segro is also building a 47,000 m2 logistics building. It is currently in the construction phase and is expected to be completed by the end of 2018.
‘We have always worked for the development of quality projects, located in strategic locations, that guarantee our customers an efficient distribution of their products,’ Alcazar concluded.