Le mie ricette per la real estate communityAEW, one of the world’s leading real estate investment and asset managers, has acquired a 50,000 sqm brownfield development site in a prime logistics location in Madrid on behalf of LOGISTIS (the “Fund”), its specialist pan-European logistics strategy. The off-market transaction has been undertaken in joint venture with Iberian Capital Corporation (“ICC”) and follows the €500 million of new equity successfully raised for the Fund in July last year, bringing the Fund’s net equity to over €2.7 billion.
The acquisition will allow for the development of c. 30,000 sqm of purpose built, modern urban logistics space in Torrejon de Ardoz, one of Madrid’s strongest logistics locations along the A2 corridor. This project will accommodate requirements from 1,500 sqm and above and will be a complementary offering to Citydox, another of the Fund’s assets currently under development in the vicinity and aimed at providing big box warehouse space.
The €500 million of new equity raised on behalf of LOGISTIS in July last year, which brought the Fund’s net equity to over €2.7 billion, will allow the LOGISTIS platform to grow to around €5.5 billion of assets under management, through speculative developments, standing assets and build-to-suit projects in locations where occupier demand is strong. The Fund establishes large-scale partnerships with independent developers, supporting their pipeline of projects from an early stage in order to enhance sourcing and asset selection. LOGISTIS then actively takes part in the development value chain, creating assets that are difficult to replicate.
Since the platform was launched in 1999, LOGISTIS has built a 3.4 million sqm portfolio that comprises 117 logistics assets over 51 sites across Europe with a total value of approximately € 4.1 billion and an ongoing development pipeline of around €1 billion. The LOGISTIS portfolio has 95% stabilized occupancy and an average annual distribution yield of around 5%.
Source : AEW
