Real estate investment firm Hines has acquired two logistics assets in Madrid, Spain on behalf of its Hines European Value Fund 2 (HEVF 2).
The two assets, spanning 31,000m2, are located on the industrial estate of Atalayuela, in the Vallecas district of Madrid.
The company acquired the two logistics assets from Acciona’s real estate division and a private investor.
The first asset will be developed into a 21,000m2 shed and the second will become a 10,000m2 turnkey facility.
Hines stated that the two Class A logistics facilities are targeting to secure BREEAM Excellent certification.
Currently, the company owns and manages 2.4 millionm2 of logistics space across Europe.
Hines HEVF 2 Fund manager and senior managing director Paul White said: “Atalayuela marks HEVF 2’s second acquisition in Spain, following Valdebebas 125, the dynamic 31,000-square-meter residential for rent project located in one of the fastest-growing districts of Madrid.
“We continue to see opportunity and value in both Spain and the logistics sector. Atalayuela’s location is important, as we foresee strong long-term growth prospects for logistic assets in Madrid particularly given the scarcity of new stock arriving onto the market.
“This project will incorporate Class A technical and environmental specifications and a flexible design for either a single or multi-tenant arrangement.”
In a separate development, the company announced €80m investment to create a new 16,000m2 student housing scheme in the former Manifattura Tabacchi area in Florence, Italy.
The new project will include classrooms, yoga room, studios, laundry facilities, gym, movie theatre, and common areas.
Illustration of Madrid Logistics in Spain. Credit: Hines.