Savills Investment Management has bought two logistics warehouses from UBS Asset Management (UBS AM) in Madrid for an amount of 51.6 million euros. The two assets have a total of 34,969 m2 in gross leasable area (GLA) . Both ships are fully leased by the logistics operator XPOLogistics and Cadyssa Douglas.
Built in the Leganés logistics park in 2008, the assets are well located for both national and international logistics and e-commerce operators, given that they are located in the first logistics belt of Madrid. UBS AM acquired the assets in May 2017 for € 35.15 million, with a 6% return .
“Savills IM’s logistics investment strategy prioritizes modern centers next to the main highways and transport networks and occupied by tenants with solid long-term contracts, which allow us to capture the sustained growth of electronic commerce”, says Fernando Ramírez de Haro , Managing Director of Savills Investment Management for Spain and Portugal.
Savills IM has a volume of assets under management worth almost 1,000 million in the peninsula
These assets are incorporated into the Savills IM portfolio in the Iberian Peninsula, which has a total volume of assets under management worth almost € 1 billion .
In the transaction, Savills IM has been advised by Savills Aguirre Newman, Arcadis and the legal team at Eversheds Sutherland. For their part, Cushman & Wakefield, JLL and Dentons have advised UBS-AM.
An attractive sector
Manuel Hidalgo, Head of Real Estate Assets in the Iberian Peninsula for UBS-AM REPM points out that “this operation reflects the value of the logistics sector, which has demonstrated its resilience during the Covid 19 pandemic and continues to offer attractive investment prospects and returns “.
Logistics investment in Spain has exceeded 1,510 million euros during the first half of the year, almost the total investment in 2020, and the forecast is to reach a historical record in investment in logistics in Spain with more than 2,000 million euros in 2021 , according to data from Savills Aguirre Newman.