CBRE Investment Management has acquired a 26,100sqm logistics development in Spain for an undisclosed amount.
The manager said it has acquired the pre-let asset in Castellar del Valles on behalf of a fund under its sponsorship. The fund鈥檚 name was not disclosed.
Antonio Roncero, the head of Iberia transactions at CBRE IM, said: 鈥淏arcelona鈥檚 unique geography means it鈥檚 sandwiched between sea and mountains, leading to a lack of available land and logistics development opportunities. As a result, we鈥檝e seen strong supply-demand dynamics in the Castellar del Valles region 鈥� indeed, the blended vacancy rate for Barcelona鈥檚 Rings 1 and 2 is 2.5%, with no available Grade A stock.
鈥淭his, combined with the fact that much of the existing logistics stock in the surrounding area is typically small or outdated, predominantly occupied by local businesses, made this asset an important strategic acquisition for us, allowing us to deliver high-quality, new warehouse space to the region, with strong sustainability credentials, in line with the strategy for this fund.鈥�
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