AEW launches value-add Spanish logistics partnership

AEW has launched a new value-add Spanish logistics partnership, RELOG, to invest in income-producing assets and portfolios, as well as properties with value-add potential and new developments around Spain’s major cities.

RELOG will also consider Investments in smaller but strategically important locations in Spain, such as Zaragoza, Seville, Malaga, Bilbao, and the Basque Country.

The partnership has already collected €150 million ($170 million) of equity commitments from the Teacher Retirement System of Texas (TRS) and Migdal Insurance. AEW said the commitments provide €400 million ($452 million) of investment capital to target infill and last-mile assets.

AEW and Vega Partners, a newly formed logistics asset and investment manager specializing in the Spanish market and RELOG’s local operating partner, have purchased a 9,200-square-meter (99,027-square-foot) asset that is fully leased to Amazon. The asset includes a land plot of more than 25,000 square