Aberdeen Standard European Logistics Income has completed the acquisition of a logistics asset in Barcelona, Spain, for €18.8 million ($22.29 million).
The 13,907-square-meter (149,693-square-foot) asset is located in the first ring of Barcelona, within a 25-minute drive (27 kilometer/17 miles) of the city center and is well positioned to benefit from the growth of ecommerce and the scarcity of development opportunities, which provides strong rental growth potential. The local market is characterized by a low vacancy rate of 3 percent, which falls to 1 percent for the first ring, reflecting naturally occurring land constraints, with the city surrounded by the sea and mountains.
The asset is located on the Polinyà Logistic Park, a strategically positioned and highly consolidated industrial area just off the AP-7 motorway that connects Barcelona with France and the wider European market in the north, and to the south to Zaragoza, Madrid and other key cities along the
