The Boreal IM & Cadillac Fairview joint venture has completed its third transaction in Spain, with the forward purchase of a warehouse in Madrid’s largest logistics market for €45 million ($49 million), due to complete in 2024.
Acquired from established developer Pavasal, the 54,500 square-meter (586,600-square-foot) asset is in Madrid’s A-2 logistics corridor. It is targeting a BREEAM Excellent rating, complete with a rooftop photovoltaic installation and electric-vehicle charging.
The asset is located within the second ring of Madrid in Alcalá de Henares, one of Spain’s most established logistics clusters connecting Madrid to Barcelona. Also known as the Henares Corridor, it accounted for 75 percent of Spanish logistics leases signed in first quarter 2023, according to BNP Paribas Real Estate. Other occupiers in the area include Amazon, Carrefour, Telefonica, Lidl, and Conforama.
The acquisition takes the joint venture’s Spanish portfolio t
