Hines has acquired a 17,474-square-meter (188,088-square-foot) urban logistics park in Villaverde, Madrid, on behalf of the Hines Pan-European Core Fund (HECF).
The transaction is the second urban logistics acquisition this year for HECF, after announcing plans to diversify its portfolio into the urban logistics and residential sector in March. It also represents the fund’s first urban logistics deal in Spain.
Located in Villaverde, one of the 21 districts located within the city of Madrid, the asset is located near the Madrid ring-road (M45) and the A4 and A42 highways.
The park is fully let on a 10-year mandatory period to a third-party logistics operator, Ontime, and is composed of an existing asset which will serve as Ontime’s new Spanish headquarters as well as a cross-docking warehouse with 40 loading docks currently under development.
“We are committed to continuing to increase the fund’s portfolio of last-mile l
