PATRIZIA expands logistics investments with larger footprint in Spain

PATRIZIA AG has purchased a logistics warehouse development in Illescas, Spain, for €56 million ($64 million), on behalf of its institutional clients. The asset will have a combined surface of 92,000 square meters (990,280 square feet) and is scheduled to be completed by the first quarter of 2023.

The investment was made on behalf of a PATRIZIA logistics flagship fund for its institutional clients and further strengthens the already significant logistics portfolio of the firm.

Martin Trodden, fund management PATRIZIA, said, “We are delighted to add the Illescas forward-purchase deal to our portfolio in Spain. The logistics sector has proven to be safe haven during the COVID-19 pandemic. As economic recovery takes hold, we are seeing continued growth in ecommerce and increasing demand from logistics occupiers. Despite many new entrants to this investment sector, our specialist logistics funds benefit from a long track record and unique market insight that allow us