Funds maintain focus on Iberian industrial sector
Managers have continued to purchase Iberian industrial assets in the early stages of 2019.
Gramercy Europe acquired three warehouses in Catalonia, Spain, in two separate transactions, for €32.25 million, on behalf of its Property Europe III fund.
The first transaction involves two logistics facilities in Constanti, an area south of Barcelona, in an established business park, for a total of €22.75 million. The first warehouse is fully let to Chemiprats, a distributor of plastic polymers and resins, on a triple-net, CPI-linked lease. The second asset is let to Ingram Micro, a computer and electronic equipment distributor. The third warehouse, also south of Barcelona, has been bought for €9.5 million and is let to Naeko Logistics, a 3PL servicing a contract for an international retailer.
In a joint venture, KKR, Round Hill Capital, and developer Pulsar Properties are forward purchasing four purpose-built Spanish logistics warehouse developments. The four asse