Patrizia has acquired a logistics facility in Illescas. The investment company paid €56 million to Pavasal for the asset, which is still under construction and scheduled for completion in 2023. BNP Paribas Real Estate advised the transaction.
The 92,000 sqm property can be divided into up to six independent modules for different tenants, each 14,000 m2. Patrizia’s €1.4-billion logistics portfolio includes a total of 620,000 square metres in Spain.
The area counts with major logistics investors such as Merlin Properties, P3 Logistic Parks, Logicor, Prologis, Segro, VGP, Panattoni, GLP, Axa, CBRE GI, Invesco and Montepino. Numerous companies have also moved their facilities there, such as Amazon, Michelin, GXO, Airbus, Dia, Zalando, Seur and Correos.
In February, Patrizia received two loans totalling €56 million, the same amount it paid for the warehouse. At the time, the company announced that it would buy a residential building in Barcelona and a logistics asset.