AEW has launched a new logistics subsidiary in Spain, Relog, with €150m of capital commitments from the Teacher Retirement System of Texas (TRS) and Migdal Insurance, the real estate asset manager announced on Monday.
Specifically, AEW, which aims to turn Relog into a large-scale logistics platform, said the initial commitments provide around €400m of investment for land for development and last-mile assets.
AEW and Vega Partners, Relog’s local operating partner, have completed their first acquisition on behalf of the new partnership. The asset comprises approximately 9,200 m2 of space leased to Amazon in Alcalá de Guadaira, 10 km from the centre of Seville.
The asset, located close to the SE-40 and A-92 highways, has been renovated by the US e-commerce giant and includes a plot of more than 25,000 m2, providing an opportunity to develop a new, approximately 10,000-m2 logistics facility in the future.