Tritax EuroBox, a firm that invests in Continental European logistics real estate assets, has made its first investment with the acquisition of a global distribution center at Lliçà d’Amunt, Barcelona let to Punto Fa S.L., trading as MANGO (Mango), a fashion retailers, for €150 million ($176 million).
This state-of-the-art global distribution center, which distributes to Mango’s worldwide store network is located just north of Barcelona and is directly accessible from the European motorway network.
“Barcelona is Spain’s second-largest city, and its logistics market is one of the strongest in Europe, with deep tenant demand and a very constrained supply of available logistics buildings and development land, especially for logistics assets of this size,” said Tritax EuroBox. “We believe that the supply/demand dynamics evident in the Barcelona logistics market provide good income growth potential for this property.”
This high-specification logistics facility was built in 2016. The building has benefited from significant capital investment incorporating a high level of automation and racking.
In other previous news, Tritax EuroBox has plans to acquire eight well-located assets in Germany, Italy, Spain, Poland and Belgium valued at, in aggregate, approximately €550 million ($641 million). The assets under offer have an average size in excess of 85,000 square meters (915,000 square feet). The assets comprise seven standing assets and one forward-funded development. All of the buildings are let or pre-let to high-quality tenants and are, or will be once completed, of modern specification.
Source: Institutional Real Estate