European logistics warehouse specialist Delin Property has sold two Madrid logistics parks to EQT Exeter for €100 million.
The properties are Alcalá East Madrid Park in Alcalá de Henares and South Madrid Logistics Park in Illescas.
The Madrid logistics parks provide 110,000 square metres of modern, BREEAM sustainability-rated warehouse space occupied by major third-party logistics providers and consumer brands.
Since acquiring the sites and establishing a local team in Spain in 2018, Delin obtained consent to build the two parks, oversaw their development to meet stringent sustainability criteria and leased all the space.
Delin is also building a 13,363 square meter state-of-the-art warehouse on a 2.2-hectare site in Coslada, east of Madrid, which is due to be finished later this year.
Modern, sustainable Madrid logistics parks
Tom Wattles, Delin’s CEO, says, “The sale of these parks crystallises six years of value creation and showcases what we do best: mastering each step of the development chain to deliver modern, sustainable logistics parks in prized locations. As stabilised, quality assets they are now ready for an institutional owner and the parks’ customers will have an excellent new partner in EQT Exeter.”
Alcalá East Madrid Park comprises two warehouses divided into five smaller units to provide a total of 45,700 square meters of leasable space.
A.P.Moeller — Maersk occupies two units, while Delin’s other customers include third-party logistics provider arvato-Bertelsmann and Conforama, the home furnishings retail chain. Each building is certified as “Very Good” by
BREEAM. The park is 40 kilometres from central Madrid and has two access routes onto the A2 motorway to Zaragoza and Barcelona.
South Madrid Logistics Park has direct access to the A-42 highway linking Toledo to Madrid, 36 km to the north. This project delivered three facilities which provide a total of 66,000 square meters of space. Pan-European healthcare supply chain provider Alloga occupies one BREEAM “Outstanding” rated 21,000 square meter building and has just moved into a second property constructed to the same specification. The park’s first building, delivered in May 2022, is occupied by household appliances and lighting product manufacturer Aigostar.
More value-add and development opportunities
Isaac Núñez, Delin’s Managing Director for Spain, says, “The sale of our first two parks is far from the end of our journey in Spain as we have our ongoing Coslada project. We’re on the hunt to acquire more value-add and development opportunities where we can bring our expertise to bear and replicate our successes in Alcala and Illescas. We’re looking in the Madrid region and beyond to other key locations, such as Barcelona and Valencia.”
Knight Frank was Delin’s agent for the sale of the two assets, while CMS acted as its legal counsel. EY provided Delin with tax advice and Artelia gave technical expertise.
Delin is a fully integrated specialist in European logistics active in the UK, Netherlands and Spain. The company currently owns and or operates 645,000 square metres of distribution space across the three markets.
