PATRIZIA AG, a leading partner for global real assets, has forward purchased a logistics warehouse development in Illescas, Spain, for approx. €56million, on behalf of its institutional clients. The asset will have a combined surface of 92,000 sqm and is scheduled to be completed by the first quarter of 2023.
The investment was made on behalf of a PATRIZIA logistics flagship fund for its institutional clients and further strengthens the already significant logistics portfolio of the firm.
With this transaction, PATRIZIA further strengthens its presence in the logistics segment in Spain, in which it already has assets with a total area of more than 620,000 sqm throughout the country. As a whole, the logistics segment represents around 40% of the assets that PATRIZIA manages in Iberia, whose total value exceeds €1.4 billion.
