Patrizia Accelerates Logistics Services in Spain with Major Project in Eliscas | comp

Patrizia continues to expand its investments in the Spanish logistics market. The German fund acquired a warehouse project in one of the most powerful poles of this company, in Eliscas (Toledo). The German company already owns about 620 thousand square meters² In this type of asset, to become one of the major players in this business.

The fund acquired a large project to create assets of 92,000 square meters² In the city of Toledo, 56 million euros were paid for it, according to sources in the sector. The process, which the seller did not bypass, was notified by BNP Paribas Real Estate. The property is expected to be completed in early 2023.

In this way, the German company consolidates its presence in a market that is growing strongly due to the expansion of e-commerce, where operators need large warehouses. In turn, this high growth is attracting investors and real estate companies to create new logistics space. In addition to Patrizia, companies such as Merlin Properties, P3 Logistic Parks, Logicor, Prologis, Segro, VGP, Panattoni, GLP, Axa, CBRE GI, Invesco and Montepino, among others, have strongly chosen this segment.

In fact, one of the great logistics centers that has developed in recent years is Illescas in Toledo. Operators such as Amazon, Dia, Correos, Seur, Zalando, XPO or Michelin, among others, have arrived there. Its proximity to Madrid, its good infrastructure, and the agreement to work with lower salaries than in Madrid have attracted many operators.

In the case of Patrizia, who is headed by Eduardo Roda in Spain, her logistics business is a legacy business. The German property manager buys or builds warehouses and rents them out to the operator. For example, it turns out that the tenants include DHL, GM Food, Pascual and the giant Amazon. Just last year, Patricia vs.She gave another fund managed by the same German company a warehouse in Alcala de Henares Long-term leased by Amazon, setting a record for fruit (Profitability) in the field of logistics is less than 4%, due to the stable and long-term contract signed with the e-commerce giant.

German fund wallet

This business segment is growing for the German fund, which since 2019 has increased its logistics portfolio in Europe by 89%, to 5.8 billion euros in assets under management, according to its public data.

In the domestic market, the company has about 1,400 million euros in various asset classes, 40% of which are already logistics, compared to about 560 million. These properties are located mainly in locations close to Madrid, Barcelona and Valencia.