Logistics real estate investment fund manager Gramercy Europe has acquired three warehouses in Catalonia, Spain, worth €32.25 million in two separate transactions.
Two of the warehouses are located in Constanti, south of Barcelona in an established business park
The first property is 24,032 sqm and is fully let to plastic polymers and resins distributor Chemiprats. The warehouse features 10 metre clear heights, 28 dock doors and 50kN / sqm floor loading capacity.
The second property totals 25,930 sqm and is set of computer and electronic equipment distributor Micro with less than two years of obligatory term remaining on the lease. It features 10 metre clear heights, 23 dock doors and 50kN / sqm floor loading capacity.
The total cost of both properties was €22.75 million.
Gramercy has also acquired a €9.5 million warehouse totalling 20,120 sqm warehouse in La Bisbal del Penedès, in the south of Barcelona. It comprises of two inter-connected buildings and features 12-14 metre clear heights and 20 loading docks. It is let to Naeko Logistics with 3.5 years remaining on the lease.
“The Spanish logistics market is one of the fastest growing in Europe, as tenants upgrade to modern buildings and e-commerce penetration begins to catch up with other more established Western European countries,” said Gramercy Europe, CEO Alistair Calvert.
“At the same time there is a shortage of both existing warehouse space, as well as land for new development, which is forcing tenants to look at new submarkets to service the major conurbations and which we expect to underpin significant rental growth across the sector in the medium-term.”