Stoneweg has secured the acquisition of a 211,668 sqm industrial site in the suburbs of Madrid.
The site, which was formerly a Coca-Cola plant, will be entirely redeveloped by Stoneweg to create a grade A logistics park. The major project, which has the potential to deliver over 110,000 sqm of logistics space, is expected to complete in early 2024.
The acquisition is strategically located adjacent to the M-50, Madrid’s orbital motorway, the R-5 / A-5, which connects Madrid to Lisbon, and the M-506 road southbound. The immediate area has a population of circa one million people and is home to a number of logistics and transportation companies.
Jaume Sabater, founding partner and CEO at Stoneweg said: “The Spanish market has a scarcity of grade A industrial stock and last year Madrid saw its highest take-up of warehouse space in a decade. The availability of land for logistics facilities is also difficult to come by, particularly in the capital, and this transaction is a strong example of where we were able to leverage our network of local relationships to source a rare opportunity.
Recent experience of the COVID pandemic has accelerated pre-existing ecommerce trends and we believe that this development, which will be managed by our team on the ground, will deliver significant value for our investors while also providing much-needed warehouse space.”
Stoneweg has been present in Spain since 2015, having invested over €1.7 billion in that market across both equity and debt strategies, including residential development for sale and rent, as well as bridge loan strategies.