News: DeA Capital Real Estate and Corebridge Real Estate Investors Sell Two Spanish Industrial Properties for EUR 25 Million
Madrid and Jersey City, NJ (Joint Press Release) -- A joint venture between DeA Capital Real Estate ("DeA Capital RE") and Corebridge Real Estate Investors ("CREI") today announced the sale of two Class A industrial facilities in Madrid, Spain to a UK-based, single-family office advised by Delin Property for approximately EUR 25 Million. The two properties, totaling over 18,000 sqm of high-quality rentable space, are located in well-established submarkets within Madrid's innermost industrial rings. At the time of the sale, both assets were 100% leased to five tenants, reflecting the strength and resilience of demand in the region's logistics sector.
The Villaverde asset, a 9,500 sqm warehouse and distribution facility, resides in one of Madrid's most established infill industrial submarkets. Leased to four tenants, the property offers excellent last-mile connectivity and convenient access to major employment and population centers.
The Pinto asset is an 8,500 sqm build-to-suit industrial facility for a leading specialized logistics operator. Positioned within one of Madrid's newest and rapidly expanding industrial zones, this property benefits from proximity to key urban hubs, making it a strategic location for logistics operations.
Emanuele Caniggia, CEO, DeA Capital Real Estate and Emanuele Dubini, CIO, DeA Capital Real Estate commented, "This transaction marks another milestone in our ongoing strategy to create and realize value across European logistics real estate. We are proud to have successfully completed the sale of two prime assets in Spain through this joint venture and remain committed to delivering consistent, long-term value for our investors."
"These assets represent a continuation of our strategy of investing in and developing high-performing urban logistics assets in core European markets", said Brenda Monaghan, Managing Director, Europe Asset Management for Corebridge Real Estate Investors.
Isaac Núñez, Delin Property's Managing Director for Spain, said: "These modern, sustainable and fully occupied properties are a perfect fit for our new venture in Spain. They will seed a portfolio of stabilized assets in urban infill locations in major Spanish cities that we will be assembling on behalf of our client to seize the opportunities arising from the dynamic Spanish economy and strong occupier demand for high-quality, well-located distribution centers."
CB Richard Ellis, DLA Piper and Ernst & Young acted as advisors for CREI and DeA Capital RE. CMS, an international organization of independent law firms and PricewaterhouseCoopers acted as advisors for Delin.
Sources: Joint Press Release