Palm Capital buys Spanish logistics portfolio
Palm Capital has bought three Spanish logistics assets from BCM at the Los Gavilanes Business Park in Getafe.
Palm was advised by Proequity.
It has bought three turnkey logistics projects of comprising 33,000 m², 25,000 m² and 27,000 m² of built surface area.
The official price has not been released but it is estimated that the transaction development value was close to €100m.
The first project to be developed will feature two platforms of 22,000 m² and 11,000 m² in size, capable of housing up to four operators. Delivery is scheduled for the first half of 2019.
The acquisition will see Palm Capital become the leading owner in Los Gavilanes Business Park, with over 85,000 sq m of rentable logistics space.
Gavilanes represents the first acquisition made by Palm Capital in the Spanish logistics market, and marks the start of what it termed an ambitious expansion plan geared to acquiring and developing more logistics assets in the short term.
Los Gavilanes Business Park is located in a strategic spot in the southern region of Madrid, 16 km from the centre of the capital city.