CBRE Global Investors and Montepino create a joint venture to build a portfolio of approximately 500,000 m2 in prime logistics assets in Spain


Zaragoza, Thursday 2nd November 2017

CBRE Global Investors has established a joint venture with logistics firm Montepino to create a portfolio of prime assets in the most important geographical areas of Spain, initially focusing on the Madrid market.

The joint venture has been launched with a portfolio of four high-quality projects under construction in the most important logistics locations in Madrid and along the Corredor de Henares region, plus two operational assets in Zaragoza, covering a total surface area of 250,000 m2. 80% of the portfolio is already pre-leased to leading logistics operators with a weighted average lease term (WALT) of 11 years.

Moreover, the joint venture has already identified a further 11 development opportunities totalling over 300,000 m2.

Charles Baigler, the Fund Manager for CBRE Global Investors' Europe Value Partners Fund Series, stated that this alliance "is a perfect example of our strategy to add value in Europe by creating core assets in limited markets. The logistics sector is key to our funds and we are very pleased with our agreement with Montepino, a first-class logistics provider with impressive experience in the promotion of high-quality assets in excellent locations."

CBRE Global Investors' Director of Transactions in Iberia, Antonio Roncero, stated that this operation is "of great relevance to the logistics sector in Spain. We have seen how the real-estate market has significantly progressed over the last few years, with an increase in demand for high-quality assets since 2015 and solid growth prospects."

Montepino's Vice President of Operations, Juan José Vera, has explained how the creation of this joint venture with CBRE Global Investors, a "partner of international renown," enables the Aragón-based firm "to remain a leader in the logistics sector of the Spanish market," as well as providing "a sufficient supply of economic resources that will enable us to grow and work on the large projects we foresee for the coming years."

The CEO of Montepino, Juan Vera, has recognised that logistics are going through "a genuine boom" in demand from tenants, and therefore agreements such as this are needed to allow the undertaking of "significant logistics projects for large national and international companies." He emphasised that these projects "present considerable complexity in terms of technique and design."

According to the Vice President, 2017 was "a great year," as during the prior and current year Montepino managed to exceed "40% of the market share" for providing logistics solutions in the central region of Spain. Figures such as this demonstrate the great success Montepino is experiencing.

CBRE has advised CBRE Global Investors on this operation.

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