Palm Capital becomes the focus of the Spanish logistics market by buying three projects in the Los Galivanes business area in Getafe from the developer BCM (MCA GROUP)
Madrid, 20 February 2018. The transaction was carried out on the advice of real estate consultancy agency ProEquity and consists in the acquisition, through forward funding, of three turnkey logistics projects of approximately 33,000m2, 25,000m2 and 27,000m2 of built area.
The first project to be developed will have two platforms measuring 22,000m2 and 11,000 m2 and will be able to house up to 4 different operators. Its delivery is expected for the first half of 2019.
With this acquisition, Palm Capital will become the main owner of the Los Galivanes Business Area with over 85,000m2 of leasable logistics space. Los Galivanes is Palm Capital’s first acquisition on the Spanish logistics market, and represents the beginning of an ambitious expansion plan in which it intends to purchase and develop more logistics assets in the short term.
Los Galivanes Business Area is in a strategic location in the south of Madrid, just 16km from the centre of the capital. It has unbeatable infrastructures, fast access to the A-4 Madrid-Andalusia motorway and 1,500m of M‐50 frontage. For that reason, leading companies such as Amazon and Decathlon have chosen the location for their distribution centres.
The price the agreement was closed at has not been disclosed by the parties, but the value of the three completed projects is expected to reach around 100,000,000 (100 million).
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