Clarion Partners Europe has acquired a 10 hectare plot of land in Esparreguera in the Barcelona metropolitan area for the speculative development of a world class logistics facility.
Clarion will push the development of a c. 20,000 m² highly qualified industrial unit on site located 45 km north-west of Barcelona city center and next to the A-2 motorway. The area is characterized by a very low availability of industrial land, with future development constrained by the topology of the Barcelona region.
Construction of the warehouse will begin immediately, with completion scheduled for Q1 2023. The property will have a BREEAM Excellent certification and will be ideal for single occupants looking to spread out in the Barcelona/Catalonia region.
The acquisition was made on behalf of one of Clarion’s blended funds. Grupo Lar, a Spanish private real estate developer, will act as development manager.
The acquisition further expands Clarion’s presence in Spain, where the company owns, manages or has under construction a total of 18 properties totaling 363,000 sqm in and around the main metropolitan areas of Madrid, Barcelona, Seville and Zaragoza.
“This property acquisition underscores the strength of our local relationships and our ability to identify and execute on opportunities in highly competitive markets. This is a rare opportunity to develop high quality logistics space in the metropolitan area of Barcelona, the second most populated region in Spain, characterized by a very low availability of logistics space. The decision to speculatively advance the plans underscores our confidence in future demand for modern industrial space and the prospects for rental growth in the area,” commented Alistair Calvert, CEO of Clarion Partners Europe.
Clarion was advised by Herbert Smith Freeehills and BNP Paribas.