Thor Equities Group, a global leader in urban real estate development, leasing and management, is pleased to announce a long-term lease with Grupo Prodesco in Madrid, six months prior to the expected completion of the logistics development. The development is part of three speculative developments in the Spanish capital totaling approximately 30,000 square meters to be delivered by Q4 2021.
Grupo Prodesco, a wholesale food distributor serving more than 3,000 restaurants and hotels in Madrid and central Spain, will lease 8,000 square meters of Thor’s development for their new headquarters. Serving some of the best-known restaurants and hotels in the Spanish Capital, Grupo Prodesco will benefit from an excellent location and new construction. The warehouse will feature a cold storage area of 2,000 square meters and an industrial kitchen of 600 square meters, as well as a dry storage area and corporate offices.
With this lease, Thor takes a further step in the stabilization of its logistics portfolio in Spain that began in October of 2020 with the acquisition of three assets in Barcelona. Thor´s Spanish logistic portfolio includes over a dozen last-mile logistic assets primarily located in Madrid and Barcelona.
“Thor has significantly expanded our presence in Spain in recent months and we are pleased Grupo Prodesco has selected our development for their new headquarters. The premier distributor will benefit from an advantageous location in the Pinto submarket to ideally serve Madrid and the surrounding region,” said Chairman of Thor Equities Group, Joe Sitt.
Thor has acquired three new assets in the past few months, including a warehouse leased to Amazon in Galicia in the north-west of the country, and two assets in Barcelona´s prime logistic area, in the municipalities of Montcada i Reixac and El Prat de Llobregat. Thor also acquired their first French logistics acquisition in June.
ABOUT THOR EQUITIES GROUP:
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.