Spain, December 8, 2020 – Thor Urban Link, a division of Thor Equities Group, a global leader in urban real estate development, leasing and management has announced the acquisition of a prime last-mile logistics portfolio in Valdemoro south of Madrid, a 31,000 square meter asset in addition to 7,500 square meters of new development. Thor has purchased the assets through an off-market opportunity to purchase a high-quality asset from a private seller.
The purchase price was €25.2 million for the existing building and development land (€30.3 AiC including €3.9m development cost). The existing building includes 31,000 sqm built in phases and completed in 2010. The average built date for the buildings was completed in the early 1990s and each asset includes top technical specifications. The assets are 95% occupied by SEAT S.A. with a five-year unexpired term (including a Porsche distribution center). SEAT is owned by Volkswagon Group and is the largest employer in the industrial sector in Spain.
The portfolio also includes the potential for development of a new 7,500 sqm standalone Grade A asset on the site and is directly south of Madrid, with direct highway access. The area has very limited land available for logistics use and there is an increased demand for e-commerce in Southern Europe, making this a sought-after development opportunity.
“We are excited about this latest acquisition in the Madrid market which includes a prime commercial building and an additional development site. Following on the heels of our other recent acquisitions in the Southern European market, this development site will offer Urban Link the opportunity to continue to expand our growing footprint in Spain for premier last-mile industrial and logistics space which has been in great demand throughout the European market as well as in the U.S. and Mexico,” said Chairman of Thor Equities, Joe Sitt.
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.