CBRE Investment Management Acquire Prime Logistics Development Near Barcelona, Spain

CBRE Investment Management (“CBRE IM”), on behalf of a fund sponsored by the firm, has acquired a 26,100 sq m prime logistics development (“the asset”) in Castellar del Valles, just 30km from Barcelona’s city centre.

A brand new, flexible logistics development, the asset represents 24,795 sqm of modern, high-quality warehouse space, as well as 1,200 sq m of office space. ITERCON, a leading global design and construction company, developed the asset.

The asset has been pre-let on a long term lease to international logistics and transport company, ID Logistics, and has been developed to meet the tenant’s requirements, retaining multi-tenancy capabilities, such as shared access points and utilities. The asset targets BREEAM Excellent and Gold LEED certification.

The asset forms part of Barcelona’s Ring 2 logistics area and boasts exceptional transport connections, being less than 40 minutes’ drive from the centre of Barcelona, and just a few kilometers from the main highways (B-124, C-58 and AP-7) that connect Castellar del Valles to the rest of Spain and France.

Antonio Roncero, Head of Transactions Iberia at CBRE IM, said: “Barcelona's unique geography means it’s sandwiched between sea and mountains, leading to a lack of available land and logistics development opportunities. As a result, we’ve seen strong supply-demand dynamics in the Castellar del Valles region – indeed, the blended vacancy rate for Barcelona’s Rings 1 and 2 is 2.5%*, with no available Grade A stock. This, combined with the fact that much of the existing logistics stock in the surrounding area is typically small or outdated, predominantly occupied by local businesses, made this asset an important strategic acquisition for us, allowing us to deliver high-quality, new warehouse space to the region, with strong sustainability credentials, in line with the strategy for this fund.”

CBRE IM were advised by Cuatrecasas (legal), Dokei (technical) and CBRE acted as commercial advisor.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $148.3 billion in assets under management* as of September 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.