This acquisition was concluded during the year’s first quarter and, according to the release issued by both companies last week, the 3 assets have a lettable area of around 43.000 sqm. The 3 units are located in Henares, an established logistics submarket within Madrid’s third ring in the A-2 corridor. Of the total combined area of the 3 assets, 93% is let to a number of tenants serving corporate contracts for the storage and distribution of goods. Kefren will act as a local operating partner and asset manager in this deal.
This was the first operation concluded by the new Tristan’s CCP 5 Long-Life core-plus Fund which was launched with the goal of investing a total 200 million euro in logistic assets in the main Spanish cities such as Madrid, Barcelona, Valencia and Bilbao.
In order to achieve that goal, Tristan and Kefren are actively seeking add-on opportunities to grow the platform targeting existing assets, sale-and-leaseback transactions and forward purchases for buildings of institutional quality from an occupational perspective. The joint venture is targeting individual transactions of a minimum of 5 million euro lot size.
Nikolay Velev, Executive Director at Tristan Capital Partners, said: «Tristan has a strong track record across multiple European markets for assembling logistics platforms that are in heavy demand and short supply. We look forward to working with Kefren in this strategy and drawing on their strong local network and expertise».
Pelayo Primo de Rivera Oriol, the Executive Partner at Kefren Capital Real Estate, added: «The e-commerce market is expanding rapidly in Spain, fuelling demand for all types of warehouse space. We see significant potential in building a portfolio of smaller and medium assets in established industrial locations that meet the highest institutional standards».
