Real estate investment continues to focus on the logistics sector. This time in Vitoria, a city that will have a new industrial park on land previously occupied by an old battery factory. The sale to an investor group in the logistics sector has been advised by ProEquity, a leading consultancy firm in real estate real estate transactions. Thus, a total of 128,000 square metres of land will be added to the logistics land in the province of Alava, of which 80,000 square metres will be built on.
After more than a year of negotiations, the sale was signed in June 2022 and construction and refurbishment work was started to prepare the space for logistics activity. ProEquity's work as an advisory firm has been instrumental in establishing an agreement between the eleven owners of the land and the purchasing party.
Investment in the in the green space is expected to increase to €50M
The remodelling of the space has been divided into two phases, the first of which consists of the refurbishment of two buildings covering 39,000 square metres between them. Subsequently, the remaining area will be developed with the intention of accommodating another logistics or industrial company, which will also have an office space of 3,000 square metres to develop its activity. In this way, the opening of the first warehouse of the park is expected for the first months of next year.
It is also expected that the investment in the real estate space will increase to 50 million euros thanks to the refurbishment and construction of new buildings in the area. The renovation of the historic facilities is expected to have a positive impact on activity in the region, attracting new business activities, both in the logistics and industrial sectors, creating new employment opportunities.
In this line, as it is a characteristic building for the city of Vitoria, both parties have opted to maintain, as far as possible, the historical aesthetics of the building, which is a representative asset of the city and its inhabitants.
"ProEquity's extensive experience has been key in this operation because, as professional consultants, we know the importance and delicacy of this type of process. Our team has been able to guide both parties with the best knowledge to reach a satisfactory agreement. This project is a result of the correct growth of the sector, which is the focus of much of the real estate investment," says David Martinez, CEO of ProEquity.