Real estate investment management company La Française Real Estate Managers (REM) has announced the off-market acquisition of a last mile logistics warehouse in A Coruña of over 7,900 square metres. The purchase was made on behalf of two real estate mutual funds. The seller was the company specialising in the acquisition and development of industrial and logistics real estate assets, Vectura.
The warehouse, delivered in February, is fully leased to an e-commerce operator under a long-term lease. The asset has a total surface area of approximately 7,935 square metres, of which approximately 5,756 square metres are warehouses and 2,179 square metres are offices. It also has eight delivery docks and 571 parking spaces, of which 448 are for vans.
Located in the industrial area of Espírito Santo, the warehouse has motorway access (AP-9, AG-13, N-V1), which allows it to cover a very wide area of influence. The asset also complies with the latest technical and environmental standards, with a BREEAM "Very Good" certification, thanks to the inclusion of 400 square metres of solar panels installed on the roof. In addition, the property meets the main sustainability criteria set out in the new investment strategy defined by La Française REM.
Thierry Molton, Managing Director of La Française REM - Retail Division, said: "This logistics warehouse, strategically located on the northwest coast of Iberia, is very well connected to the main Galician cities. The asset presents attractive valuation prospects, especially given the tenant's reputation, its strategic location and the scarcity of available land. This acquisition is a continuation of the partnership with Vectura developed by the institutional division of La Française Real Estate Managers, represented by Arthur Brizard, Deputy Investment Director".
BNP Paribas Real Estate, Ashurst and Etyo advised La Française REM on the sale and purchase of this logistics asset, while the sale by Vectura was advised by Cuatrecasas.