Nuveen Real Estate has acquired two logistics assets from Meridia IV fund, situated in the inner suburbs of Barcelona, in Granollers and Barberà del Vallès, for around €50 million. The properties have a combined gross lettable area of approximately 28,900 sqm.
The Granollers asset has around 11,300 sqm of GLA and is leased to a single tenant under a long-term contract. The warehouse is situated in an established logistics zone within the Barcelona metropolitan area.
The second property, situated in Barberà del Vallès, has around 17,600 sqm. The logistics facility has completed its expansion and refurbishment works and is fully let, also under a long-term lease.
Javier Martín, Director of Logistics and Portfolio Manager at Nuveen Real Estate, notes that the acquisition of these two assets in Barcelona’s inner suburbs enables the company to add properties that are “well-connected and aligned with operators’ current needs” in an area where supply falls short of demand.
The executive adds that Spain remains attractive for logistics investment due to its fundamentals, demand within the sector and the role of this type of asset in the evolution of supply chains.
From Meridia’s perspective, “these transactions are part of a joint divestment strategy designed to create a scaled logistics investment opportunity attractive to institutional capital. The sale of Project Jupiter highlights Meridia’s ability to add value across different asset scenarios, successfully executing a range of value-add strategies, while consistently enhancing asset quality and risk profile”.
