London, 12 January 2024
Melcombe Partners, the European logistics real estate investment managers, have continued their growth in Spain in 2023 by completing a total of four transactions in Barcelona’s first ring and one in Bilbao for a combined asset size of c.75,000 sqm.
The assets, which were all acquired through individual acquisitions, follow Melcombe Partners asset aggregation strategy in Europe where the company continues to build its portfolio of urban logistics warehouses that benefit from unique last mile locations, strong ESG credentials and that are built to the latest modern logistics specifications.
In Barcelona, the team closed two transactions in El Prat de Llobregat, Barcelona’s prime last mile logistics area and one of Europe’s most sought after urban logistics location. In the first transaction, Melcombe acquired an ongoing development at an early stage of construction, amended the design to convert the warehouse into a last mile distribution facility, changed the works permit and secured a 12 year mandatory lease to a strong covenant. In the second El Prat transaction, the team is working on the extensive refurbishment of an existing warehouse.
The team also acquired three institutional yielding assets with strong reversionary potential in Rubí (Barcelona), Sant Andreu de la Barca (Barcelona) and Bilbao with a combined GLA of c.60,000 sqm. Melcombe will implement a range of asset management initiatives, which will further improve the ESG performance and operational efficiency of the three assets.
In addition to these new transactions, Melcombe also completed a build-to-suit warehouse in Les Franqueses (Barcelona), and is currently progressing with two new logistics developments in Polinya (Barcelona) and Sant Quirze (Barcelona) with a combined GLA of c.55,000 sqm.