Delin Property acquires two logistics assets in Spain for €25m

European warehouse expert Delin Property has purchased two logistics properties near Madrid, in Villaverde and Pinto, for approximately €25 mln. The sellers were a joint venture between Corebridge Real Estate Investors and DeA Capital Real Estate.

Villaverde

This acquisition marks the beginning of Delin Property’s €200 mln investment strategy in Spain. Acting on behalf of a London-based single-family office, Delin plans to build a portfolio of income-generating logistics properties in Spain with the potential for increased value.
These relatively new facilities, completed within the last three years, offer a combined 17,720 m² of leasable space and boast a BREEAM "Very Good" sustainability certification.
The Villaverde facility (9,441 m²), completed in early 2022, is divided into four units and is fully leased to tenants including Grupo Recalvi, Smartee, Humana, and Pick&Pack. Villaverde's proximity to Madrid (10 km) and its accessibility via major highways make it a desirable distribution location.
The Pinto property (8,279 m²) sits on a 1.5-hectare site and is leased to EcoQuímica Logística Integral. This facility was purpose-built last year for the secure storage and transportation of materials. Pinto, located 20 kilometres south of Madrid, offers excellent motorway access for serving both the city centre and the wider Madrid region.
Tom Wattles, CEO of Delin Property, said: “The core-plus strategy plays to our strengths of sourcing investments and bringing our logistics expertise to manage the assets and add value. It’s another strong vote of confidence in our capabilities by institutional capital.”
Isaac Núñez, Delin Property’s managing director for Spain, said: “These properties will seed a portfolio of stabilized assets in urban infill locations in the major cities of Barcelona, Madrid, and Valencia. The dynamism of the Spanish economy and the supply-demand imbalance for high-quality, well-located logistics assets is driving the leasing market. We are scouring the market to add to our pipeline of investments to capture the attractive risk-adjusted returns that we anticipate from this strong market dynamic.”
Emanuele Caniggia, CEO, DeA Capital Real Estate, and Emanuele Dubini, CIO, DeA Capital Real Estate, commented: “This transaction marks another milestone in our ongoing strategy to create and realize value across European logistics real estate. We are proud to have successfully completed the sale of two prime assets in Spain through this joint venture and remain committed to delivering consistent, long-term value for our investors.”
Brenda Monaghan, managing director, Europe Asset Management for Corebridge Real Estate Investors, commented: “These assets represent a continuation of our strategy of investing in and developing high-performing urban logistics assets in core European markets.”
Knight Frank advised Delin Property on this new strategic venture. CMS provided legal counsel, Arcadis handled the technical due diligence, and PwC supported the financial and tax aspects of the acquisition. CBRE, DLA Piper, and Ernst & Young advised CREI and DeA Capital RE on the deal.