Sale of Madrid logistics warehouse on behalf of BVG
7 Aug, 2005, Madrid
On behalf of BVG, the German institutional savings bank fund managed by Real IS, C&W/H&B's Madrid office has sold a prime logistics warehouse east of the Spanish capital to the Insight European Real Estate Trust.
The property, located along Madrid's Corredor del Henares, is currently leased and occu-pied by Tech Data, a specialised information technology and logistics service provider, which occupies 21,356 sq m of gross leaseable area.
Rupert Lea, Partner of C&W/H&B's Madrid Capital Markets Group, commented: "This sale not only demonstrates the strength of the international investor market in this sec-tor, but also that it is increasingly becoming a focus for new capital. The purchase price was in line with benchmarks for prime distribution in Madrid."
Real IS, owned by Germany's Bayerische Landesbank, is a fund manager with more than 20 real estate funds under management and totalling an investment volume of over EUR3 billion.
The Insight European Real Estate Trust is a new fund established by Insight Investment utilising funds from its parent HBOS plc (Halifax Bank of Scotland). Insight Investment is the asset manager of HBOS plc and at 31 March 2005 has total assets under manage-ment of over €114 bn and real estate assets under management of over €8.5bn in the UK. The purchase of this logisitics warehouse represents Insight´s first acquisition in Spain, paying €14.25 mn.