AXA IM Alts acquires Spanish last-mile logistics asset

AXA IM Alts, a global leader in alternative investments with €188bn of assets under management, has completed, on behalf of clients, the acquisition of a sizeable and newly developed last-mile logistics asset in Barcelona, Spain. The investment opportunity was sourced from Acciona, a global leader in providing regenerative solutions for a decarbonized economy, who acted as developer for the project and pre-let the facility to a leading global e-commerce operator on a long-term lease.

The c.58, 000 sq m asset comprises a bespoke last-mile logistics operating centre spread across 13,350 sq m of high-quality warehouse space alongside 44,540 sq m of parking, with capacity to accommodate more than 600 delivery vans. The asset will have a very strong covenant from day one, while its innovative design improves current best-practice distribution systems, supporting long-term value.

Located in central Barcelona, the second most populated city in Spain, the asset will benefit from a strategic logistics location with good transport connections due to its proximity to the main highways and ports. Additionally, the asset borders one of the main residential districts in the city centre, creating a genuine last-mile logistics network and supporting the growing demand for rapid e-commerce delivery time frames.

Due to the scarcity of vacant development land of meaningful size in the area, this acquisition presents a significant opportunity to increase AXA IM Alts’ exposure to high-quality last-mile logistics in Spain. This acquisition adds to the business’ portfolio of 158 European logistics assets located across key distribution hubs in 11 countries, and brings its European logistics assets under management to over €5bn, spread across c.5.5m sq m of high-quality primarily big box or last-mile urban logistics space.

AXA IM Alts acquires Spanish last-mile logistics asset

AXA IM Alts, a global leader in alternative investments with €188bn of assets under management, has completed, on behalf of clients, the acquisition of a sizeable and newly developed last-mile logistics asset in Barcelona, Spain. The investment opportunity was sourced from Acciona, a global leader in providing regenerative solutions for a decarbonized economy, who acted as developer for the project and pre-let the facility to a leading global e-commerce operator on a long-term lease.

The c.58, 000 sq m asset comprises a bespoke last-mile logistics operating centre spread across 13,350 sq m of high-quality warehouse space alongside 44,540 sq m of parking, with capacity to accommodate more than 600 delivery vans. The asset will have a very strong covenant from day one, while its innovative design improves current best-practice distribution systems, supporting long-term value.

Located in central Barcelona, the second most populated city in Spain, the asset will benefit from a strategic logistics location with good transport connections due to its proximity to the main highways and ports. Additionally, the asset borders one of the main residential districts in the city centre, creating a genuine last-mile logistics network and supporting the growing demand for rapid e-commerce delivery time frames.

Due to the scarcity of vacant development land of meaningful size in the area, this acquisition presents a significant opportunity to increase AXA IM Alts’ exposure to high-quality last-mile logistics in Spain. This acquisition adds to the business’ portfolio of 158 European logistics assets located across key distribution hubs in 11 countries, and brings its European logistics assets under management to over €5bn, spread across c.5.5m sq m of high-quality primarily big box or last-mile urban logistics space.

Blackacre completes Ipswich logistics deal

JMW Solicitors’ Real Estate team has advised Blackacre on a £13m deal with Lay & Wheeler that will see the development of a new 114,000 sq ft unit at Port One Logistics Park in Ipswich, UK.

The wine merchant has agreed a £13.85m senior development loan with Cain International to forward-fund the delivery of Unit 6.

Lay & Wheeler was founded in 1854 and remains one of Britain’s longest-standing fine wine merchants – it is a market-leading name globally and has won a multitude of awards.

Port One is a strategic development located close to Ipswich and Felixstowe Port, benefiting from direct access to Junction 52 of the A14, a major arterial route. Its proximity to Felixstowe makes it the most centrally located customs site within the Freeport East Zone. The Zone includes both Felixstowe and Harwich, making them, combined, the UK’s largest container port.

Simon Maddox, Real Estate Partner at JMW Solicitors, said: “We’re pleased to have been able to support Blackacre on this latest deal at Port One – it will no doubt prove an ideal location for Lay & Wheeler’s new warehouse and head office as the business continues to grow.

“There remains a significant shortage of industrial and logistics stock entering the market – with a record-breaking volume of space under offer at the end of Q1 2022, demand will remain high for high-quality, well-located schemes like Port One.”

Development work for Unit 6 is now underway on site and is expected to reach PC by November 2023.

JMW Solicitors is one of the UK’s leading full service law firms, with offices in Manchester, Liverpool and London.

 

Blackacre completes Ipswich logistics deal

JMW Solicitors’ Real Estate team has advised Blackacre on a £13m deal with Lay & Wheeler that will see the development of a new 114,000 sq ft unit at Port One Logistics Park in Ipswich, UK.

The wine merchant has agreed a £13.85m senior development loan with Cain International to forward-fund the delivery of Unit 6.

Lay & Wheeler was founded in 1854 and remains one of Britain’s longest-standing fine wine merchants – it is a market-leading name globally and has won a multitude of awards.

Port One is a strategic development located close to Ipswich and Felixstowe Port, benefiting from direct access to Junction 52 of the A14, a major arterial route. Its proximity to Felixstowe makes it the most centrally located customs site within the Freeport East Zone. The Zone includes both Felixstowe and Harwich, making them, combined, the UK’s largest container port.

Simon Maddox, Real Estate Partner at JMW Solicitors, said: “We’re pleased to have been able to support Blackacre on this latest deal at Port One – it will no doubt prove an ideal location for Lay & Wheeler’s new warehouse and head office as the business continues to grow.

“There remains a significant shortage of industrial and logistics stock entering the market – with a record-breaking volume of space under offer at the end of Q1 2022, demand will remain high for high-quality, well-located schemes like Port One.”

Development work for Unit 6 is now underway on site and is expected to reach PC by November 2023.

JMW Solicitors is one of the UK’s leading full service law firms, with offices in Manchester, Liverpool and London.

 

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