Pan-European private real estate investment manager Boreal IM has ramped up development and leasing activity for its portfolio of logistics assets in Spain. The industrial specialist has commenced development of a 16,000 sqm build-to-suit extension at a scheme it manages in Girona, Barcelona, and has reached 70%occupancy at its 54,500 sqm warehouse in Alcalá de Henares, Madrid.
The extension in Girona – scheduled for completion in Q3 2025 - is being developed as additional space for the global distribution hub of leading sports e-retailer TradeINN, which is a long-term tenant and has been present at the site since 2014. The new space will be built on a site adjacent to the existing warehouses, which total 26,250 sqm and already underwent a €7m refurbishment in 2021. The extension will be undertaken by Boreal’s in-house development team, led by partner and former AEW executive Nikos Koulouras. It will be built to the highest specification and target BREEAM ‘Excellent’, with Onilsa acting as the main contractor, TEC as technical advisor and Belog as development manager.
Meanwhile, Boreal has achieved 70% occupancy within three months of completing its state-of-the-art warehouse in Madrid’s largest logistics market, the Henares Corridor. The 54,500 sqm asset, located in Alcala de Henares, was acquired in Q1 2023 in a forward-purchase agreement from Spanish contractor/developer Pavasal by the Ontario Teachers’ Boreal JV.
Construction completed in September 2024 and Boreal pre-let 50% of the scheme after agreeing a long-term lease with global logistics provider Arcese, which is relocating its headquarters from Barcelona to Madrid. A Spanish third-party logistics company has let another 20% of the scheme. The building, known as VOLA Alcalá Logistics Park, has achieved a BREEAM ‘Excellent’ certification and includes features such as a rooftop photovoltaics and electric vehicle charging.
Nikos Koulouras, Partner, Boreal IM, said: “Our recent activity in Spain exemplifies the many strings to Boreal’s bow: our ability to identify specific markets with strong fundamentals, to work across the risk spectrum, and to attract top tenants. We have a multi-disciplined, vertically integrated team that moves quickly to execute our strategies, which we see as key to creating one of Europe’s leading logistics portfolios.”
Boreal’s Spain portfolio now totals 100,000 sqm in size. The UK, France, Germany, the Netherlands and Italy make up the rest of the firm’s current portfolio, which totals 1,255,000 sqm across 45 assets.
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