Invesco Real Estate has spent €173 million (£153 million) on three recently constructed logistics assets in Spain.
The properties, located in Madrid and Barcelona, are a combined size of 189,500 square metres. The acquisitions are on behalf of two of the firm’s German separate account mandates.
Spain’s logistics market is enjoying strong growth due to increasing rents and a fairly high yield profile.
Invesco’s director of transactions in Spain, Fernando San Juan Monje, said: “Situated within the vicinity of Barcelona and Madrid, with direct access to the highway, these large best-in-quality assets are an attractive product for both logistics operators and investors.”
Earlier this month Invesco Real Estate announced the acquisition of its first residential real estate in Germany to its core European portfolio.
Joy Pierce, senior director of fund management at Invesco said it “further enhances” the diversification of the €3.7 billion portfolio.
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