Oxford Properties Group has made its first investments in Spain, with the acquisition of seven Spanish urban logistics assets, via three separate transactions.
The acquisitions, which were sourced and secured through Oxford’s portfolio company M7 Real Estate, comprise around 90,000 sq m (circa xxx sq ft) and are located in prime logistics hubs in Barcelona, Bilbao and Tarragona.
M7 will upgrade the sustainability performance of the assets, targeting improved BREEAM and EPC ratings, as well as undertaking value-add capital expenditure initiatives to improve the space.
David Ebberell, CEO of M7 Real Estate, said: “Having now invested around €1.8bn in the year since we were acquired by Oxford, these latest transactions provide a further strong endorsement of our working relationship and our ability to help Oxford deliver its global logistics ambitions. In this case, Oxford has entered the Spanish market for the first time and added seven very well located urban logistics assets in the supply constrained markets of Barcelona, Bilbao and Tarragona to its portfolio, all bar one of which benefit from uncapped annual CPI increases providing a hedge in the current inflationary environment.”
James Boadle, senior vice president, Europe, at Oxford Properties, added: “Since acquiring M7 last year we have worked alongside their best in class management team to unlock opportunities and deploy significant capital into one of our highest global conviction asset classes. The insight and local expertise M7 provides has enabled us to make our first investments in Spain as we expand our European logistics platform, with a focus on assets that will continue to deliver strong returns to our members in this current macro-economic backdrop.”
CBRE, Savills and Cushman & Wakefield represented the various parties.
