Brookfield and Logistik Service, through their joint venture agreement to build high-quality logistics space, have initiated the development of a c.850,000 square foot logistics platform in central Spain. The agreement includes the option to further expand the warehouse space by c.300,000 square foot. The new site is located in the municipality of Ontígola and is expected to be in full operation by the summer of 2025.
The warehouse will consist of c.850,000 square foot of built area on a plot of c.1.4 million square feet in the Dehesa de la Plata industrial estate. The space will have 75 loading bays, a 35-metre manoeuvring area and a free height of 13.70 metres. The building also has state-of-the-art offices, ample parking spaces for vehicles and trailers, as well as LEED GOLD & WELL GOLD environmental certificates.
The platform is well-located in the industrial estate of Ontígola, which is an important logistics hub due to its close proximity to Andalusia and Levante. In addition, it is located 45 minutes from Madrid and Adolfo Suárez Madrid-Barajas airport and represents the consolidation of Ontígola as a major logistics centre in the south of Madrid. A number of leading multi-national companies are operating their logistics in the area.
Proequity, a leading consultancy firm in real estate operations, also participated together with CBRE in the formation of the joint venture between Brookfield and Logistik Service, and has been the consultancy firm that has closed this operation with regard to the leasing of the logistics warehouse.
According to Alberto Nin Garaizabal, Managing Director, Brookfield: “As one of the largest developments in Spain this year, the project highlights our commitment to building high-quality logistics assets in the country and delivering scaled solutions for our partner tenants. The Ontigola area is extremely well connected, and this new platform will support the economic growth of the area and create jobs for the local community.”
Javier Muniesa de Caveda, Development Director of Logistik Service, added: “This project is an important milestone for our company in its aim to become the reference company in the Spanish logistics real estate market. This is the culmination of several years of logistics development and the construction of warehouses in this municipality, which reinforces its position as one of the key hubs for logistics activities in our country”. Daniel Galache, partner of Proequity, explains that “Beyond the obvious fact that this is a very important project, not only for all those involved but also on a national market level, we are very proud to have done our bit by demonstrating our capacity to respond to the increasingly demanding needs of our clients in the real estate market”.
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