AXA Real Estate Investment Managers has bought a prime logistics warehouse development in Madrid on behalf of one of its clients. The development, which is situated 15 km to the south of the Spanish capital in the Getafe area, was acquired from UTE Posmocan Los Gavilanes for an undisclosed amount.

The development is due for completion in summer 2012 and comprises 42,860 m² of lettable area which has been entirely pre-let to sports goods retailer Decathlon. The site is being developed by Obras Caminos y Asfaltos.

'This acquisition offers our client a high quality asset, which is let to a secure tenant on a long lease, providing highly visible rental income,' said Hermann Montenegro, head of AXA Real Estate in Spain.