Thor Logis, a division of Thor Equities Group, has signed a contract to acquire a last-mile logistics portfolio in Pinto and Torrejon, both based south of Madrid on the edge of the first ring, in an off-market deal worth €39 mln.
The package encompasses 40,400 m2 of existing assets, including two high-performing and occupied commercial buildings and three prime sites for new development. It consists of two standing assets, one in Pinto and one in Torrejon, and three new developments. The two existing buildings built in 2019 and totaling 12,000 m2 have top technical specifications and are 100% occupied by Gefco (in Pinto) and Endutexon (in Torrejon) on 10-year leases.
‘This prime portfolio in the heart of Madrid will significantly expand Thor Logis’ investment in the Spanish real estate market and will offer prime development opportunities in the heart of Madrid which is extremely exciting to our growing global organization. We are focused on the need for prime logistics and industrial space throughout Spain and Southern Europe and specifically in Madrid and the surrounding areas,’ said Chairman & CEO of Thor Equities, Joseph Sitt.
Thor said that the acquisition will serve as the start of a wider logistics platform in Madrid with high potential for e-commerce last-mile logistics and industrial space as part of Thor’s focus in major urban centers.