Madrid, March 5, 2021 - Panattoni, Europe's leading logistics-industrial real estate developer, has taken stock of its first year in Spain, making an investment of over 109 million based on 6 announced projects, with over 106,000 m2 of GLA, plus another 100,000 m2 in projects still to be announced. The company continues with its expansion plan in 2021, with new key locations planned in the peninsula, such as Getafe, Barcelona North, Lisbon and Bilbao, in addition to other cities that will be communicated progressively.
Panattoni started its activity in Spain coinciding with the start of the COVID-19 crisis. This circumstance has not been a brake on the U.S.-based company's commitment to the Spanish market. In this sense, Panattoni has been able to adapt its activity in a very agile manner and has focused its first year in the Spanish market on capturing land in key locations throughout the country to develop new buildings with the highest quality standards and at the most competitive prices on the market.
During 2020, Panattoni has started the development of 6 large-scale projects throughout Spain. In the center-north of Spain they have started initially with Panattoni Park Madrid Este, located in Torija, Guadalajara, which has an investment of 15 million and will have 28,400m2 of GLA. Construction began in the first half of 2020 and is scheduled for delivery to Leroy Merlin in the second half of 2021. Panattoni Park Vitoria, located in Polígono de Jundiz, Vitoria, for which it will make an investment of 25 million. The warehouse, which will begin construction in May of this year, will cover 22,000 m2 and will be delivered in January 2022. And Panattoni Park Zaragoza City I, located in the PLAZA industrial park, Zaragoza, which began construction in November 2020 and is scheduled for completion in July of this year. This project will have an investment of 20 million and will be able to offer 9,200 m2 of GLA.
In the Mediterranean corridor, Panattoni has started two new projects. Panattoni Park Valencia Sur, located in Picassent, Valencia, will be a warehouse with 20,000 m2 of GLA and will have an investment of 16 million. Construction is scheduled to begin in the fourth quarter of 2021 and will be completed in the second quarter of 2022. And Panattoni Park Barcelona City I, which will be located in the Can Estapé Industrial Park, Castellbisbal, Barcelona. The warehouse, which will have 18,000 m2 of GLA, will receive an investment of 15 million and will begin construction in the third quarter of 2021, with the aim of completing it in the second quarter of 2022.
Finally, in the south, Panattoni has started the construction of Panattoni Park Cadiz City I, located in the industrial area of Las Salinas, Puerto de Santa Maria, which will have an investment of 18 million and will develop 9,000 m2 of GLA. The project began in December 2020 and is also scheduled for completion in July of this year.
Gustavo Cardozo, Panattoni's Managing Director for Spain and Portugal, wanted to emphasize that "Panattoni Europe has celebrated its 15th anniversary while consolidating its first year in Spain, where we will continue to acquire land and increase our possibilities of starting new developments during 2021. The e-Commerce boom is increasing the demand for logistics warehouses of different types and locations, boosting the real estate sector to levels never before imagined".
The company's main objective for this new year remains focused on offering its customers modern, functional and sustainable logistics facilities, adapted to the new needs of the sector. For this reason, they expect to close 2021 with 200,000 m2 under construction or in the process of being built on the Iberian Peninsula, together with a further 280,000 m2 of buildable space that they want to add to their pipeline, to be executed in 2022, with an estimated total investment of 190 million euros.