Panattoni, Europe's leading logistics-industrial real estate developer, has acquired the El Corte Inglés logistics platform located in La Bisbal del Penedès, Tarragona, after being the successful bidder in an orderly sale process recently managed by BNP Paribas Real Estate.
El Corte Inglés will concentrate its logistics activity for the northeast of the Iberian peninsula and the Balearic Islands on the platform and facilities it already owns in Barcelona's Vallès Oriental, as part of its first logistics ring. The distribution group owns 165,000 sqm built in the municipality of Montornès del Vallès and another 20,000 sqm leased in Parets del Vallès; these are strategic assets for the development of its commercial activity and are equipped with advanced technology. For its part, Panattoni adds to its assets one of the most modern warehouses in our country, together with enough land to develop new facilities, as the total surface area of the plot is approximately 230,000 sqm.
Panattoni plans to build two new state-of-the-art industrial buildings on the remaining undeveloped land, with an estimated leasable area of 110,000 sqm, and to refurbish the existing 45,000 sqm building, which would make this new generation logistics park the largest in Catalonia to date to be developed by a private investor for rental purposes. The project also allows for the possibility of developing a single warehouse with 180,000 sqm of leasable area, in case it is necessary to meet this demand. The total investment of this project, once developed, is estimated at approximately 135 million euros.
The project is located in the third logistics ring of Barcelona, right at the intersection of two of the most important roads in Spain for the transport of goods, such as the AP-7 and the AP-2, considered one of the most demanded logistics nodes by companies in the logistics sector in both general and eCommerce levels. The Penedés Corridor has large firms and high demand, due to its strategic location for logistics in its different modalities.
"The asset we are acquiring is a great opportunity to demonstrate the large-scale innovative projects that Panattoni can develop, and thus move forward in achieving the leading position in our sector in Spain, as we already have in other countries in Europe. Our new project in the Penedés will be in a perfect location to meet the needs of many potential eCommerce customers and logistics operators who are looking to be in a strategic location from which to quickly serve the Iberian peninsula, as well as other Southern European countries, and require large, modern, efficient and sustainable warehouses from which to operate. We are confident that the project we are going to develop will make a difference in every way," said Carlos Cuevas Serrano, Panattoni's Business Development Director for Spain and Portugal.
The acquisition involved JAP Lawyers, Freshfields, Arcadis and Torrella Ingeniería as advisors to Panattoni.