27 okt 2022
M7 captures continued strong occupier demand to fully let c. 3,100 sq m urban logistics asset in Barcelona
M7 Real Estate, the pan-European investor and asset manager specialising in multi-tenanted properties, announces in partnership with Oxford Properties Group, a global real estate investor, asset manager and business builder, that it has let c. 3,100 sq m of newly refurbished urban logistics space in Santa Perpetua, Barcelona, to Sostmeier.
Sostmeier, a well-established pan-European logistics operator, has agreed to a five year lease on the property meaning M7 has achieved 100% occupancy at the previously vacant asset, only two months after its acquisition.
Since acquiring the asset from a private investor in August, M7 has undertaken a comprehensive asset management programme to renovate the building and improve its environmental credentials by repairing decks and ceilings as well as improving the insulation around the windows and installing LED lighting.
Situated in a key distribution location only 16 km from Barcelona city centre, the property benefits from excellent connectivity to major transport links and constrained supply.
In October this year, Oxford announced its first investments in Spain which were sourced and secured through M7. Oxford has invested over €1.8 billion in total through M7 since acquiring the platform in September 2021, helping to accelerate its ambitions to build a European logistics portfolio of scale.
Álvaro Arteaga Biforcos, Managing Director at M7 Real Estate Spain, commented: “This letting demonstrates the ongoing strength of the urban logistics market in Spain. We continue to see robust occupational demand for well-located assets in prime logistics hubs, like Santa Perpetua, where supply remains constrained. The fact that we were able to complete the upgrade works and fully let the space within such a short timeframe also reflects M7’s local asset management expertise and our ability to meet the needs of our tenants.”
Belén Hernández Orduña, Asset Manager at M7 Real Estate, added: “When M7 acquired this vacant asset, we identified an opportunity to invest in the property by retrofitting it and improving its environmental credentials to increase its attractiveness to potential occupiers. We have plans to further enhance the asset’s sustainability credentials.”
M7 Real Estate was advised by Savills and DLA.