Thor Logis, a division of Thor Equities Group, a global leader in urban real estate development, leasing and management, has signed a contract to acquire a premier last-mile logistics portfolio in Pinto and Torrejon, both based south of Madrid on the edge of the first ring and including 40,400 square meters of existing assets, including two high-performing and occupied commercial buildings and three prime sites for new development. The purchase price was agreed at €38.7 million (€40.6 AiC) and will then involve further investment for development of the prime development sites.
This off-market portfolio 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 12k sqm were sold as part of this portfolio. These two modern Class A logistics buildings have top technical specifications and are 100 percent occupied by GEFCO (in Pinto) and Endutexon (in Torrejon) who have 10-year leases in the buildings.
“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.
This 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.
ABOUT THOR EQUITIES GROUP:
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
