Search

Morgan Stanley Real Estate Investing and Zanda REIM form JV to buy a logistics warehouse in Azuqueca de Henares


Date 21 December 2021

  • JV will look for additional acquisition opportunities in Spanish logistics sector
  • Acquisition financing, provided by Alantra, is aligned with Green Loan Principles


Madrid – A fund managed by Morgan Stanley Real Estate Investing (MSREI) and Zanda REIM have formed a joint venture to focus on logistics assets in Spain.

The joint venture’s first acquisition is a land plot in Azuqueca de Henares for the construction of a state-of-the-art logistics warehouse. The warehouse will have a leasable area of more than 30,000 sqm and will be designed with the latest technical and environmental quality standards in the sector.

The logistics warehouse has been designed to obtain one of the highest BREEAM sustainability certifications, demonstrating the project’s sustainability, energy efficiency, and environmental protection.

This Transaction follows the joint venture’s strategy to develop a portfolio of logistics assets in the main Spanish cities, mainly Madrid and Barcelona, over the coming years and benefits from support by the EGF Guarantee Instrument, implemented by the European Investment Fund with the financial backing of the Member States contributing to the EGF.

Oriol Espinet, Head of Morgan Stanley Real Estate Investing in Spain, said: “We are very pleased to have acquired the first logistics development together with Zanda REIM as part of our strategy to build up a portfolio of newly developed and high quality logistics assets located in key submarkets in Spain. We look forward to working with Zanda REIM to manage this joint venture as we seek to deliver additional value to our investors.”

Alejandro Coba, partner of Zanda REIM, highlighted that: “This partnership combines the experience of the professional teams of Zanda REIM with the great financial capacity and market knowledge of MSREI, making it possible to locate and execute investments in a very competitive environment. Our strategy makes us one of the main players in logistics investment in Spain and Portugal. The new logistics platform that we have started with in Azuqueca de Henares will have the highest standards of design and sustainability, and will be a large urban conversion that will enhance economic activity locally, regionally and nationally.”

Financing for the transaction was provided by Alantra’s real estate debt fund. The financing is aligned with the “Green Loan Principles”, the sustainable financing framework developed by the Loan Market Association. Jaime Cano, partner at Alantra Private Debt, said: “We are very pleased to support MSREI and Zanda REIM in this sustainable investment in the logistics sector. The transaction is the third investment of our real estate debt fund and, in addition, it is the first green loan granted by the fund.”

In the transaction, Uría Menéndez has acted as legal advisor; BNP Paribas Real Estate as commercial advisor; and E&Y as tax advisor. On behalf of Alantra, Baker & McKenzie has acted as legal advisor.