Immo-news.net : the real estate information website

SEB Asset Management has acquired a logistics property in Ciempozuelos, Spain, for its SEB ImmoPortfolio Target Return Fund mutual fund. The purchase price including transaction costs amounts to €39.5 million. The seller is Coperfil Real Estate S.A., a subsidiary of the Spanish property developer Coperfil Construcción S.A.

The property comprises two logistics buildings and is part of the Logispark Ciempozuelos, constructed in 2004, which covers a total area of approximately 350,000 m². Both of the acquired units, which offer 21,783 m² and 23,923 m² of rental space, respectively, and 240 parking spaces are let for the long term. The tenants include Norbert Dentressangle S.A., and EXEL S.L. – a subsidiary of Deutsche Post AG.

Ciempozuelos is the first acquisition in Spain for SEB ImmoPortfolio Target Return Fund. This latest transaction means that the portfolio now comprises 29 properties in ten countries with real estate assets of around €543 million.

For many years Spain experienced a real estate boom, but this has now slowed down significantly. The same is also true of commercial properties, whose prices have plummeted by approximately 25% in the wake of the subprime crisis. “The time is right to re-enter the Spanish market, albeit selectively,” said Barbara Knoflach, CEO of SEB Asset Management.

Due to its geographical location within Western Europe Spain, the fifth-largest economy in the European Union, has substantial infrastructure requirements: the state Plan Estratégico de Infraestructura y Transportes (Strategic Plan for Infrastructure and Transport) aims to expand the motorway and rail networks as well as sea and air routes by 2020. The Logispark Ciempozuelos also plays a leading role here. It is located roughly 35 kilometers south of Madrid and is a strategic location for logistics companies: Ciempozuelos connects north and central Spain with the Mediterranean via the A4 motorway, which leads directly from Madrid via Ciempozuelos to Valencia, Spain’s largest container port.

source: SEB Asset Management