SICORE Real Assets, a player in real estate investments, has completed another acquisition as part of the strategic expansion of its logistics portfolio. The transaction concerns a logistics property in Loriguilla near Valencia, covering an area of approximately 24,500 square metres. The seller of the property was Dunas Capital, an independent real estate asset manager with a focus on the Iberian Peninsula. This acquisition marks a further step in SICORE Real Assets' presence in the Spanish logistics real estate market, which the company has been actively addressing since 2023.
The recently acquired property is a new build cross-dock logistics facility that meets high sustainability standards and has been awarded the BREEAM Excellent certificate. The entire area is fully leased long-term to Ontime, one of Spain's leading logistics service providers. The underlying lease agreement was structured as a triple-net arrangement. This acquisition complements the takeover of an approximately 46,000 square metre property in the Murcia region of Southeast Spain, which took place in the fourth quarter of 2023, and contributes to the targeted expansion of the portfolio in the dynamic Spanish market.
Strategic Location and Market Development
The Loriguilla location is characterised by its strategic positioning. The municipality is situated west of the Valencia logistics hub, just a 15-minute drive from the international airport. A significant advantage of this established logistics location is its immediate proximity to the intersection of the A-3 motorway, which provides a direct link to Madrid, and the AP-7, which connects the coastal cities of Barcelona and Málaga. These transport links favour the efficient distribution of goods within Spain and beyond.
Dr. Nikolai A. Mader, Head of Investment Management Real Estate at SICORE Real Assets, underscored the importance of the acquisition. He highlighted that Loriguilla meets all the criteria for a logistics investment: a strategic location within the Valencia logistics hub, modern technical standards of the new build, and a long-term lease agreement with a creditworthy operator like Ontime. These factors strengthen the company's growth strategy in the Spanish logistics market. The Spanish logistics market is categorised as growing, which makes such investments attractive.
Parties Involved in the Transaction
Several parties were involved in the processing of this transaction. Blue Hunter Capital was mandated as the broker on the seller's side. For SICORE as the buyer, the law firm Pérez-Llorca was responsible for legal and tax advice. The technical and ESG due diligence was carried out by TA Europe. The involvement of these specialised service providers ensured a comprehensive review of the property and a correct execution of the acquisition process.
