Joe Sitt continues to rapidly expand his European logistics platform.
The chairman & CEO of Thor Equities, announced that his Thor Logis has signed a contract to acquire a last-mile logistics portfolio in Madrid, Spain, for $45.7 million.
The portfolio includes two standing assets, one in Pinto and one in Torrejon, and three new developments.
Built in 2019, the two existing properties are Class A logistics fully occupied by GEFCO (in Pinto) and Endutexon (in Torrejon) who have 10-year leases.
The purchase price will involve further investment for development of the prime development sites.
“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 Sitt.
The acquisition is the second Spanish deal announced by Thor in the past two weeks. On Oct. 21, the company announced the $12.7 million acquisition of Argentona, Barcelona, a 113,000 s/f s last-mile logistics asset.