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.
