Thursday, April 18, 2024

Ashurst assists Newdock with logistics land acquisition

Ashurst has helped Newdock to reach an agreement with the Los Ahijones Compensation Board to acquire 175,000 sqm of logistics land, the largest area earmarked for this purpose in the area


Newdock, Goldman Sachs Asset Management’s new state-of-the-art logistics space investment and management platform in Spain and Portugal, has acquired eight plots of land in the southeast of Madrid.  The company aims to create a new logistics hub in the strategic and developing area of Los Ahijones.

The deal involves eight plots, where it plans to develop nearly 100,000 m2 of state-of-the-art logistics facilities to serve the city of Madrid. These are assets that will have “the most ambitious standards in sustainability and social commitment,” in line with the company’s global commitment to ESG.

The tertiary plots were acquired from Los Ahijones Compensation Board to use as logistics platforms, with the largest plot being about 20,000 square meters. The development is in the district of Vicálvaro and bordered by the M-45, M-50 and Radial 3 motorways, making it highly attractive for logistics operators, especially as a Last Mile point. 

Los Ahijones is one of the five areas that make up the real estate developments of the southeast of Madrid. The urbanisation works began in 2021 and the first homes are expected by 2023. In total 17,000 homes are planned to be developed with two large national real estate developers being involved. In addition to residential plans, 13.5% of the territory will be allocated to tertiary uses and 19% to industrial uses.

Newdock was launched about a year ago and is a Goldman Sachs Asset Management platform dedicated to developing and managing logistics assets in Spain and Portugal. The company led by Fátima Sáez del Cano has managed to create a seed portfolio with 850,000 square meters and €700 million of investment. 

“It is a unique site, located in one of the most important sectors of residential growth in the Madrid region, and with a very unique proximity to the city centre. Its direct connection to the M-45 ring road and the A-3 Mediterranean corridor gives it a privileged location to meet the demand of our clients,” said Fátima Sáez del Cano, CEO of Newdock.

The objective of Goldman Sachs AM’s investment, development and management platform for logistics and industrial assets in Spain and Portugal, is to invest more than €1 billion between the two countries. Of this amount, it has already committed close to €700 million.

The deal value has not been disclosed, but according to market sources, Goldman Sachs has invested €40 million.

Ashurst´ Real Estate team was led by partner Ismael Fernández Antón, counsel Joaquín Macías, senior associate María Antonia de Prada and associates Laura Sánchez and Alba Aparicio.

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