Thursday, November 30, 2023

EY advises Hines on Logistics land acquisition in Madrid

EY Abogados has advised Hines on its acquistion, through Hines Global Income Trust, of land in Madrid for future logistics development, adjacent to Airbus Project


Hines, the global real estate firm, announced that Hines Global Income Trust, Inc. (HGIT) has acquired several plots of land in the Corredor del Henares submarket from a local proprietor. The land is adjacent to the industrial and office complex of Airbus Defence and Space S.A.U it had purchased in June 2020, creating a plot totaling 103,940 square meters.

The property spans 54,338 square meters and faces the A2 highway, a five-minute drive from Madrid’s airport and 20 minutes from Madrid city center.

With the acquisition, HGIT intends to build a high-quality logistics park covering more than 65,000 square meters in one of the most densely populated areas of Madrid to meet significant last-mile e-commerce demand. The project will target BREEAM (Build Research Establishment Environmental Assessment Methodology) Excellent certification, demonstrating its commitment to sustainability.

Omar Thowfeek, managing director of investments for HGIT, commented, “This acquisition and expansion of our current investment in Madrid will help create the most efficient layout for a best-in-class last-mile logistics complex in a prime location with strong transport connectivity.”

Vanessa Gelado, senior managing director and country head of Hines Spain, added, “Corredor del Henares is considered one of the best locations in Madrid to establish a state-of-the art logistics park. Thanks to its premier location, the project will have the potential to be a key logistics last mile hub with great visibility.”

This purchase is intended to bolster further the portfolio’s European logistics presence, which includes 12 industrial assets in six countries. HGIT is diversified by geography and real estate sectors, with a focus on stable assets with strong long-term income potential. Its $2.9 billion portfolio is weighted by nearly two-thirds to the industrial and living sectors.

The acquisition has been financed by Banco Santander, which will also finance the development. Knight Frank and EY represented HGIT during the transaction, while EY represented the local owner.

EY Abogados advised Hines with a multicisciplinary team led by partner and head of the firm´s Real Estate department Ivan Azinovic, including partner in the Administrative and Regulatory department and head of Urban Planning and Environment Ana López Muiña, Structured Finance partner Gonzalo Martín de Nicolás Presa, Tax partner Ricardo Egea, Indirect Tax partner Fulgencio García, partner and head of Real Estate & Hospitality, Strategy and Transactions Javier García-Mateo Morales, International Tax partner Cristina de la Haba, Real Estate & Construction partner and head of Legal Managed Services in Spain Ignacio Sáenz de Santamaría, together with Real Estate senior manager Natalia Tova Cobo, Tax senior manager Maria del Carmen Constante and Urban Planning manager Susana Orgillés.

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