Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, has secured five additional logistics assets with a total surface area of 53,000 square meters in core logistics locations within Madrid and Barcelona. The five transactions are a mixture of standing acquisitions and turnkey projects and represent the platform’s ambition to increase its presence in Spain.
The three last-mile logistics assets are located in strategic hubs within the Barcelona and Madrid metropolitan areas and consist of a mixture of let and vacant tenancies. The investments consist of a 8,000 square meter vacant logistics asset in Coslada with refurbishment works to be executed shortly (Ring 1 Madrid), a 3,000 square meter logistics asset fully let in La Maquinista (Ring 1 Barcelona) and a 10,000 square meter asset fully let in Castellar del Valles (Ring 2 Barcelona).
In addition, Mirastar is purchasing two turnkey projects in the strategic locations of Valls and Constanti in Tarragona with a total area of 32,000 square meters. The projects benefit from excellent connections to Barcelona, Tarragona city, and the seaport and airport of Tarragona. Both projects are expected to be delivered in the fourth quarter of 2023 by leading Spanish developers, Onilsa (Constanti) and Carbonell Figueras (Valls), with engineering works by INEL.
The new projects will target both the “Excellent” rating of the BREEAM sustainable building certificate and the “A” rating of the Energy Efficiency Certificate (EEC), representing Mirastar and KKR’s commitment to environmental sustainability and energy efficiency.
Mirastar was advised by Garrigues, Savills Aguirre Newman and Nova Ambiente on the legal, technical and environmental aspects, respectively.
Buyside advisors for the investments include Knight Frank, Rio Grande Capital, JLL and BNP Paribas Real Estate.
Garrigues Barcelona office team was led by Real Estate partner Juan José Berdullas, together with principal associate Andrea Ruizdelgado and senior associate Arturo Gutiérrez.