Mirastar snares five new Spanish projects

Pipeline swells by 53,000 sq m.

KKR-backed Mirastar has bought five new logistics assets in Spain, bolstering its portfolio in the country by 53,000 sq m, React News can reveal.

The sector specialist has accumulated the assets in regions in and around Barcelona and Madrid across individual transactions. Based upon average end values in the locations of €1,000 – €1,300/sq m, the new additions are expected to add in excess of €60m to the Mirastar portfolio.

The purchases include three last-mile assets. One of 8,000 sq m is vacant and located in Coslada in Ring 1, Madrid that is due to be refurbished; another totals 3,000 sq m, is fully let and is located in La Maquinista, Ring 1 in Barcelona; with another of 10,000 sq m being fully let, located in Castellar del Valles, Ring 2 in Barcelona.

Mirastar is also purchasing two turnkey projects in Valls and Constantí in Tarragona, totalling 32,000 sq m. Both projects are expected to be delivered in Q4 2023 and are being delivered by developers Onilsa and Carbonell Figueras. The new projects will target “Excellent” BREEAM ratings.

The Spanish purchases follow on from Mirastar’s recent debut in the country, having purchased a 10,000 sq m project in Ripollet, Barcelona.

Amos Chia, investments director at Mirastar, said: “The acquisitions compliment the first transaction we signed recently. Mirastar will continue our significant investment program in Spain focusing on key sub-markets and owning and developing assets with strong ESG credentials.”

Diederik Schol, principal in EMEA real estate at KKR, said: “The transactions are the latest wave of successful acquisitions in Spain which continues our investment into quality logistics assets across Europe. These assets are strategically located and we feel confident of growing the platform rapidly in Spain over the coming 12-18 months.”

Savills Aguirre Newman, Knight Frank, Rio Grande Capital, JLL and BNP Paribas Real Estate advise Mirastar.

10 Mar 2022 | by  at React News