Logistic Market in Spain – S1 2O21
Spanish logistic market has accomplished a great performance in H1 2021, a tendency that is expected
to continue during the second half of the year. Logistic Assets are experiencing a great surge in demand
as they are perceived as defensive assets due to their resilience underpinned by the high take-up levels
which in 2020 amounted to c.1.8 million sq.m. (+c.20% vs 2019).
Total investments in logistic assets in Spain this year to date have experienced a growth of c.135% y-o-y, although this enormous growth is explained by the acquisition of Montepino’s Portfolio by Bankinter for €1,200 million.
The H2 2021 is expected to maintain the upwards trend of the H1 2021 with total investments expected to reach c.€2,000 million led by sale & leaseback deals and last-mile logistic assets in cities with more than 100,000 inhabitants. There has been a compression in yields due to high investors’ appetite with prime yields standing at c.4.8%, although, they are expected to compress further to c.4.3% by years end.
Some of most relevant transactions so far this year have been the acquisition by Bankinter of Montepinos’ logistic portfolio for €1,200 million, the acquisition of two warehouses by DSV for €80 million and the sale of a logistic warehouse by Trajano Iberia to UBS for €58 million.