Pan-European private real estate investment manager Boreal IM has ramped up development and leasing activity for its portfolio of logistics assets in Spain. The industrial specialist has commenced development of a 16,000 square metres build-to-suit extension at a scheme it manages in Girona, Barcelona, and has reached 70%occupancy at its 54,500 square metres warehouse in Alcalá de Henares, Madrid.
The extension in Girona – scheduled for completion in Q3 2025 - is being developed as additional space for the global distribution hub of leading sports e-retailer TradeINN, which is a long-term tenant and has been present at the site since 2014. The new space will be built on a site adjacent to the existing warehouses, which total 26,250 square metres and already underwent a €7 million refurbishment in 2021. The extension will be undertaken by Boreal’s in-house development team, led by partner and former AEW executive Nikos Koulouras. It will be built to the highest specification and target BREEAM ‘Excellent’, with Onilsa acting as the main contractor, TEC as technical advisor and Belog as development manager.
Meanwhile, Boreal has achieved 70% occupancy within three months of completing its state-of-the-art warehouse in Madrid’s largest logistics market, the Henares Corridor. The 54,500 square metres asset, located in Alcala de Henares, was acquired in Q1 2023 in a forward-purchase agreement from Spanish contractor/developer Pavasal by the Ontario Teachers’ Boreal JV.
Source: borealim.com on the 20 March 2025
https://www.borealim.com/news/boreal-scales-up-development-and-leasing-activity-for-100-000-sqm-spain-portfolio