GFH buys Amazon industrial warehouses in Spain for $77m
MANAMA, December 21, 2020
GFH Financial Group (GFH) has acquired high quality, income yielding, last mile warehouses located in south eastern Spain in a transaction valued at approximately $77 million. The properties are leased on a long-term basis to Amazon Road Transport, a subsidiary of the global e-commerce retailer Amazon.
The investment in these properties, which cover an area of over 100,000 sq m, benefits from strong market fundamentals for logistics and the warehousing sector in general as well as the thriving Spanish e-commerce sector, which continues to witness growth and holds even further potential for expansion, said a statement from GFH.
The assets have been designed and built to the highest specifications and form a critical part of the evolving supply-chain network in Spain that is geared to reduce delivery times for Amazon’s rapidly expanding Spanish logistics network.
According to GFH, these are also 100 per cent occupied by a very stable and highly creditworthy tenant, Amazon Road Transport, whose business, in-line with ongoing growth in e-commerce, is only expected to go from strength-to-strength.
The warehouses have the potential access to more than four million people across south east Spain and are located on the major motorways linking the eastern coast of Spain’s main cities of Barcelona, Valencia and Malaga to the European road network, it stated.
Nael Mustafa, Managing Director of Business Development at GFH, said: “We’re delighted to announce this strategic acquisition as we continue to build our global portfolio of income yielding real estate assets, capable of delivering solid returns for the Group and our investors.”
"This transaction, which also marks GFH’s first in Spain, was concluded as a result of a number of unique dynamics," stated Mustafa.
“This includes the exceptional and thriving location of both assets within close proximity to highly populated areas, key access to Spain’s logistics air, road and ports network and, importantly, exposure to strong growth trends in their related segments of the retail, logistics and real estate markets,” he added.–TradeArabia News Service
