Pan-European private real estate investment manager Boreal IM (Boreal) has commenced development of a 16,000m² (172,222ft²) build-to-suit extension at a scheme it manages in Girona, Barcelona.
The Barcelona-based scheme has reached 70% occupancy at its 54,500m² (586,633ft²) warehouse in Alcalá de Henares, Madrid.
The new space will be built on a site adjacent to the existing warehouses, which total 26,250m² (282,550ft²) and already underwent a €7 million (£5.88m) refurbishment in 2021.
The extension will be undertaken by Boreal’s in-house development team, led by partner and former AEW executive Nikos Koulouras.
Boreal’s Spain portfolio now totals 100,000m² (c.1,070,000ft²) in size with the UK, France, Germany, the Netherlands and Italy make up the rest of the firm’s current portfolio, which totals 1,255,000m² (c.13,500,000ft²) across 45 assets.
Partner, Boreal IM, Nikos Koulouras said: “Our recent activity in Spain exemplifies the many strings to Boreal’s bow: our ability to identify specific markets with strong fundamentals, to work across the risk spectrum, and to attract top tenants.
“We have a multi-disciplined, vertically integrated team that moves quickly to execute our strategies, which we see as key to creating one of Europe’s leading logistics portfolios.”
