Redevco buys logistics sites in Madrid and Barcelona
Redevco has purchased two fully leased industrial outdoor storage properties in Spain, expanding its focus on a real estate segment often ignored by institutional investors.
The assets—a vehicle rental depot in Getafe, Madrid, and an electric bus terminal in Sant Boi, Barcelona—are located in high-demand urban areas where land shortages have widened the gap between supply and demand. Both sites are occupied, increasing Redevco’s European industrial outdoor storage portfolio to 511,000 square meters and €175 million in managed assets across 13 properties.
Madrid depot secures long-term tenant in key logistics zone
The Getafe property covers 14,242 square meters on a 1.86-hectare site within Madrid’s primary logistics corridor. Built in 2020, the facility has been operated by Northgate, the vehicle rental division of FTSE 250-listed Zigup PLC, since 2008. Its proximity to the A2, A50, and N2 highways has kept the tenant in place for nearly 20 years.
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Such stability is uncommon in standard logistics warehouses, where relocation is easier and lease renewals depend more on financial terms than operational needs. That operational history at the site signals the kind of occupier entrenchment that is almost impossible to replicate in a conventional logistics shed.
Barcelona bus terminal links tenant to EV infrastructure
The Sant Boi asset occupies 11,416 square meters on a 1.21-hectare site near Barcelona El Prat Airport. Redeveloped as an electric bus depot, the property is leased to Monbus, a regional transport operator. The facility includes high-capacity EV charging infrastructure installed by the tenant, an investment that makes relocation costly.
For real estate investors, that capital commitment by the occupier functions as a long-form lease obligation in all but name. You cannot easily extract or relocate a bus fleet charging grid.
Hugh Macdonald-Brown, Redevco’s Head of Logistics, stated that the deals highlight the firm’s confidence in Spain’s logistics market. “Spain continues to demonstrate strong fundamentals for logistics, supported by high occupier demand, limited availability of well-located land, and the critical role of transport-oriented assets in urban supply chains. These transactions reflect the strength of our deal sourcing and execution in Iberia, where we are building a high-quality portfolio in core locations. The quality of the tenants, the strategic positioning of the assets, and the embedded growth potential all reinforce our conviction in the logistics sector as a resilient and attractive investment theme.”
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The properties differ from conventional logistics real estate in their low site coverage ratios. Land value exceeds income yield, allowing future development or use changes—an option unavailable in fully occupied warehouses. In markets as supply-constrained as Madrid’s first ring and Barcelona’s inner orbital, where planning consent for new logistics land is measured in years rather than months, that residual land value is structural.
Meanwhile, the EV infrastructure angle is only getting more relevant as Spain presses toward its fleet electrification targets: operators investing in depot-level charging will not move. That is the long-income thesis that most of the market is still catching up with.
Redevco oversees retail parks, logistics, high street repurposing, and living and leisure assets across seven European markets. Its financing arm offers transitional lending.
