Trammell Crow Company (TCC), a leading global developer and investor in commercial real estate, has acquired three land sites in Spain, marking the start of its first logistics projects in the country.
TCC Spain’s first acquisition includes a 13,787 sq m brownfield site in Granollers, Barcelona, a prime area in the Catalonia region for industrial and logistics assets. Purchased in an off-market transaction, the site will be transformed into an 8,594 sq m warehouse, with construction scheduled to begin this summer and estimated delivery by Q2 2023. The opportunity was introduced to TCC by Capital Dynamic.
The second acquisition includes a 53,727 sq m brownfield site in Cabanillas, Guadalajara, on which it will develop a 34,040 sq m warehouse. The Cabanillas area is within what is known as the national ring of logistics around Madrid and is the prime industrial and logistics area in Guadalajara (Castilla la Mancha). The site is located 30 miles northeast of Madrid and faces highway A-2 which gives access from Madrid to Zaragoza. Construction is scheduled to begin in Q3 2022 and completed by Q4 2023. This deal was presented by Madrid brokers, Soluciones M2.
TCC’s third acquisition is a 108,515 sq m greenfield site in Alovera, Guadalajara, where a 49,149 sq m Class A warehouse will be developed. Located adjacent to TCC’s Cabanillas acquisition, the development will create two prime developments totaling 83,000 sq m in a major prime logistics hub. Construction of the site is due to start in Q2 2024 upon completion of 18 months of urban planning, and the warehouse is expected to be delivered by Q2 2025.
In keeping with its global standards, TCC will target BREEAM Excellent certification across all three logistics projects, while embedding further measures to improve energy efficiency and environmental impacts in development and operations.
Thierry Bougeard, Head of Iberia Logistics at Trammell Crow Company, said: “As we continue to grow across the continent, Trammell Crow Company is increasingly recognised as one of the most ambitious developers in the European logistics market. In acquiring these three sites for our entrance in Spain, we’re demonstrating our confidence in the value of these prime logistics buildings and the opportunities within the market. These areas surrounding Barcelona and Madrid are important hubs for Spanish logistics and reinforce the bold approach we’ll be taking to future site acquisitions on the Iberian peninsula going forwards.”
About Trammell Crow Company
Trammell Crow Company (TCC) is a leading global commercial real estate developer and a wholly owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2022, TCC had $19.5 billion of projects in process and $13.5 billion in its pipeline. It employs 700 professionals in 27 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.
