Trammell Crow Company Completes its First Sale in Europe as AEW Acquires Two Prime Logistics Assets in Spain

Trammell Crow Company (TCC), a leading global developer and investor in commercial real estate, has signed two transactions with AEW, one of the leading real estate investment and asset managers. AEW has acquired one completed development and is forward-funding the development of a second, both in Granollers, Spain, a strategic location bordering Barcelona’s 1st Ring.

On behalf of its Eurocore fund, AEW has acquired TCC’s CORE Granollers I site, a 8,601 sq m (92,580 sq ft) asset, which was TCC’s first completed development in Europe and which is fully let to AGCO Corporation, an American agricultural machinery manufacturer. The 13,787 sq m (148,402 sq ft) site was acquired off-market in May 2022 and TCC developed a Grade A warehouse with EPC A and BREEAM Very Good ratings. Andersen Legal and CBRE acted on behalf of TCC, and Fabregat advised AEW.

AEW has also acquired a second 21,269 sq m (228,937 sq ft) site which will be known as CITYDOX Granollers, on behalf of its Logistis development fund, and has signed a development agreement with TCC to build a 14,150 sq m (152,309 sq ft) logistics platform that will be let to one or two tenants and is expected to complete by Q3 2024. Uria Menendez represented TCC, while acted on behalf of AEW.

The scheme will be built to BREEAM Excellent rating, an EPC A certification, and construction that enables full photovoltaic rooftop installations. TCC also designs its assets to reduce the embodied carbon footprint of its warehouses per sq m year-on-year, and provides multi-modal electric vehicle charging facilities for cars, motorbikes, cycles, scooters and HGVs.

Granollers, near Barcelona, is a prime area in the Catalonia region for industrial and logistics assets. It benefits from quick access to the AP-7 and C-17 motorways, with Barcelona’s port and airport a 37-minute and 40-minute drive away, respectively.

Both parties agreed not to disclose the purchase price.

Thierry Bougeard, Head of Iberia Logistics at Trammell Crow Company, said: “The outlook for prime logistics assets in Spain remains compelling because of a lack of supply compounded with occupiers seeking best-in-class assets for their operations and investors seeking strong returns coupled with premium sustainability credentials. Completing these transactions with such a prestigious institutional investor is an endorsement of TCC’s approach to the commercial real estate markets, in Spain and across Europe, and we look forward to working with AEW on developing CORE Granollers II, and with other partners on the 600.000 sqm of land already secured around main Spanish markets.