The Spanish logistics sector exceeds 1.9 billion euros in investment by 2022
Investment in the logistics market in Spain will exceed €1.9 billion by the end of the year, which is 6.3% above the volume recorded in 2021, excluding the assets included in the Montepino portfolio transaction.
The novelty in 2022 has been the expansion of the institutional investment map in the Spanish market. Savills’ data points to an opening in terms of investors’ preferred locations. The main markets of Madrid and Catalonia have concentrated 69% of the volume and 54% of the assets transacted in the country, but there has been an increase in logistics investments in provinces such as Valencia, Seville, Vizcaya and Zaragoza, which until now had not been prolific in this sector, as well as in more decentralised areas such as Burgos and Galicia.
The constant rises in interest rates by the European Central Bank (ECB) have made financing more expensive, a situation that has led to an increase in yield levels, which have risen by an additional 50 bps (75 bps since the beginning of the year). Yields in Spain at the end of the third quarter were 4.75% in prime assets and 5.75% in the secondary market. The largest volume of investment came from international capital: 52% from the United States and 16% from Singapore, taking advantage of the dollar’s strength against the euro.
Looking ahead to the coming year, Antonio Montero, Executive Director of Industrial Logistics at Savills, says that “the Spanish logistics market in 2023 will continue to be a favourite for investors in Europe as long as the price adjustment is carried out in an agile manner”.