CapitaLand Ascendas REIT (CLAR) has announced its strategic entry into Spain’s logistics sector with the acquisition of six prime logistics assets for approximately S$185.4m. This acquisition marks CLAR’s first foray into Spain, specifically targeting the major logistics hubs of Madrid and Barcelona. The transaction is expected to enhance CLAR’s distribution per unit (DPU) by 0.1% on a pro forma basis, with a first-year net property income yield of 6.3% pre-transaction costs.
The newly acquired portfolio includes two Grade A logistics properties in Madrid and four in Barcelona, all strategically located along key transport corridors. William Tay, CEO and Executive Director of CapitaLand Ascendas REIT Management Limited, stated, “Our first acquisition in Spain deepens CLAR’s presence in the UK/Europe and enhances the scale, quality, and geographic diversification of our logistics portfolio.”
The acquisition aligns with CLAR’s strategy of investing in modern, well-located assets in developed markets. The properties boast a total gross floor area of 98,825 square metres and are fully occupied by reputable multinational corporations. The acquisition increases CLAR’s logistics portfolio value to approximately S$4.7b, now accounting for 26% of its total portfolio value of S$18.5b.
Spain’s strategic location and robust infrastructure make it a vital gateway to Europe, enhancing CLAR’s logistics capabilities. The acquisition was financed through a combination of internal resources and existing debt facilities, with CLAR’s aggregate leverage expected to rise slightly to 39.1%.
