Alovera is a 39,000 sqm building divided into 3 units of 13,000 sqm.

Alovera is a 39,000 sqm building divided into 3 units of 13,000 sqm. The asset was built in the early 2000s, before the new fire security code in Spain was issued in 2004. One of Logicor’s main customers, Spanish 3PL Logiters, occupied two units of the building when Logicor acquired this asset from SEB Investment in September 2014. The third unit had been vacant since 2011

Overview

Alovera is a 39,000 sqm building divided into 3 units of 13,000 sqm. The asset was built in the early 2000s, before the new fire security code in Spain was issued in 2004. One of Logicor’s main customers, Spanish 3PL Logiters, occupied two units of the building when Logicor acquired this asset from SEB Investment in September 2014. The third unit had been vacant since 2011.

Background

Logiters had expressed interest in the past to lease the third unit. However, this required Logiters to apply for a new activity license and therefore bring the entire building up to the new fire security code.

Solution

A clear understanding of the regulatory environment allowed Logicor to assess the necessary Capex works and to negotiate a new lease agreement for the entire building with Logiters, which was signed in May 2015. This deal illustrates Logicor’s ability to quickly reposition an asset with complex technical challenges and to execute large Capex programs, unlocking value for both our customers and shareholder.

Testimonial

"The good results and the accumulated growth that we are obtaining have generated us additional space requirements especially in the area of the Henares Corridor. Logicor adaptive capacity to our growing needs has allowed us to reach an agreement.”
Cristina Fernández, Operations Managing Director, Logiters