Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased the Madrid Airport Complex, an office and industrial complex located in Madrid, Spain, through a sale-leaseback transaction with Airbus Defence and Space S.A.U. The purchase price was €29.2 million (approximately $33.4 million), excluding transaction and closing costs.
The 572,500-square-foot facility is 100 percent leased to Airbus Defence and is located in the Corredor del Henares submarket roughly five minutes from Madrid’s airport and 20 minutes from Madrid´s city center.
The complex is comprised of six office and industrial buildings plus two security access points. Hines indicated that the facility has the potential to be redeveloped into a last-mile logistics facility due to its location close to the Madrid Airport and the ability to reach the majority of Madrid’s population within 45 minutes.
“This asset’s location facing the A2 motorway and only five minutes from the Barajas Adolfo Suarez airport’s freight terminal represents one of the best locations in Madrid for an asset of this class,” said Vanessa Gelado, senior managing director and Hines Spain country head. “Also, completing this acquisition in such a difficult time shows the continued commitment from Hines to the Spanish market.”
In other news, Hines Global Income Trust recently sold Bishop’s Square, a 180,000-square-foot office building located in Dublin’s Central Business District, for approximately $198 million.
Hines Global Income Trust invests in commercial real estate properties and other real estate investments throughout the United States and internationally. The REIT launched its initial public offering in August 2014 and its second offering in December 2017.
As of March 31, 2020, the company owned 18 properties totaling 8.7 million square feet that were 94 percent leased. The REIT has raised $1 billion from the sale of 101.8 million shares through its public offerings, including shares issued through its distribution reinvestment plan.