The transaction also marks the first divestment carried out by the partnership between EVD and Nuveen, a joint venture with an equity investment capacity of €200 million dedicated to the development of logistics assets in Spain and Portugal. The joint venture currently has several projects in its pipeline and expects to announce new acquisitions in the coming months.
According to Ricardo Grañón, Managing Director of EVD, “This transaction represents a highly significant milestone for us, as it is the first divestment of the joint venture with Nuveen Real Estate, one of the world’s leading real estate investment managers. It also reflects the strength of our strategy and our ability to develop and manage high-quality logistics assets.”
One of the assets sold is a logistics platform with a gross leasable area (GLA) of 10,722 square metres. Approximately 3,080 square metres are dedicated to refrigerated storage, mainly negative cold storage, focused on the food sector. The property features eight trailer docks and has a high-risk classification (risk level 8), tailored to the specific requirements of temperature-controlled logistics operations.
The second property is a cross-docking facility with a GLA of 12,044 square metres, designed for intensive, high-turnover distribution operations. The asset includes 57 trailer docks and 55 van docks, as well as an automated sorting system that enables efficient handling of large parcel volumes. This facility has a medium-risk classification (risk level 5) and is aimed at strengthening distribution capabilities.
Both properties feature top-tier technical specifications and hold Breeam Very Good environmental certification, aligning with current sustainability and efficiency standards in the logistics sector.
Ontime will use these facilities to expand its distribution capacity in the region, further strengthening its logistics network in one of the country’s key hubs. In this regard, Zaragoza has established itself as a strategic location for Spain’s logistics sector thanks to its privileged position, which provides direct access to major national corridors such as Madrid, Barcelona, Bilbao, and Valencia, as well as its proximity to key transport infrastructures.
The transaction was advised by BNP Paribas Real Estate, which highlighted the continued dynamism of the Zaragoza logistics market, supported by solid fundamentals and stable take-up levels.
Javier Martin, Director and Portfolio Manager for Spain at Nuveen Real Estate, added: “This transaction reflects the continued attractiveness of the logistics sector in Spain, supported by strong demand, constrained supply, and a gradual improvement in the investment cycle. In this context, Zaragoza is reinforcing its position as one of the country’s leading logistics hubs. Looking ahead, at Nuveen Real Estate we continue to see opportunities to expand our joint venture with EVD and invest in high-quality logistics assets that are well located and aligned with the market’s evolving operational needs.”
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