Logistics and industrial real estate developer Panattoni is accelerating its penetration of the Iberian market. After having invested 109 million euros in 2021, its first year of activity in Spain, there are plans to invest over 450 million euros in thirteen new logistics assets, twelve in Spain and one in neighbouring Portugal over the course of the current financial year. All of these will come into operation between 2022 and 2023.

The projects that the US developer currently has underway on the Iberian Peninsula total over 428,000 square metres of gross leaseable area (GLA) in logistics assets, 354,000 of which will be constructed in Spain. According to the company’s own data, this figure makes it the leading developer in Spain in terms of planned surface area and announced developments.

Asset diversification
Geographical diversification is one of Panattoni's strategies. The company thereby aims to meet the needs of operators in a variety of rapidly growing markets. It also means that, in addition to Madrid and Catalonia, it is committed to building new assets in the Basque Country, Valencia, Murcia, Aragon, Andalusia and Castile-La Mancha.

Six of the projects will be commissioned later this year, covering a total of 107,874.72 square metres of gross leaseable area. Four are being developed with no confirmed clients as yet; these being in Vitoria (Álava), with a first phase of 18,150 square metres of GLA; Picassent (Valencia), with 18,757 square metres of GLA; Bilbao (Vizcaya), with 7,601 square metres of GLA; and Getafe (Madrid), with 9,283.47 square metres of GLA.

The other two projects that will come into operation in 2022 are being built on a turnkey or BTS (Build-To-Suit) basis. These  are in Alcantarilla (Murcia) for Alfil Logistics, with 47,430.25 square metres of GLA; and in Alcalá de Guadaíra (Seville) for TXT, with 6,653 square metres of GLA.

Projects for 2023
The other seven projects due to begin construction this year will be completed by 2023, adding another 320,232.87 square metres of GLA to Panattoni's portfolio on the Iberian Peninsula. A building has already been constructed on the site in La Bisbal de Penedès (Tarragona). This offers 40,000 square metres of GLA, and is occupied by the company Naeko. It will now be joined by two other buildings, adding a further 105,000 square metres of GLA.

A logistics park with 17,163 square metres of GLA is to be constructed in Castellbisbal (Barcelona). 61,096.92 square metres of GLA are to be built in Alcira (Valencia), and Alcantarilla (Murcia) will have a second asset with 23,313.95 square metres of GLA. The two new parks in Zaragoza will have 15,458 and 24,201 square metres of LBA, respectively. The latest project planned is in Porto; it will be the company's first project in Portugal, and will provide 74,000 square metres of GLA.

Panattoni's Managing Director for Spain and Portugal, Gustavo Cardozo, said, “Despite all the difficulties, 2022 is a year of growth, and we expect to maintain momentum during the second half of this financial year. We will continue to seek strategic locations, and to build state-of-the-art, environmentally friendly buildings, so that any type of operator or user will be able to count on the best assets available in our market”.

^{Photo: Panattoni}