Logistics developer Panattoni has completed its first five years in Spain with the firm intention of continuing to grow in the Spanish market and consolidate its model of development, in addition to geographical diversification and attracting large operators and investors. Since its arrival in Spain, the US company has acquired 2.304 billion square metres of land and built 554,000 metres of gross leasable area (GLA) on the Peninsula (including Portugal).

The developer currently has two projects under construction in Spain which, together with another two in neighbouring Portugal, add up to an investment of 120 million euros and extend its presence to a total of 15 provinces. The first of these, Panattoni Park Antequera (Málaga), in the image, is a turnkey project for Leroy Merlin that will cover 24,244 square metres. The second is Panattoni Park Vitoria-Gasteiz II (Álava), spanning 13,783 square metres.

Institutional investors
In 2024, the company put 176,200 square metres of new GLA into operation, with outstanding projects like the one in Illescas, covering 30,000 square metres, and the one in La Bisbal del Penedès (Tarragona), where it has increased the GLA from 40,000 to 147,000 square metres, distributed across three warehouses. For the 31 projects it has implemented over these five years, it has had the backing of a total of 10 European and US institutional investors, and has raised over 1.4 billion euros in real estate projects and data centres.

Looking ahead, Panattoni has a land portfolio with the capacity to develop up to 416,000 square metres of GLA in turnkey projects. They are located in towns like Alcantarilla (Murcia), Alzira (Valencia), Arasur (Álava), Gerona, Illescas (Toledo), Meco (Madrid), Miranda de Ebro (Burgos), Torija (Guadalajara) and Zaragoza.

Managing complex operations
Panattoni’s Managing Director and Partner for Spain and Portugal, Gustavo Cardozo, considers that initial expectations have been exceeded in these five years thanks to “solid growth”, and stresses that during this period “we have been able to stand by our customers in market circumstances that were not so favourable at a global level. We have shown resilience in the face of complex scenarios and are adept at managing complicated operations.” Looking ahead, he foresees “stable demand, a clearer vision of the market and a team with five more years of experience and ambition to continue to achieve great goals”.

Officially, the company foresees a growth scenario with increased demand for logistics space over the next 18 months across all markets. Its focus will continue to be on developing state-of-the-art logistics parks and becoming a trusted developer for turnkey projects.

Panattoni is also incorporating new market trends and new business lines, such as the data centre industry. It is currently building the first phase of a 42-megawatt data centre in Cerdanyola del Vallès (Barcelona), which will be the largest in Catalonia and the only one at this stage with power available onsite.

^{Photo: Panattoni}