Hines European Value Fund 2 Makes First Investment in Madrid Logistics

(MADRID) – Hines, the international real estate firm, has acquired two logistics assets to be developed, spanning a total of 31,000 square meters in Madrid on behalf of its Hines European Value Fund 2 (HEVF 2).

Located on the industrial estate of Atalayuela, in the Vallecas district of Madrid, the two assets are adjacent to each other and have been acquired from a private investor and from ACCIONA’s real estate division, respectively. The first one is a land plot which will be developed into a 21,000-square-meter shed while the second one will be a 10,000-square-meter turnkey facility. Both Class A logistics facilities are targeting BREEAM Excellent certification.

Atalayuela is a prime first ring logistics location in Madrid just 20 km from the airport and 12 km from the city center. It is ideally located, within the metropolitan region, benefitting from easy access to the M-40 and M-45 concentric ring roads, alongside the M-31 motorway, and is situated adjacent to the A-4 road corridor. Furthermore, it is only 3 kilometers away from Mercamadrid, the main wholesale fresh food market in Spain.

The HEVF series is the Hines value-add series of real estate funds that invests across all major real estate sectors. HEVF 1 focused on core-plus and value add office investments and HEVF 2 is most active in the logistics and living space. With this acquisition, HEVF 2 continues to increase its exposure to logistics assets across Europe, with deals completed this year including the acquisition of 11 logistics projects spanning 350,000 square meters across France, its first investment in Tiel, The Netherlands with the acquisition of a 40,000-square-meter logistics distribution center and an adjacent 4,000-square-meter DIY retail offering, and three new industrial and logistics sites spanning over 100,000 square meters located in Tortona, Montichiari and Breschia, in Northern Italy.

In total, Hines now owns and manages 2.4 million square meters of logistics space across Europe, up from 1.3 million square meters a year ago.

Paul White, Senior Managing Director and HEVF 2 Fund Manager at Hines, said: “Atalayuela marks HEVF 2’s second acquisition in Spain, following Valdebebas 125, the dynamic 31,000-square-meter residential for rent project located in one of the fastest-growing districts of Madrid. We continue to see opportunity and value in both Spain and the logistics sector. Atalayuela’s location is important, as we foresee strong long-term growth prospects for logistic assets in Madrid particularly given the scarcity of new stock arriving onto the market. This project will incorporate Class A technical and environmental specifications and a flexible design for either a single or multi-tenant arrangement.”

Vanessa Gelado, Senior Managing Director and Country Head of Spain, at Hines said: “We are very pleased with these acquisitions as it allows Hines to leverage its pan-European platform to develop critical infrastructure for the community of Madrid. We continue to expand our portfolio in Spain across all of our active sectors with a desire to go deeper into both the logistics and living sectors, particularly in strong locations such as this. Atalayuela has fantastic connectivity for last-mile fulfillment and provides an opportunity to benefit from e-commerce distribution expansion.”

Andres Pan de Soraluce, CEO – Real Estate division at ACCIONA, said: “We are pleased to have reached a satisfactory agreement on a key location for ACCIONA Real Estate, such as Atalayuela. On one side, it strengthens our relationship with a global leading real-estate investment firm, after our successful ongoing residential development of Valdebebas 125 and on the other side we position ourselves as a key developer on the roaring logistics sector in Spain, in which we foresee a major growth for the next decade. The Atalayuela development will reflect once more ACCIONA´s corporate values, achieving the highest standards in sustainability in all our developments.”

About Hines

Hines is a privately held global real estate investment firm founded in 1957, with a presence in 255 cities in 27 countries. Hines has approximately USD 83.6 billion[1] in assets under management. In addition, Hines provides investment management services to more than 367 properties covering 12.84 million square meters. Historically, Hines has built, renovated or acquired 1,486 properties, totaling more than 45 million square meters. The company has more than 171 ongoing developments worldwide. With extensive investment experience across the risk spectrum and all property types, as well as a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate companies in the world.

Since entering Europe in 1991, Hines has expanded its European platform to include offices in 16 cities, as well as a presence in 62 cities in 13 countries. Hines oversees a portfolio of AUM valued at approximately EUR 21.7 billion of assets under management in Europe, representing over 3.8 million square meters of assets for which Hines provides services at third-party property level, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Poland, Spain and the United Kingdom.

Visit www.hines.com for further information.

1. It includes both Hines’ global organization and RIA AUM as of 30 June 2021.

About the Hines European Value Fund 2 (HEVF 2)

HEVF 2 is a euro-denominated, Luxembourg-based investment fund launched in December 2019. Managed by Hines, its objective is to acquire a portfolio of core-plus and value add profile commercial real estate investments throughout the major European markets on behalf of an institutional investor group. Whilst the fund has broad flexibility across sectors, the portfolio is largely focused in Logistics, Residential and Office usages.

HEVF 2 follows its predecessor HEVF 1 (2017 vintage) in continuing the flagship HEVF series for Hines in Europe, alongside the Hines European Core Fund (HECF) open-ended core flagship vehicle.


ACCIONA is a global company, leader in the provision of regenerative solutions for a decarbonized economy. Its business offer includes renewable energy, water treatment and management, eco-efficient transportation and mobility systems, resilient infrastructures, etc. The company has been carbon neutral since 2016. ACCIONA recorded sales of €6.47 billion in 2020 and has a business presence in more than 60 countries.

About ACCIONA´s Real Estate Division

With more than 25 years' experience, ACCIONA's real estate division has developed 10,000 properties - mainly residences - in Spain, Portugal, Poland, Mexico and Brazil.