Singapore-based Asian investment firm CapitaLand Ascendas (CLAR) has entered the Spanish market with the purchase of a logistics portfolio from the US fund Blackstone for €124 million. The deal, which had been under negotiation since late 2025, includes the acquisition of two logistics assets in Madrid and four logistics properties in Barcelona.
The operation marks its entry into the Spanish logistics market, one of the most dynamic in Europe, and is part of its international expansion strategy through investments in high-quality assets and strategic locations with high demand.
DLA Piper has advised CapitaLand Ascendas with a multidisciplinary and multijurisdictional team led by José María Oliva, Real Estate partner in Madrid, and has had the support of professionals from various offices of the firm, including Spain and the United Kingdom, such as Alejandro Márquez, senior associate, and Rodrigo Iglesias, associate.
In the words of José María Olvia: “Supporting CapitaLand Ascendas REIT in its first transaction in Spain is especially significant, not only because of the importance of the transaction, but also because it reinforces its commitment to a logistics market that continues to demonstrate exceptional strength. This acquisition reflects the strong interest of large international funds and REITs in modern, well-located assets with robust occupancy, a trend that is redefining the European logistics landscape.”
The price, which represents a 5.9% discount on the appraised value, will be paid in cash using a combination of equity and existing credit lines. Two of the properties are located in the greater Madrid area, adjacent to the A-2 motorway, which connects Madrid and Barcelona. Situated in Torrejón de Ardoz, they are approximately 20 minutes from the city center and less than 15 minutes from Madrid International Airport.
The remaining four properties are assets in the third ring of Catalonia, in Sant Feliu de Buixalleu, Barcelona. They are located five minutes from the AP-7 motorway.
