Totalling 122,000 sqm of space across four Phases, the Portfolio comprises seven last-mile logistics facilities constructed between 2019 & 2021, alongside one state-of-the-art logistics warehouse, which is under construction, with accompanying multi-level delivery van parking station, optimised for last-mile parcel delivery. The four Phases consist of the following:
Phase I: two fully occupied single let warehouses constructed in 2019, with a total gross lettable area ("GLA") of 33,000 sqm. Talentum occupies one warehouse of 22,000 sqm GLA, representing approximately 17% of the gross Portfolio rental income. Talentum is a Spanish marketing and distribution company with 130 employees across Spain and Asia and the property serves as its key distribution hub for the Iberian Peninsula. The second warehouse, of 11,000 sqm GLA, is let to Amazon, utilised as a fully functional last-mile parcel delivery station servicing the Madrid market, representing 9% of the annual Portfolio rental income.
Phase II: consists of three warehouses constructed in 2020, with a total GLA of 24,600 sqm. Carrefour, the global food retailer, occupies one warehouse of 9,500 sqm GLA, representing approximately 7% of the annual Portfolio rental income. This is Carrefour's first last-mile e-commerce delivery warehouse in Spain and the company has invested materially into the asset to meet its operational requirements. The second warehouse, of 7,700 sqm GLA, is let to MCR, representing approximately 6% of the annual Portfolio rental income. MCR is a market leading Spanish electronics and IT hardware distributor. MCR services several electronics retailers such as Amazon and MediaMarkt from the asset. A third warehouse totalling 7,400 sqm is currently vacant and subject to a vendor rental guarantee.
Phase III: comprises two warehouses constructed in 2021 with a total GLA of 27,200 sqm. Phase III is single let to Arrival, the UK headquartered and Nasdaq listed electric vehicle manufacturer, representing approximately 21% of the annual Portfolio rental income. Arrival will utilise the warehouses for the production and distribution of its electric delivery vans, for a variety of clients including global 3PL specialist UPS. Arrival is committed to undertaking a significant fit out program to meet its highly automated operational requirements. The two warehouses have been developed to offer the possibility of a flexible leasing strategy, potentially catering for up to five separate occupiers.
Phase IV: is a state-of-the-art logistics hub, optimised for last-mile delivery, comprising a 16,500 sqm warehouse and 20,700 sqm multi-level delivery van parking station, on a long-term lease to Amazon. Phase IV is currently under development with completion expected in Q2 2022. Phase IV has been configured for a high volume of inventory turnover with the asset's low site cover, multi-level parking and large canopy with numerous van loading areas maximising the number of parcels which can be loaded and distributed. The multi-level parking station will offer over 530 parking spaces and electric charging for last-mile delivery vans, significantly increasing the operational efficiency of the asset. The Phase IV lease represents 33% of the annual Portfolio rental income and is for a term of 25 years.