Mapletree Investments has acquired its first logistics property in the UK as well as 10 warehouses in Spain for an approximate total value of EUR315.1 million ($444.5 million).

The acquisitions, which total some 256,000 sqm, will be part of the seed assets of the group’s second European logistics-focused fund. It also reflects the group’s strategy to deepen its focus in the logistics sector as well as expand its global footprint, says Mapletree in its Jan 27 release. The fund will be launched “at an appropriate time after achieving sufficient scale”.

“Logistics remains a highly attractive sector that has consistently enjoyed strong demand from occupiers as well as investors. E-commerce continues to thrive and companies are making efforts to secure and expand their supply chains,” explains Ralph van der Beek, CEO of Mapletree’s European commercial and logistics arm.

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He adds that the group looks forward to having these assets deliver “stable and recurring returns over the long run.”

The UK property is located in Derby Commercial Park, which has access to major arterial roads including the M1, A50 and A6. It is also located near the city centre and the East Midlands Airport. According to Mapletree, the tenant at the asset recently renewed its long-term lease.

The assets in Spain are located across the first rings of Barcelona, Valencia and Madrid and are situated in core logistics hubs with immediate access to the city centre via various transportation modes. These assets are set to benefit from third-party logistics providers and manufacturers which are highly committed to the properties due to proximity to their production facilities and investments dedicated to automation and fit-outs on site.

Following the acquisitions, the group has 80 logistics assets across eight countries.