Mileway, the leading pan-European last mile logistics real estate company, has acquired a property, measuring almost 24,000 sqm in total, in a brand-new, highly sought-after development in Valencia.

Located in Quart de Poblet and just 15km from Valencia city centre, the newly completed property was developed by Grupo Lar, the Spanish real estate investment and development company and was recently awarded with a BREEAM “excellent” rating. Following the acquisition, Mileway’s Spanish portfolio consists of 70 core assets in strategic locations, totalling more than 550 thousand sqm.

“I am really proud of the team and how we have been able to acquire a high-quality property, while simultaneously agreeing a long-term lease with our existing customer, OnTime.”

Guillermo Ravell, Country Director Spain

Mileway’s acquisition was conditional on securing a long-term lease agreement, which was executed at closing with Ontime. OnTime, the leading Spanish logistics company, is already a Mileway customer in Valencia as well as Barcelona, Madrid, Bilbao and Pamplona. The new Quart de Poblet property, with its proximity to the city centre, as well as features such as EV charging stations, will enable the group to further expand its operations in Valencia. CBRE acted as commercial advisor in the transaction.

Guillermo Ravell, Country Director for Spain, said: “I am really proud of the team and how we have been able to acquire a high-quality property, while simultaneously agreeing a long-term lease with our existing customer, OnTime. This demonstrates how we are able to deploy local knowledge and expertise to connect businesses to the urban communities they serve, enabling our customers to fulfil their growth aspirations.”