Aena awards first logistics area contract for Madrid airport city

Aena’s Board of Directors has approved the award for the first logistics development area at Madrid-Barajas’ airport city to the P3 Group Sarl, which has pledged to invest nearly €170 million on the project.

The tender winning bid involves an initial upfront investment of €52.5 million, rising to €116 million and eventually €170 million over time in a development that will form a key cornerstone of the officially named Adolfo Suárez Madrid-Barajas Airport City.

Following this award, and in accordance with the provisions of the process, a joint venture will be formed in which Aena will hold a 35% stake.

This company will hold the building lease that Aena will establish on the plots in Area 1 for a period of 75 years, and it will execute one of the most cutting-edge and innovative logistics parks built to date.

Aena reveals that its contribution to this company “will be in kind”, with the building lease while the investor’s contribution will be in cash to finance all the costs during the development period provided for in their tender and an upfront to balance the distribution of the company.

A cutting-edge and sustainable airport city

Aena says that the first area awarded, defined within the areas for logistics development and associated airport activities, comprises 28 hectares of land for development, with 152,914sqm of buildable area and 4 hectares for associated green spaces.

The area, which was deemed the “most prime” one in the successful bidder’s tender submission, has a privileged location next to the first line of air cargo at the airport and in the heart of the Corredor del Henares, one of the largest logistical poles in Europe, with excellent air and ground connections.

For its construction, P3 Group Sarl’s tender defines a state-of-the-art Logistics Park made up of eight main plots, with different types of logistics aprons and buildings, which provide high flexibility and versatility to adapt to the needs of different operators, with big-box, cross-dock, multi-tenant and single-tenant warehouses.

These logistics warehouses will also have support offices as well as facilities for ancillary activities such as shops, food and beverage, green and sports areas, as well as other auxiliary services, bicycle lanes and landscaped areas.

According to Aena, the project is “unequivocally committed to innovation, sustainability, building excellence and connectivity”.

In line with Aena’s requirements, sustainable design features of the new complex will include “a special focus on the careful treatment of water for its reuse and photovoltaic power on the roofs, which reduces the environmental impact and the carbon footprint of both the activity and the construction process”.

In this regard, the development proposed is aligned with Europe’s 2030 Climate Target Plan and the guidelines set out in Aena’s Climate Action Plan, which aims to fight climate change and outlines the commitment to achieve carbon neutrality by 2026 and the NETZero target by 2020.

Aena also wants the new logistics facilities to obtain BREEAM sustainability certification in urban planning and new construction with an excellent rating.

P3 Group Sarl is a leading European logistics real estate investment, development and management company wholly owned by GIC (Government of Singapore Investment Corporation), one of the world’s largest and most active sovereign wealth funds with over $100 billion in assets in its portfolio.

With a presence in 12 EU countries, it has a network of logistics properties totalling 7.1 million square metres of gross leasable area and 1.6 million square metres of land for development.