Azora's Milepro Sells Two Warehouse Real Estate Assets in Madrid and Barcelona for €42.7M

Milepro Logística Última Milla SOCIMI, S.A., a logistics real estate vehicle managed by Azora and co-established with Indosuez Wealth Management, has closed the sale of two logistics warehouses located in Villaverde, Madrid and Gélida, Barcelona for a total of €42.7 million, the firm announced May 7, 2026.

The sale process was coordinated by Savills and drew interest from both domestic and international institutional investors. According to the firm, multiple formal offers were received in line with the assets' valuations, underscoring continued investor demand for stabilized, well-located warehouse real estate in Spain's primary logistics markets.

Transaction Details and Portfolio Strategy

The two warehouse assets — one in the Villaverde submarket of Madrid and one in Gélida, outside Barcelona — were leased to what the firm described as top-tier logistics operators and supported by strong operational fundamentals. Neither individual sale prices nor square footage figures were disclosed.

Azora characterized the disposition as part of Milepro's "selective rotation strategy," designed to crystallize value generated since the vehicle's inception. The firm noted the transaction was executed in a market environment marked by "increased uncertainty and a more demanding investment landscape."

"This transaction represents a significant milestone in the execution of Milepro's business plan. The sale of Gélida and Villaverde allows part of the value created since the vehicle's inception to be realized, in line with the planned strategy, and confirms the quality of a portfolio built on assets with strong fundamentals," said Javier Picón, Senior Partner at Azora.

Milepro Vehicle Background

Milepro was established in 2021 by Azora and Indosuez Wealth Management, focused on logistics real estate in Spain. The vehicle listed on BME Growth in 2023 and has since completed its initial investment and portfolio consolidation phase. According to Azora, Milepro has now transitioned into a management stage focused on maximizing value creation and returns for shareholders.

The company said it will continue managing the remainder of its portfolio with the goal of maximizing shareholder value following the two-asset disposition.

Azora's Broader Logistics Real Estate Platform

Azora stated it remains active in identifying and executing new logistics real estate investment opportunities, with a focus on the main markets of Southern Europe. The firm currently manages nearly €800 million in logistics assets under management across Spain and the United States, including approximately 300,000 square meters of logistics assets in Spain.

Azora's broader investment platform spans multiple real estate strategies, including living, hospitality and leisure, commercial real estate, and infrastructure and climate solutions. The firm maintains offices in Madrid and Miami.