SICORE Real Assets Acquires 24,500-Square-Meter Logistics Facility Near Valencia from Dunas Capital

SICORE Real Assets has acquired a 24,500-square-meter cross-dock logistics facility in Loriguilla, on the western edge of the Valencia metropolitan area, from Dunas Capital, a leading independent real estate asset manager on the Iberian Peninsula. The transaction, announced Sept. 22, 2026, marks the firm's second publicly identified logistics acquisition in Spain and brings its total disclosed Spanish logistics footprint to at least 70,500 square meters, or approximately 758,841 square feet.

Deal Details and Asset Profile

The Loriguilla facility — approximately 263,716 square feet — is a newly built cross-door warehouse designed for rapid transfer of goods between inbound and outbound vehicles, a configuration favored by parcel, express-freight and regional distribution operators. The building carries a BREEAM Excellent sustainability rating and is 100% leased on a long-term triple-net basis to Ontime, one of Spain's leading logistics service providers. Under a triple-net structure, the tenant generally bears operating expenses, maintenance obligations and property taxes, limiting the landlord's exposure to cost inflation and operational variability.

The property sits at the intersection of the A-3 motorway, which connects Valencia to Madrid, and the AP-7 corridor linking Barcelona and Málaga — two of Spain's most heavily trafficked freight routes. The site is approximately 15 minutes west of Valencia International Airport, placing it within one of the region's established logistics concentrations that also includes Riba-roja de Túria and Cheste.

Blue Hunter Capital served as broker on behalf of seller Dunas Capital. SICORE retained Pérez-Llorca for legal and tax counsel and TA Europe for technical and ESG due diligence.

SICORE's Growing Spanish Logistics Strategy

SICORE Real Assets entered the Spanish logistics market in 2023. In the fourth quarter of that year, the firm acquired an approximately 46,000-square-meter logistics property near Murcia in southeastern Spain. The Loriguilla acquisition represents a continuation of that strategy, targeting modern, fully occupied assets in supply-constrained markets with strong transport infrastructure.

"Loriguilla combines everything we look for in a logistics investment: a strategic location in the Valencia logistics hub, state-of-the-art technical standards and a long-term lease with a creditworthy operator like Ontime. This acquisition strengthens our growth strategy in the Spanish logistics market," said Dr. Nikolai A. Mader, Head of Investment Management Real Estate at SICORE Real Assets.

Valencia Logistics Market Conditions

The acquisition comes as Valencia's logistics market is experiencing a pronounced shortage of modern supply. Availability in the Valencia industrial and logistics market fell from approximately 2% to below 1%, driven by limited new product and resilient occupier demand. Prime logistics rents in the Valencia area were reported at approximately €5.65 per square meter per month, with rents in the broader Cheste submarket reaching approximately €5.85 per square meter per month.

Prime logistics yields in Valencia were reported at approximately 5.15% at the start of 2026, a premium to the approximately 4.75% reported for Madrid and the approximately 4.65% reported for Barcelona. That yield differential reflects Valencia's position as a regional market with strong fundamentals but a smaller investor base than Spain's two largest cities.

Spain's broader logistics investment market recorded approximately €281 million in transaction volume in the first quarter of 2026, with activity characterized by smaller and more fragmented deals. Knight Frank forecast total Spanish logistics investment of approximately €1.7 billion for the full year. Against that backdrop, assets offering long-term, fully leased income — particularly on triple-net terms — have attracted consistent investor interest.

Strategic Rationale

The Loriguilla asset offers SICORE several characteristics that logistics investors have prioritized in the current environment: immediate income from a fully leased building, long-duration cash flow from a single creditworthy tenant, and a location at a major motorway interchange that supports the operational requirements of a cross-dock user. The BREEAM Excellent rating also positions the asset within the segment of the market that institutional capital has increasingly targeted as sustainability criteria become more central to acquisition mandates.

Valencia's combination of port access — the Port of Valencia is one of Spain's principal container gateways — motorway connectivity and a broad metropolitan labor market has made the western logistics belt, including Loriguilla, a consistent focus for logistics occupiers and investors alike. With availability below 1%, the market offers limited competing options for tenants requiring modern, well-located space, a dynamic that supports rental stability over the lease term.

Sources

SICORE Real Assets press release, Sept. 22, 2026