Rubek Asset Management, a European subsidiary of Bahrain's GFH Group, announced the successful exit of Amazon LastMail's logistics warehouse portfolio in Spain. .
The company explained that the exited portfolio, which was acquired in 2020, covers an area of approximately 140,000 square meters and includes 3 high-quality assets of A strategic location leased to Amazon Land Transport Spain.
Online sales have reached unprecedented levels of total retail sales during the Covid-19 pandemic, rising to a third in some European countries during lockdown periods. . The e-commerce market in Spain has grown to more than five billion euros at an expansion rate of more than 13% annually over the past decade.
Amazon has invested about 3 billion euros in Spain over the past decade and has quadrupled its revenue in the past few years, which has fueled the need for distribution facilities that facilitate and reduce Delivery times, according to the UAE statement.
During the holding period, Rubik took an active and proactive approach to asset management, overseeing the completion of the development and tenant acquisition process, and attracting the right buyer to secure the exit. The exit return from the portfolio represents an overall return on investment of 17%, which matches the initial target for a longer holding period.
