Spanish logistics drive for Harbert

The US investment manager has formed its first joint venture with a local operator to invest primarily in and around the Madrid region.

 Harbert Management Corporation has formed a joint venture with Promociona Hispania, which expects to invest between €150 million ($219 million) and €200 million of capital over the next couple of years in developing assets.

The pair have  secured one site in southern Madrid where the partners plan to create 120,000 square meters of logistics space.
The firm said it is creating a logistics and industrial platform in the country.

Roque Rotaeche who heads up acquisitions in Spain for the firm, said: “This represents a great opportunity for Harbert to get into the close knit Spanish logistics, industrial development market where supply is still tight for the existing demand.”

Scott O’Donnell, who heads the pan European operation, said: “Given the uncertainty in today’s investment climate it is very difficult to find attractive investment opportunities. However we believe that the underlying investment fundamentals in this sector within Spain are compelling. We have aligned ourselves with a solid operating partner with a very long and successful track record in the sector.”

Alabama-based Harbert has around $20 billion of assets under management. The firm is run by chairman and chief investment officer Raymond Harbert. In Europe it operates offices in London, Paris and Madrid and has a satellite office in Warsaw, Poland.