（Singapore, 28.02.2026）CapitaLand Ascendas REIT (CLAR) has expanded its European footprint with the acquisition of a prime logistics portfolio in Spain for approximately S$185.4 million (€124.0 million), marking its first entry into the Spanish market and strengthening its logistics presence across developed economies， according to the release on 27 Feb.
The portfolio comprises six Grade A logistics properties — two located in Madrid and four in Barcelona — Spain’s largest and deepest logistics markets. The transaction reinforces CLAR’s strategy of acquiring modern, well-located assets in developed markets with resilient fundamentals.
According to Mr William Tay, Chief Executive Officer and Executive Director of the Manager, the acquisition enhances the scale, quality and geographic diversification of CLAR’s logistics portfolio. With this addition, CLAR’s logistics assets now span five countries, with a total value of approximately S$4.7 billion.
The acquisition is expected to be distribution per unit (DPU)-accretive. On a pro forma basis, assuming completion on 1 January 2025, the transaction would have contributed approximately 0.014 Singapore cents in DPU, representing a 0.1% uplift. The first-year net property income (NPI) yield is projected at 6.3% before transaction costs and 6.5% after transaction costs.
Following the deal, logistics assets will account for approximately 26% of CLAR’s total portfolio value of S$18.5 billion, up from 24% as at 31 December 2025. The enlarged logistics platform now covers Singapore, Australia, the United States and the UK/Europe.
Spain’s strategic geographic location and established infrastructure position it as a gateway to Europe, North Africa and Latin America. Major ports in Barcelona, Valencia and Algeciras, together with extensive road and rail networks, support rising international freight flows. Madrid is also consolidating its status as an international air cargo hub.
Two of the newly acquired assets are second-ring properties in Madrid, located along the prime A-2 highway that links Madrid and Barcelona. Situated in Torrejón de Ardoz, the properties are approximately 20 minutes from the city centre and less than 15 minutes from Madrid’s international airport.
The remaining four properties are located in Barcelona’s Catalonia submarket of Sant Feliu de Buixalleu. Positioned near the AP-7 motorway — a key transport artery along Spain’s Mediterranean corridor — the assets are within one hour of Barcelona’s airport and close to the French border, enhancing cross-border logistics connectivity.
The six properties collectively offer a gross floor area of approximately 98,825 square metres and feature modern specifications including clear ceiling heights of 10 to 13 metres, efficient dock provisions and generous truck yards.
As at 1 January 2026, the portfolio is fully occupied with a weighted average lease to expiry (WALE) of 9.1 years, providing long-term income visibility. The acquisition extends CLAR’s UK/Europe portfolio WALE from 5.0 years to 5.3 years on a pro forma basis.
Leases across the portfolio incorporate index-linked annual rental adjustments, offering built-in rental growth and inflation protection. Tenants comprise well-established multinational corporations across retail, fashion, food and grocery, electronics, transportation and logistics sectors.
