GE Buys Logistic Developments in Spain

The firm is adding to its 200,000-square-meter industrial portfolio in the country with the acquisition of two new developments, a 110,000 square-meter project in Vilarrodona, 80km from Barcelona for €80 million (U.S.$106 million), and a 44,000 square-meter facility in Valencia for €44 million (U.S.$59 million). In both deals GE will pay for the projects when completed--in the summer of 2008 for Vilarrodona and in the fall of 2008 for Valencia--and assume the whole leasing risk. GE is buying Vilarrodona, which will be comprised of six warehouses alongside the AP2 motorway, from Llonch Associates, a Catalan company, and Valencia, one warehouse in the Masia Balo de Ribarroja industrial park, from Mafort, a Valencian property company.