Branded io Lar Grosvenor and based in Madrid, it plans a €200 million ($220 million) industrial development programme of multi-occupier industrial estates in Spain. It will spend the money over two-and-a-half years on up to a dozen estates, principally in Madrid and Barcelona but it will also look at Zaragoza, Valencia and Malaga. It aims to complete its build programme within four years.
IOG international investment director Richard Croft confirms that it is looking for small sites of between four and eight acres and will build units of 7,500 to 10,000 sf in order to let to SMEs. 'Spain is the next logical step in our European expansion programme,' he said.
PFM is now researching its next European move and is likely to open a new office in the next six months in either Italy, Portugal, Belgium or Denmark.
Lar Grosvenor is itself a 50:50 joint venture between Grupo Lar of Spain and UK property company Grosvenor. It was set up to develop, invest in and manage offices, shopping centres and industrial parks in Spain.
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