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IOG Launches Spanish Industrial Fund

CANNES-Property Fund Management subsidiary iOG has announced a joint venture with Lar Grosvenor to build industrial estates in Spain.

By Charlie Jacoby | Updated on March 06, 2003

CANNES-UK-based industrial property asset manager iOG, a subsidiary of Property Fund Management (PFM), is expanding its European network in a 50:50 joint venture with Spanish development and investment company Lar Grosvenor.

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.

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