Goldman Sachs has €1 billion to build warehouses in Portugal and Spain
US bank wants to invest in the logistics sector in Portugal and Spain. It has €1 billion to build warehouses in the next three years.
Goldman Sachs wants to invest €1 billion over the next three years to build warehouses in Portugal and Spain. According to the Cinco Días newspaper, which cites a statement from the US bank, the Newdock brand has been created exclusively for this purpose.
The investment will be made by Goldman Sachs Asset Management, through its real estate department. The new company – Newdock – has been operating since the beginning of the year and already has a portfolio of seven logistics projects to be developed in Spain, in a total gross leasable area of 500,000 square metres. The initial investment in this portfolio amounts to €400 million, the Spanish newspaper said.
Newdock will develop turnkey projects, but also plans to build facilities for operators with more specific needs. As for Portugal, no projects are known to be in the pipeline yet.
Javier Solís, of Goldman Sachs, explains that Newdock was born with the aim of accompanying the main national and international operators, responding to their logistics needs in Iberia. “We believe that the market will be increasingly demanding in terms of quality standards, efficiency and sustainability of logistics assets,” he said, quoted in a statement.
In recent times, the logistics sector is attracting record levels of investment in the neighbouring country, and all due to the e-commerce boom brought on by the pandemic. The same is happening in Portugal, with the market getting the attention of several international investors.