MADRID-GE Real Estate Iberia has acquired a fully leased 118,400-sf logistics warehouse here from Riofisa. The sale price was $15.54 million. The building is located in the Olivos Ampliación Industrial Estate in Getafe, next to the N-IV Andalusia motorway. The tenant is TG Plus, a delivery and logistics specialist.

GE Iberia is a business unit of GE Commercial Finance. GE Iberia managing director Marcelo Horcel says the warehouse is the fourth logistics property the company has acquired since the start of 2005. It also is the second warehouse acquired from Riofisa, which recently sold GE Real Estate a neighboring warehouse leased by Logista.

"The logistics market is a highly attractive sector for us, owing to the growth prospects of the Spanish economy and the potential returns that logistics assets deliver," Horcel says. "So we continue to search for similar properties as part of our ongoing strategy to grow our presence in the Spanish and Portuguese real estate markets."

In February, the National Statistics Institute reported that Spain's economy continued to grow strongly in the fourth quarter of 2005. With strong internal demand compensating for weak exports, the country's gross domestic product expanded in the fourth quarter at an annual rate of 3.5% and at a monthly rate of 0.9%, according to the institute. For the full-year 2005, Spain's GDP rose 3.4%.

Earlier this month, GE Iberia acquired an 81,698-sf retail center and 78,092-sf office building in Madrid for $60 million. Cogeinsa sold the assets to Renta Inmobiliaria, a wholly owned subsidiary of GE Real Estate Iberia.

The properties were built in 1991 at 153 La Albufera Ave. Retail center tenants include Zara, Menaje del Hogar, Stradivarius, Burger King, Pull & Bear, Oysho and Fitness First. Office tenants include Prosegur, Uralita, Viajes Barceló and Henry Schein Spain.