Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, has announced that construction work has begun on its turnkey project in Valls, Tarragona, with delivery expected for the last quarter of 2023.

In March 2022, Mirastar agreed on a 20,509 square meter turnkey project with developer Carbonell Figueras in the strategic location of Valls in Tarragona.

The industrial and real estate investment firm explains that the building has been designed to accommodate one or two tenants. The project benefits from its excellent connections to Barcelona, the city of Tarragona, and the latter’s maritime port and airport.

The platform expects to obtain an “Excellent” rating from the BREEAM sustainable construction certificate, and an “A” rating from the Energy Efficiency Certificate (CEE), reaffirming Mirastar’s commitment to environmental sustainability and energy efficiency.

BNP and Estrada have been jointly appointed as exclusive agents for the project’s leasing.

Felipe Lainez, Development Director of Mirastar for Southern Europe, said: “Mirastar continues to develop high-performance logistics buildings, meeting the expectations of the most demanding tenants. Our second promotion in the Tarragona area demonstrates the company’s confidence in the Spanish logistics market.”

Meanwhile, Alfonso Cuesta, Mirastar’s Country Head for the Iberian market, said: “We are delighted to have reached this key milestone in our second development project in Spain. This project is in line with Mirastar’s strategy of investing in quality logistics assets with strong ESG credentials in Europe. We remain confident in increasing our portfolio in Spain over the next 12-18 months.”