Maslow Capital lends €40m to Dunas Capital for one of the largest logistics developments in Spain

Pan-European real estate lender Maslow Capital has provided a €40 million loan to Dunas Capital Real Estate (DCRE) for Alma Meco, which is set to become the largest logistics land bank in the Community of Madrid and one of the largest in Spain.

The facility provides Dunas Capital Real Estate, the independent real estate asset management platform of Dunas Capital Group, with a controlling position in the development area. This allows the project to advance at the scale required to deliver what is expected to be the largest logistics megaproject in the Spanish market.

Alma Meco comprises more than 1.6 million square metres, with buildable capacity of close to 1 million square metres. The Sectorisation Plan will allow for the development of eight large plots reserved for industrial and logistics activities, ranging in size from 120,000 to 400,000 square metres.

The project’s ability to accommodate large-scale logistics facilities on a single plot makes it one of the few options in Spain for operators seeking XXL logistics assets. The park has been designed in accordance with advanced sustainability and energy-efficiency criteria, with a target occupier profile that includes logistics operators, major retailers, e-commerce platforms, and data centres.

Located 35 kilometres from Madrid along the A-2 corridor, with direct access to the R-2, and 25 kilometres from the Coslada-San Fernando logistics hub and Adolfo Suárez Madrid-Barajas Airport, the development is strategically positioned for distribution both within Spain and internationally.

The project is expected to mobilise around €1 billion of investment and generate more than 5,000 direct jobs, with site infrastructure works scheduled to begin in January 2027.

“Spain represents an important market for Maslow Capital within our broader European strategy. This transaction demonstrates our ability to finance complex, high-impact real estate projects alongside top-tier partners such as Dunas Capital Real Estate, further strengthening our track record in the European logistics sector.”Emilio Silvestre, Managing Director, Head of Origination (Spain), at Maslow Capital

“The consolidation of our position in Alma Meco is a decisive milestone in the development of the project. This controlling position allows us to move forward with the certainty and scale required to deliver the largest logistics park in the Community of Madrid.”Miguel López Puche, Chief Executive Officer of Dunas Capital Real Estate

“This transaction demonstrates our ability to structure tailor-made financing solutions for land transactions of significant complexity and scale. Alma Meco is a transformational project for the Spanish logistics market, and having a lender with Maslow Capital’s track record is an unequivocal sign of the strength of the project and the sponsor team.”José María Sagardoy, CEO of Dunas Capital Debt