Aene (Aena) Adolfo Suárez is advancing an immunology project at Madrid Barajas Airport, while the airport operator has announced a consultation process aimed at the real estate and logistics sector. The goal is to gauge the market impact of unlocking 280,000 square meters of currently unused logistics space, a move designed to map demand and potential value for the site. In this phase, market participants are invited to share insights on how best to deploy the land and what kinds of logistics facilities and services are most in demand, according to sources familiar with the process. (attribution: industry sources and official briefings referenced in Madrid logistics discussions)
Madrid Barajas is part of a broad, city-scale, long-term development plan that blends aviation activity with offices and hotels alongside the logistics component. The logistics portion traces back to a 2021 initiative by a state-backed entity to create a mixed-use vehicle aimed at attracting private capital to build warehouses leased to third parties. Aena would hold a minority stake while private partners would supply the necessary funds to bring the project to life. This framework set the stage for a major push to attract private investment into Spain’s leading logistics hub, with the goal of boosting capacity and efficiency across the supply chain. (attribution: official project outline and press materials)
During the tender process, industry interest remained strong, resulting in five finalists and a competitive slate of proposals. Final bids came from Segro and P3 Logistics Park, linked to the Singapore sovereign wealth fund GIC; Logicor, controlled by an investment bank connected to Goldman Sachs; Merlin Properties, an Ibex-35 listed real estate company; and Goodman. By early 2022, however, shifts in monetary policy and rising construction and financing costs stalled execution, prompting all five bidders to withdraw and returning the project to its starting point. This development underscored how sensitive large-scale logistics projects are to macroeconomic conditions, even in a hub as strategically important as Madrid. (attribution: industry reports and market analyses)
Revitalization efforts focused on reimagining the project after the unsuccessful tender, with discussions centering on the possibility of a ground lease or surface rights arrangement. The surface right would transfer land to a private entity for a multi-decade period, typically around 50 years or longer. The chosen company would be responsible for constructing warehouses and then leasing them to tenants, paying Aena an annual fee in return for access. Industry insiders note that this structure might appeal to firms wary of a mixed-ownership model, offering clearer incentives and simpler governance. (attribution: policy workshops and stakeholder briefings)
Some concessionaires pushed back on the revised format, arguing that shifts in policy and the balance of responsibilities within a shared company would require careful negotiation. They stressed that there was no guaranteed agreement in the earlier setup and highlighted concerns about risk allocation. Yet sources close to the discussions maintain that the disagreement over the preferred model should not prevent qualified bidders who exited the prior process from re-entering, given the project’s scale and its central role in Spain’s logistics landscape. (attribution: industry chatter and official statements)
Current discussions indicate that Aena remains engaged with industry participants to listen and refine the plan. The company has not published final specifications, and stakeholders expect that market direction will shape the next steps. Aena’s stated objective is to maximize value for public and private shareholders, the regional economy, and the array of logistics operators that would use the site, with decisions driven by market signals observed during the consultation period. Market sources suggest that the final tender details could be announced in the first part of the coming year, contingent on market conditions and the feedback gathered from industry actors. (attribution: company updates and market commentary)