Spanish asset manager Azora Altus SL teamed up with CBRE Group Inc. to launch a vehicle that will invest €250 million to convert city-center properties into last-mile logistics locations, Business Immo reported, citing Spanish media.

The partners will contribute about half of the funds, with the rest sourced from banks, the publication added, citing the Expansiòn newspaper. Azora will be the minority owner and manager of the venture, while CBRE will provide real estate services.

Azora and CBRE are initially looking at Madrid and Barcelona to acquire furniture stores, car parks, dealerships, idle workshops or shopping centers and other properties suitable for the project.