Clarion Partners Europe has nearly doubled the size of its logistics real estate in Spain with the acquisition of a 132,348sqm portfolio from Prologis.

The manager said the five properties have been acquired on behalf of one its funds, in a deal which lifts the firm’s footprint in Spain to a 300,000sqm portfolio of 14 assets.

IPE Real Assets understands that Clarion Partners Europe paid close to €90m for the assets which are located in developed logistics markets outside of Barcelona and Seville.

Alistair Calvert, CEO of Clarion Partners Europe, said: “This is a rare opportunity to acquire a high-quality portfolio of tenant critical warehouses in established logistics locations, adjacent to key transportation hubs and high-density conurbations.

“The acquisition adds a number of strong covenants to our portfolio, and provides significant reversionary upside potential upon rollover in what is a buoyant occupier market.”

Clarion Partners Europe, formerly known as Clarion Gramercy, was created in April last year after US real estate investment firm Clarion Partners entered the European real estate market with the Gramercy Europe buyout.

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