Global alternative asset manager GLP Capital Partners has sold a portfolio of logistics assets in Spain, totalling 113,000sqm, on behalf of its pan-European development fund to EQT Exeter. The three fully-let, grade-A Spanish logistics assets are located in Valls, Illescas and Guadalajara.
The GLP-developed warehouses were disposed of due to “the stabilised nature of the portfolio, its attractive quality and realisable gains”, the manager said. The assets are strategically located in close proximity to well established transportation networks and have all achieved BREEAM Very Good and EPC class-A sustainability certifications. GLP added that the sale forms part of its regular process of optimising fund portfolio allocation, crystallising capital gains and maximising fund performance.
Following completion of the sale, GLP plans to grow its logistics real estate footprint in Spain. GLP said the sale “has generated a significant return for investors”.
Daan van den Hoven, managing director for Europe at GLP Capital Partners, said: “The sale of these assets demonstrates the strength of our investment platform and our ability to acquire, develop, enhance, aggregate and realise a strong portfolio of assets. We look forward to building on our continued commitment to creating value for our investors by optimising returns through the recycling of capital from our development programme.”
Óscar Heras, director of GLP Spain, said: “We believe that the Spanish logistics market continues to be driven by robust fundamentals. Despite macroeconomic headwinds, occupier demand for best-in-class logistics space remains strong. This transaction is testament to our ability to deliver value by utilising our significant development expertise, client relationships and leveraging the local expertise of our exceptional in-country team. We look forward to growing our footprint in Spain as we continue to source attractive opportunities in the market.”
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