P3 Logistics Parks has acquired a €108.3m Spanish logistics portfolio from a KKR, Round Hill Capital and Pulsar Properties joint venture.

The joint venture partners said they have sold the Pulsar Iberia Logistics portfolio. The portfolio comprises 112,000sqm of big-box logistics space, spanning five development schemes, throughout the Greater Madrid region and Barcelona region.

KKR, Round Hill Capital and Pulsar Properties formed the joint venture in October 2018 to acquire logistics investments across select areas of Spain.

KKR’s investment was made through its Real Estate Partners Europe fund, its first dedicated European real estate fund.

Seb d’Avanzo, managing director at KKR, said logistics remains a high priority sector for KKR in Europe, and company has already made further investments through its second European Real Estate fund, KKR Real Estate Partners Europe II.

Michael Bickford, founder and CEO of Round Hill Capital, said: “The logistics sector continues to be a key focus area for the Round Hill Capital business. This sale demonstrates the effectiveness of Round Hill Capital’s strategy of using our local market expertise across Europe to source opportunities which generate attractive yield-driven returns.”

Jose Ma Alaña Arrinda, founder and CEO of Pulsar Properties, said: “We are glad to have taken part in this project together with KKR and Round Hill Capital. The development of the pulsar portfolio has been a complete success.”

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