Prologis is acquiring 473,000sqm Spanish logistics portfolio on behalf of its €10.6bn pan-European fund.
The 18 existing facilities and developments will be acquired for the open-ended PELF fund from Spanish real estate investment trust Colonial.
The agreement includes the immediate purchase of 11 assets, totalling 314,000sqm, and a call option for seven developments, totalling 159,000sqm, over the next three quarters.
The buildings are in some of Spain’s core logistics markets, including Madrid, Barcelona and Guadalajara.
“As an active buyer in the market, we purchase highly complementary land tracts and logistics facilities that are in line with our strategic investment approach,” said Joseph Ghazal, chief investment officer of Prologis Europe.
“This transaction, signed on behalf of our European logistics fund PELF, more evenly distributes our resource allocations between our European regions.
“Further, this accretive acquisition brings considerable value-added upside as markets strengthen further in Southern Europe and rental growth drives investor returns.”
Gustavo Cardozo, country manager for Prologis Iberia, said: “This portfolio significantly bolsters our presence in the Spanish market, notably in the Henares corridor between San Fernando de Henares and Guadalajara and along the A2 motorway that connects Madrid and Barcelona, the Iberian’s Peninsula’s main logistics corridor.”
Pere Viñolas, CEO of Colonial, said: “We thought that the opportunity to sell our logistic assets was excellent. Therefore, we set up a competitive process, and received many offers and interest from the market.”
He added: “This transaction allows Colonial to focus on its core business and as a leader in office real estate sector in Madrid, Barcelona and Paris and demonstrates our ability to maximize shareholder profitability based on active portfolio management.”
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