Clarion Partners Europe has acquired a Spanish portfolio comprising five institutional grade logistics properties, totalling 132,348 m2, from US logistics specialist Prologis.
The acquisition, on behalf of one its commingled funds, nearly doubles Clarion Partners Europe’s footprint in Spain from 165,000 m2 to 300,000 m2, comprising 14 assets in and around the conurbations of Madrid, Barcelona and Seville. Although financial details were not disclosed, the deal was reported to be worth around €90 mln.
Located in established and densely developed logistics markets outside of Barcelona and Seville, the individual assets are a 42,253 m2 property in Costanti, built in 2009 and leased to a Spanish subsidiary of a global 3PL provider; a 25,973 m2 warehouse located in Valls and leased to a subsidiary of an American multinational food manufacturer; a 12,544 m2 property comprising two units in Sant Esteve as well as a 51,578 m2 warehouse leased to a subsidiary of a French multinational retailer in Dos Hermanas.
Despite the Covid-19 pandemic, Clarion Partners Europe has enjoyed a strong 2020, which has seen it invest nearly €300 mln in a mix of standing assets and development opportunities across Spain, France and the Netherlands. Last month the company announced it had entered into a strategic venture with Bouwinvest Real Estate Investors and a second institutional real estate investor to invest €300 mln in strategically located, core plus, value-add and build-to-core logistics opportunities across Europe.
Alistair Calvert, CEO of Clarion Partners Europe, commented: ‘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 was advised by HSF, Arcadis, BNP and Deloitte.
