EQT Exeter has acquired a portfolio of logistics assets in Spain from GLP Capital Partners' European development fund. Financial details were kept confidential.
The three fully-let Grade A Spanish logistics assets are located in Valls, Illescas and Guadalajara and provide 113,000 m2 of space.
The GLP-developed warehouses were brought to market owing to the stabilised nature of the portfolio, its attractive quality and realisable gains, the vendor 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.
The sale forms part of a regular process of optimising fund portfolio allocation, crystallising capital gains and maximising fund performance, GLP added.
Daan van den Hoven, managing director, Europe, 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. We look forward to growing our footprint in Spain as we continue to source attractive opportunities in the market.'
GCP was advised on the transaction by DLA Piper and CBRE.
