Spanish property firm Neinver has confirmed the sale of a major logistics portfolio in Spain to US asset management giant Blackstone in a deal valued at €300 mln, as tipped by PropertyEU last month.
The deal - the largest logistics deal of the year in Spain - comprises 55 logistics properties for a total of over 500,000 m2 of space, including 162,000 m2 of land for industrial use. Neinver is the manager and either owner or co-owner of the assets.
Colver, a joint venture of Neinver and Colony Capital, is the vendor on 37 of the properties. The remaining assets are being sold by Neinver.
Neinver joined forces with Colony Capital in late 2014 to invest in the Spanish logistics property market. The two partners built up a 261,000 m2 portfolio across the country, with an occupancy rate of 98% as well as over €11.5 mln of annual revenues.
The 55-property strong package is distributed throughout Spain, with locations in 26 provinces including Madrid, Barcelona, Biscay, Navarre, Malaga, Seville, Valencia and Zaragoza.
Juan Carlos Ortega, Neinver's industrial and logistics director, says the sale of these assets is a strategic divestment for the company, culminating a process of several years’ work in which value was created by 'designing a portfolio of versatile, high-quality properties in strategic locations across the main logistics hubs of the Iberian Peninsula, which allow for a unique position to leverage the growth of the most booming areas of the modern logistics market: the ‘last mile’ and urban logistics'.
