Prologis buys 60,000m[sup]2[/sup] Spanish distribution portfolio

Global industrial owner and operator Prologis has announced the acquisition of three distribution facilities in Barcelona from Morgan Stanley's P2 Value open-ended real estare fund. The financial details of the transaction were not disclosed.

Prologis Granada DC 1, DC 2 and DC 3 comprise 60,000 m² in Granada del Penedes, a market close to Barcelona. These modern facilities were built between 2002 and 2004 and are fully occupied by six tenants from various sectors.

'We are pleased to add this fully leased high-quality, modern distribution centre to our portfolio. This facility compliments our position in Barcelona and is well located with proximity to the city centre and direct access to the AP7 and the new Eix Diagonal Motorways,' said François Rispe, regional head Southern Europe for Prologis.

Prologis acquired the facilities on behalf of its fund PEPF II (Prologis European Properties Fund II). Prologis' portfolio in Barcelona totals 136,000 m² of industrial space and in the overall Spanish market the portfolio comprises approximately 660,000 m².

The acquisition is part of the group's portfolio restructuring and follows the sale earlier this year of two portfolios in Germany and Poland.