US logistics specialist Prologis has completed two major acquisitions in Barcelona and Rotterdam on behalf of funds it manages.
US logistics specialist Prologis has completed two major acquisitions in Barcelona and Rotterdam on behalf of funds it manages.
In Spain, Prologis European Properties Fund II fund has acquired a 27,300 m2 logistics park formerly managed by CBRE Global Investors, at Fogars de la Selva, Barcelona, for an undisclosed amount.
The park consists of two buildings of 11,700 and 15,600 m2 respectively; the first facility is leased and the second is currently being marketed.
'This is a value-add acquisition executed at a moment where there is strong demand for industrial real estate in the Barcelona market, combined with supply constraint and potential rental growth in the short-term,' commented Gustavo Cardozo, senior vice president of Prologis Iberia. Prologis was advised by Estrada & Partners on the deal.
Prologis owns a 920,000 m2 portfolio of completed properties and development projects in Spain.
In the Benelux, where Prologis owns 1.7 million m2 of logistics space, the Prologis Targeted Europe Logistics Fund has bought a 17,650 m2 distribution centre in the Eemhaven park in Rotterdam for an undisclosed amount.
Prologis already owns 133,760 m2 across nine facilities in Eemhaven park.
