Prologis European Logistics Partners (PELP) has acquired a portfolio of more than 1.6 million sq ft (152,000 m2) of logistics facilities and development land in Madrid and Barcelona from SABA Parques Logisticos.
Prologis European Logistics Partners (PELP) has acquired a portfolio of more than 1.6 million sq ft (152,000 m2) of logistics facilities and development land in Madrid and Barcelona from SABA Parques Logisticos.
Financial details were not disclosed.
PELP is a 50-50 joint venture between Prologis and Norges Bank Investment Management (NBIM).
The portfolio includes 960,150 sq ft in Barcelona, with direct access to Barcelona's city centre and the Port of Barcelona; 676,275 sq ft located four kilometers south of Adolfo Suarez Madrid-Barajas Airport and 10 kilometers east of Madrid's city centre; and 36.4 acres (14.9 hectares) of development land with an estimated build-out potential of 849,510 sq ft in Prologis' Madrid market.
'This acquisition is a unique opportunity to purchase high-quality assets that complement PELP's existing portfolio,' said Philip Dunne, president, Prologis Europe. 'Demand for logistics infrastructure in
Spain is rising while construction of new facilities is at an historic low. We are pleased to acquire this well-located portfolio at a discount to replacement costs.'
With this acquisition, PELP's portfolio now consists of 230 logistics facilities totalling 56.5 million sq ft (5.3 million m2) in Europe.
