US logistics developer Prologis has announced the sale of a 144,320 m2 portfolio of Spanish industrial properties to GreenOak's Continental European Private Equity Real Estate fund.
US logistics developer Prologis has announced the sale of a 144,320 m2 portfolio of Spanish industrial properties to GreenOak's Continental European Private Equity Real Estate fund.
Known as Project Iberia, the portfolio comprises three properties in Zaragoza and Massalaves, near Valencia. The properties, Zaragoza DC1 and DC2, and Massalaves DC1, are 100% leased, with an average unexpired lease term of 3.8 years.
Two of the properties were held by Prologis European Logistics Partners, a 50/50 joint venture between Prologis and Norges Bank Investment Management. The third was held by Prologis European Properties Fund II.
Financial details were not disclosed.
'These are high-quality assets in good locations,' said Gustavo Cardozo, senior vice president, country manager Prologis, Spain. 'We are pleased to complete this transaction and will continue to optimise our portfolio in line with our investment strategy.'
As of 31 December 2015, Prologis had 854,400 m2 in properties and assets under development in Spain.
