Blackstone completes €300m logistics deal with Neinver (ES)

Blackstone completes €300m logistics deal with Neinver (ES)

Neinver has completed the sale of an industrial and logistics properties to real estate funds managed by Blackstone for approximately €300m. The deal comprises 55 logistics properties, including 162,000m² of land for industrial use, of which Neinver is the manager and either owner or co-owner. This sale is part of the company’s growth strategy, based on asset rotation and on investment in new business opportunities in the retail, industrial and logistics property sectors. The deal also strengthens the company positioning as an investment partner and manager of property assets. 

 

This Neinver-managed portfolio totals more than half a million square metres. Thirty-seven of the properties belong to Colver, the joint venture formed with Colony Capital Inc. in late 2014. In its three years under Neinver ’s management, the joint venture has nearly tripled its volume and achieved occupancy rates of over 98%, generating revenue of more than €11.5m, above the targets set when the joint venture was formed. The portfolio 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 who was in charge of the transaction, 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.”

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