Prologis signed an agreement for the acquisition of 18 logistics properties located in some of Spain’s core logistics markets, including Madrid, Barcelona and Guadalajara. The portfolio purchased from the Spanish REIT Colonial and totals 473,000m². The agreement includes the immediate purchase of 11 facilities, totalling 314,000m². In addition, Prologis has a call option for 7 developments, totalling 159,000m², over the next three quarters. The purchase price was not disclosed.
”As an active buyer in the market, we purchase highly complementary land tracts and logistics facilities that are in line with our strategic investment approach,” said Joseph Ghazal, chief investment officer, Prologis Europe. “This transaction, signed on behalf of our European logistics fund PELF, more evenly distributes our resource allocations between our European regions. Further, this accretive acquisition brings considerable value-added upside as markets strengthen further in Southern Europe and rental growth drives investor returns.”
“This portfolio significantly bolsters our presence in the Spanish market, notably in the Henares corridor between San Fernando de Henares and Guadalajara and along the A2 motorway that connects Madrid and Barcelona, the Iberian’s Peninsula’s main logistics corridor,” said Gustavo Cardozo, country manager, Prologis Iberia.
Pere Vinolas, CEO of Colonial, commented: "This transaction allows Colonial to focus on its core business and as a leader in office real estate sector in Madrid, Barcelona and Paris and demonstrates our ability to maximize shareholder profitability based on active portfolio management."