Clarion Partners Europe has acquired a portfolio comprising three Spanish logistics properties, totalling 51,000m². The acquisition, on behalf of one its commingled funds, furthers Clarion Partners Europe’s footprint in Spain which now totals 350,000m², comprising 17 assets in and around the key conurbations of Madrid, Barcelona, Seville and Zaragoza. The purchase price was not disclosed.
Located in established and densely developed logistics markets around Madrid and Zaragoza, the portfolio comprises (i) an asset in Azuqueca de Henares (Madrid), leased to German logistics group Dachser, (ii) a cross-dock facility in Getafe (Madrid), leased to the Spanish national postal service Correos Express, and (iii) a newly-built logistics platform in Plaza (Zaragoza), leased to Danish logistics operator DSV.
Alistair Calvert, CEO of Clarion Partners Europe, commented: “Despite an increasingly competitive investment market, the strength of our on the ground relationships and track record ensures we can continue to source and execute on assets and portfolios characterised by their sought after location and the quality of the income. These are tenant critical assets located in what are some of Europe’s most dynamic e-commerce markets where we believe we can achieve an attractive combination of rental and capital growth and where we have the ambition and expertise to continue scaling our exposure.”