Clarion Partners Europe has acquired a Spanish portfolio comprising five institutional grade logistics properties, totalling 132,348m², from Prologis Inc., the global leader in logistics real estate. The acquisition, on behalf of one its commingled funds, nearly doubles Clarion Partners Europe’s footprint in Spain from 165,000m² to 300,000m², comprising 14 assets in and around the key conurbations of Madrid, Barcelona and Seville. Located in established and densely developed logistics markets outside of Barcelona and Seville, the individual assets are:
Barcelona region
- A 42,253m² property comprising two identical units, built in 2009 and leased to a Spanish subsidiary of a global 3PL provider. Located in Constanti, it lies at the crossroads of the AP-7, the main Mediterranean motorway running along Spain’s East coast into France, and A-27, in an established logistics location in Barcelona’s 3rd ring
- A 25,973m² warehouse located in Valls, which benefits from a strong local motorway network. The property is leased to a subsidiary of an American multinational food manufacturer, serving as a key distribution hub for Spain and southern France
- A 12,544m² property comprising two units in Sant Esteve, a prime logistics location 35 km northwest of Barcelona and 25 minutes away from the Barcelona El Prat International Airport. The larger unit is leased to a Spanish subsidiary of an international automotive seating and electrical systems manufacturer, whilst the smaller unit is leased to a Spanish 3PL provider.
Seville region
- In Dos Hermanas, Seville’s main logistics hub, a 51,578m² warehouse leased to a subsidiary of a French multinational retailer. The property is in an established location 18km south of the city centre, with direct access to the A-4 motorway.
Despite the Covid-19 pandemic, Clarion Partners Europe has enjoyed a strong 2020, which has seen it invest nearly €300m in a mix of standing assets and development opportunities across Spain, France and the Netherlands. Maintaining that momentum, last month the Company announced it had entered into a strategic venture with Bouwinvest Real Estate Investors and a second institutional real estate investor to invest €300m in strategically located, core plus, value-add and build-to-core logistics opportunities across Europe.
Alistair Calvert, CEO of Clarion Partners Europe, commented: “This is a rare opportunity to acquire a high-quality portfolio of tenant critical warehouses in established logistics locations, adjacent to key transportation hubs and high-density conurbations. The acquisition adds a number of strong covenants to our portfolio, and provides significant reversionary upside potential upon rollover in what is a buoyant occupier market.”
