Neinver and Colony Logistics, owned by investment vehicles that are managed by affiliates of Colony Capital, Inc., have acquired a new portfolio of logistics properties through a joint venture established in early 2015. The portfolio includes 23 logistics and cross-docking facilities in various parts of Spain, totalling approximately 151,500 m2.
Acquired from Zaphir Logistics Properties for €87m, the facilities are spread across 19 Spanish provinces. Half the properties are in Madrid or Barcelona. Banco Santander and Crédit Agricole financed the purchase.
Colony Logistics and Neinver formed a joint venture in order to acquire logistics assets, with the goal of investing capital of €200m. This purchase brings the total portfolio to 37 industrial or logistics facilities totalling 261,500m2, located in various parts of the Iberian Peninsula. The transaction also positions their strategic partnership as one of the peninsula’s largest investors in the logistics sector.
“This purchase through our strategic alliance with Colony Capital makes us one of the largest investors and coinvestors in Spain’s industrial and logistics market,” said Carlos González, managing director of Neinver, adding: “this acquisition, along with the recent transaction involving El Cañaveral in Madrid, reflects Neinver’s commitment to reviving the logistics sector, which is a major part of our company’s roots and is currently one of the most promising segments of the property market”.
According to Alain Chetrit, Colony Capital’s managing director for Spain: “This investment reaffirms our confidence in Spain and its burgeoning logistics sector (as seen in the rise of cross-docking in Spain), and in our successful partnership with one of the leading players in the industry, the Neinver Group”.
