Prologis inks deal for 473,000 m2 of Spanish sheds

Global logistics property specialist Prologis has inked a deal with Spanish REIT Colonial to acquire 18 logistics buildings in Spain totalling 473,000 m2.

Financial details were not disclosed, but local media said that Colonial had been looking to close a deal around the €480 mln mark.

The buildings are located in some of Spain’s core logistics markets, according to Prologis, including Madrid, Barcelona and Guadalajara.

'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.'

The agreement includes the immediate purchase of 11 facilities, totalling 314,000 m2. In addition, Prologis has a call option for seven developments, totalling 159,000 m2, over the next three quarters.

'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 Viñolas, CEO of Colonial, said: 'We thought that the opportunity to sell our logistic assets was excellent. Therefore, we set up a competitive process, and received many offers and interest from the market. Finally, we are very satisfied with the final outcome.'

Prologis reportedly beat out rival bids from Deutsche Bank and Blackstone, according to Spanish media.

'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,' Viñolas concluded.

Prologis was advised by CBRE and Clifford Chance.

Colonial was advised by JLL, Knight Frank and Ramon & Cajal.

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