Logistics specialist Clarion Partners Europe has acquired a five-property portfolio in Spain from Prologis bringing its 2020 investment volume to €300 million.
Located in established and densely developed logistics markets outside Barcelona and Seville, the assets include a 42,253 sq m property located in Constanti, a 25,973 sqm warehouse located in Valls, two units totalling 12,544 sq m in Sant Esteve, and a 51,578 sqm warehouse In Dos Hermanas, Seville’s main logistics hub.
Acquisition of the 132,348 sq m portfolio brings Clarion Partners Europe’s footprint in Spain to 300,000 sq m, and 14 assets in and around the key conurbations of Madrid, Barcelona and Seville.
Clarion Partners Europe has invested nearly €300 million this year in a mix of standing assets and development opportunities across Spain, France and the Netherlands.
“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,” said Clarion Partners Europe CEO Alistair Calvert.