Clarion Partners Europe is widening its logistics footprint in Spain. The real estate investment fund manager, which specialises in industrial assets, has acquired a portfolio of three Spanish logistics properties totalling 51,000 square metres.
The acquisition, on behalf of one its comingled funds, brings Clarion Partners Europe’s footprint in Spain to 350,000 sq m comprising 17 assets in and around the key urban centres of Madrid, Barcelona, Seville and Zaragoza.
New portfolio focuses on well developed markets
The newly-acquired portfolio is located in established and densely developed logistics markets around Madrid and Zaragoza. It includes an asset in Azuqueca de Henares, near Madrid, which is leased to German logistics group Dachser; a cross-dock facility in Getafe, near Madrid, which is leased to the Spanish national postal service Correos Express; and a newly-built logistics platform in Plaza, near Zaragoza, which is leased to Danish logistics operator DSV.
“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,” said Alistair Calvert, CEO, Clarion Partners Europe.
“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,” he said.
Clarion Partners Europe was advised by Herbert Smith Freehills and Arcadis. The vendor was advised by CBRE.