P3 Logistic Parks buys €108m big-box portfolio in Spain

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P3 Logistic Parks has paid €108.3 million for a portfolio of big-box logistics properties in Spain. Known as the Pulsar portfolio, the assets were jointly owned by US-based KKR, Round Hill Capital and Spanish logistics developer Pulsar Properties.

The 112,000 sq m Pulsar portfolio includes five fully let big box logistics assets split between the Greater Madrid (82% by lettable area) and Barcelona regions (18%).

KKR, Round Hill Capital and Pulsar Properties formed the joint venture in October 2018 to acquire logistics investments across select areas of Spain. KKR acquired the initial portfolio of four developments in a joint venture with RoundHill Capital from developer Pulsar Properties in 2018. The Pulsar joint venture acquired and integrated Fontanar into the portfolio in 2020.

“Logistics remains a high priority sector for us in Europe, and we have already made further investments through our second European Real Estate fund, KKR Real Estate Partners Europe II,” said KKR managing director Seb d’Avanzo.

KKR’s investment was made through its Real Estate Partners Europe fund, its first dedicated European real estate fund, which closed in June 2016 with $739 million in capital commitments.

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