Clarion Partners Europe has acquired a Spanish portfolio comprising five institutional grade logistics properties, totalling 132,348 sqm, from Prologis.
The acquisition, on behalf of one its comingled funds, nearly doubles Clarion Partners Europe’s footprint in Spain from 165,000 sqm to 300,000 sqm, comprising 14 assets in and around the key conurbations of Madrid, Barcelona and Seville.
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“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 Alistair Calvert, CEO of Clarion Partners Europe.
Clarion Partners said the logistics portfolio is leased to a mix of global tenants and 88% of the portfolio’s income is derived from high-growth e-commerce or grocery operations. Located in established and densely developed logistics markets outside of Barcelona and Seville, the individual assets are:
- A 42,253 sqm property comprising two identical units, built in 2009 and leased to a Spanish subsidiary of a global 3PL provider. Located in Constanti, it lies at the crossroads of the AP-7, the main Mediterranean motorway running along Spain’s East coast into France, and A-27, in an established logistics location in Barcelona’s 3rd ring,
- A 25,973 sqm warehouse located in Valls, which benefits from a strong local motorway network. The property is leased to a subsidiary of an American multinational food manufacturer, serving as a key distribution hub for Spain and southern France,
- A 12,544 sqm property comprising two units in Sant Esteve, a prime logistics location 35 km northwest of Barcelona and 25 minutes away from the Barcelona El Prat International Airport. The larger unit is leased to a Spanish subsidiary of an international automotive seating and electrical systems manufacturer, whilst the smaller unit is leased to a Spanish 3PL provider.
- In Dos Hermanas, Seville’s main logistics hub, a 51,578 sqm warehouse leased to a subsidiary of a French multinational retailer. The property is in an established location 18km south of the city centre, with direct access to the A-4 motorway.