Prologis European Logistics Partners Sarl (PELP) has acquired a portfolio of more than 1.6 million square feet (152,029 square metres) of logistics facilities and development land in Madrid and Barcelona from SABA Parques Logisticos.
PELP is a 50-50 joint venture between Prologis and Norges Bank Investment Management (NBIM).
The portfolio includes:
• 960,151 square feet (89,201 square metres) in Barcelona, with direct access to Barcelona's city centre and the Port of Barcelona;
• 676,275 square feet (62,828 square metres) located four kilometres south of Adolfo Suarez Madrid--Barajas Airport and 10 kilometres east of Madrid's city centre; and
• 36.4 acres (14.9 hectares) of development land with an estimated build-out potential of 849,509 square feet (78,922 square metres) in Prologis' Madrid market.
"This acquisition is a unique opportunity to purchase high-quality assets that complement PELP's existing portfolio," says Philip Dunne, president, Prologis Europe. "Demand for logistics infrastructure in Spain is rising while construction of new facilities is at an historic low. We are pleased to acquire this well-located portfolio at a discount to replacement costs."