Spanish property developer and investor NEINVER has completed the sale of a c. €300M portfolio of 55 industrial and logistics properties to Blackstone. The portfolio is distributed throughout Spain, in 26 provinces including Madrid, Barcelona, Biscay, Navarre, Malaga, Seville, Valencia and Zaragoza.
The portfolio totals more than half a million square metres including 162,000 m² of land for industrial use. Thirty-seven of the properties belong to Colver, the joint venture formed between NEINVER and Colony Capital Inc. in late 2014. In its three years under NEINVER’s management, the joint venture has nearly tripled its volume and achieved occupancy rates of over 98%, generating revenue of more than €11.5 million, above the targets set when the joint venture was formed. Aiga Advisory (a subsidiary of the A&G Group) and the international law firm Baker McKenzie provided consultancy support for this sale. Both Aiga and Baker have acted as key advisers for Colony and NEINVER since the start of the joint venture.
According to Juan Carlos Ortega, NEINVER’s Industrial and Logistics Director the sale of these assets is a strategic divestment for the company, culminating a process of several years’ work in which value was created by “designing a portfolio of versatile, high-quality properties in strategic locations across the main logistics hubs of the Iberian Peninsula, which allow for a unique position to leverage the growth of the most booming areas of the modern logistics market: the ‘last mile’ and urban logistics.”