Photo of Gustavo Cardozo senior vice president of Prologis Iberia.
Prologis European Logistics Fund (PELF) has purchased 5 logistic properties located in Madrid and Barcelona, Spain’s main logistics destinations.
Totaling 58,000 square meters, the assets were previously owned by Kefren Capital Real Estate a fund which is managed in Spain by Pelayo Primo de Rivera.
The purchaser, Prologis European Logistics Fund, FCP-FIS, was launched in August 2007 as an open-ended vehicle and has a net market value of over €9.5billion invested in core industrial distribution properties across Europe (as at 31 December 2018).
With a high occupancy level and stable lease contracts, the assets are let to a diverse group of tenants including a combination of external logistics providers and end users in the automotive and engineering sectors, amongst others.
«This acquisition reinforces our presence in the Spanish market, especially in areas where we have a very strong presence, such as the Henares Corridor in Madrid and the Penedés Corridor in Catalonia, vital areas for logistics activity in this country,» says Gustavo Cardozo, senior vice president of Prologis Iberia.
Prologis has been advised by CBRE and Clifford Chance.