Blackstone finishes the purchase of Neinver’s logistic business for €300M

Blackstone finishes the purchase of Neinver’s logistic business for €300M


The portfolio has more than 500.000 sqm of logistic areas, spreadout through 55 warehouses and 160.000 sqm of industrial terrains. The portfolio is distributed throughout Spain, with locations in 26 provinces including Madrid, Barcelona, Biscay, Navarre, Malaga, Seville, Valencia and Zaragoza.

According to Neinver, this portfolio includes 37of the properties belong to Colver, the joint venture formed with 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.

Juan Carlos Ortega, Neinver’s Industrial and Logistics Director who was in charge of the transaction, says 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».

According to EjePrime, with this operation, which is part of the growth and asset rotation strategy from Neinver, Blackstone surpasses 1 million sqm in Spanish industrial assets.

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