Clarion Partners Europe buys portfolio from Prologis

Clarion Partners Europe buys portfolio from Prologis

Constanti Logistic Unit, Barcelona | Photo: Clarion PE

The 5 units have a total combined area of 132.348 sqm, which are located in Barcelona and in Seville, revealed Clarion Partners Europe in a release.

On this operation, Alistair Calvert, CEO of Clarion Partners Europe, commented that «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», he assumed.

Amongst the units located within the Catalan capital, is 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.

Another unit is located in Valls. It has a total 25.973 sqm and 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.

In this region, the management company also has in its portfolio, one unit located in Sant Esteve, 35 km northwest of Barcelona and 25 minutes away from the Barcelona El Prat International Airport. This asset, comprising two units, has a total area of 12.544 sqm. 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, Clarion acquired 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.

On this acquisition, Clarion Partners Europe was advised by HSF, Arcadis, BNP and Deloitte on behalf of one its commingled funds.

The fact is that with this acquisition, Clarion Partners Europe almost doubled its 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.

Despite the Covid-19 pandemic, Clarion Partners Europe has enjoyed a strong 2020, which has seen it invest nearly 300 million euro in a mix of standing assets and development opportunities across Spain, France and the Netherlands. Maintaining that momentum, last month the Company announced it had entered into a strategic venture with Bouwinvest Real Estate Investors and a second institutional real estate investor to invest 300 million euro in strategically located, core plus, value-add and build-to-core logistics opportunities across Europe. 

Press Released By Clarion Partners Europe

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