Colonial sells last 2 logistic assets to Prologis

Colonial sells last 2 logistic assets to Prologis

These 2 logistic units have a total combined area of 59.000 sqm and are located in San Fernando de Henares, a city Northwest of Madrid.

This was the third stage of the sale of Colonial’s logistic portfolio to Prologis. The first stage took place in August 2019, when the deal was sealed between the two companies and 11 logistic units with a total combined area of 314.000 sqm were transferred to Prologis’ portfolio. In July this year, the company signed the sale of the second set of logistic assets with a total combined area of 100.200 sqm.

The 18 logistic units Colonial transferred to Prologis were integrated within the Spanish REIT’s portfolio following Axiare’s merger. These assets are located in Madrid, Guadalajara, Barcelona and Seville and have a total combined area of 473.000 sqm and are certified by either BREEAM or LEED. The total cost of this operation was 425 million euro.

Throughout the operation, Colonial was advised by JLL, Knight Frank, Ramon & Cajal, R&C and Garrigues, and Prologis was advised by CBRE and Clifford Chance.

In a release, Pere Viñolas, Colonial’s managing director, assumed that «we are very happy with the conclusion of this transaction which is part of the non-strategic asset rotation plan the company has been carrying out through the last few years».

Cristian Oller, Vice-president and Country Manager at Prologis España pointed out that «this operation is one of the most important within the Spanish logistic segment over the last few years». He further highlighted that «these acquisitions reinforced our sustainable well-located building portfolio, which, along with our exceptional building management services, will allow our clients to focus solely and successfully on their businesses».

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