The transaction was completed between P3 Logistic Parks and Gore Spain Holdings SOCIMI, for a total of 243.35 million euros.
The portfolio consists of assets strategically located in the main logistics areas of Madrid, Zaragoza, Toledo and Guadalajara, and also the coastal cities of Valencia and Bilbao.
The purchase of this portfolio, took place shortly after record results obtained by P3 Logistic Parks in 2016, expanding the company’s portfolio in Spain from little more than 70,000 m2 to almost 400,000 m2. This is one of the largest real estate transactions in Spain so far this year.
David Marquina, General Director of P3 Logistic Parks España, believes, “This is an excellent opportunity to strengthen our presence in the central logistics corridor, which connects Madrid, Zaragoza and Barcelona. Our next objective will be to expand our presence in the Mediterranean corridor, from Barcelona to Málaga, passing through Valencia. We will be concentrating on high quality assets and off-market transactions, in which P3 Logistic Parks, as developer, investor and long-term owner can make a notable difference. We have several key-in-hand projects and warehouses in the development phase which will allow us to consolidate and be one of the main providers of logistics space in Spain, with more than 500,000 m2 before the end of the year”.
Speaking of the acquisition, Ian Worboys CEO at P3 Logistic Parks, is of the opinion that “The Spanish economy is in expansion, which is why P3 España undertook a key development objective in 2017. We are delighted to have been able to acquire this asset portfolio, which will make us one of the leading players in the sector in Spain, and allows us to continue our strategy of growth in Europe as a top rate developer and investor.”
The commercial consultants for P3 were CBRE and Herbert Smith Freehills (HSF) the legal consultants for this transaction.