Blackstone has initiated a new process of rotation of logistics assets in Spain through the sale of the so-called Alba portfolio, valued at 130 million euros. As reported by ElConfidencial, the operation is being coordinated by Knight Frank and has aroused the interest of several institutional investors, including the German group Deka, with which advanced negotiations have been held but have not yet been completed.
The portfolio consists of six logistics platforms located in the metropolitan areas of Madrid and Barcelona. In total, the assets total 99,000 sqm and have an occupancy rate of 100%. The leases have an average mandatory term of four and a half years, and the current tenants belong to the large operators segment.
In the case of Madrid, the two main properties are located in Torrejón de Ardoz, near the M-50. One of them is a 36,000 sqm warehouse, operational since 2012, used as H&M's logistics centre. The other, of 23,600 sqm, has been used as a refrigerated platform for Carrefour since 2015. Both are part of a core fund managed by Logicor, a specialised firm owned by Blackstone and the Chinese sovereign wealth fund CIC.
In the Barcelona area, the portfolio includes four assets located in Sant Feliu de Buixalleu (Gerona), within the city's second logistics ring. These total 40,000 sqm and have Fluidra as their main tenant, which occupies 25,000 sqm. The complex was developed by Logicor two years ago as a customised solution to centralise the company's stock and optimise distribution in southern Europe. In this case, the properties are integrated into a Blackstone value-added vehicle.
