One of Brookfield's real estate funds joins forces with Logistik Service to create a joint venture that will invest 500 million euros in the logistics market of the Iberian Peninsula.
The initial portfolio will include several projects under construction located in privileged logistics areas and will have nearly 600,000 sqm. The Canadian manager will be the majority shareholder of the joint venture, while Logistik Service will act as local operator and in charge of managing the portfolio.
This has been agreed in this operation that has had the financial advice of CBRE Investment Banking, the legal advice of Dechert, Garrigues and KPMG and that has had Savills and Arcadis as commercial and technical advisers, respectively.
"Over the last two years, Brookfield has accelerated its investment in European logistics and today our portfolio in Europe stands at over two million square metres. We are excited to partner with Logistik Service and share our experience as an investor, developer and operator of global industrial property platforms as we build our logistics presence in Iberia," says Alberto Nin, Senior Vice President of the Canadian manager.
Globally, Brookfield's real estate portfolio includes assets in the office, retail, logistics, hotel and residential sectors on five continents. In Europe, it manages some 35.8 billion euros, including its investment in the accommodation platform for students in Spain and Portugal Livensa Living.
In its commitment to our country, the company has just acquired the Palladium Costa del Sol hotel in Benalmádena (Málaga), valued at around 41 million euros, from the British fund Benson Elliot. In addition, last year he bought four Selenta hotels in Barcelona, the Costa del Sol and Tenerife from the Mestre family for 440 million.