Colonial sells its logistics portfolio to Prologis for 425m euros

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Colonial and Prologis have closed one of the most important logistics operation of the year. The socimi has bought the portfolio of logistic assets that the real estate company inherited after the purchase of Axiare, for 425 million euros. 

Prologis acquired a dozen properties totaling 574,462 square meters and distributed between Barcelona, ​​Madrid, Guadalajara, Tarragona and Seville. In this way, Colonial disinvests in assets that do not fit into its strategy, focused on office buildings in Barcelona, ​​Madrid and Paris.

Among the most outstanding properties of the portfolio is a logistics complex of 131,000 square meters in the industrial estate of Saint Fernando, in Madrid. Also in the surrounding cities of the Spanish capital, there has been a boom of 70,296 square meters in real estate.

The US company has managed to impose itself on Deutsche Bank and the Blackstone investment fund, which had also made offers close to 400 million euros. Precisely this was the amount that the portfolio was presumed to have at first.

With this purchase, Prologis gains positions in the logistics market in Spain. Until now, it had a portfolio of about 850,000 square meters, lower than it has in other countries where it operates. In this sense, the US giant has assets with a total area of ​​72 million square meters spread across 19 countries.

The logistics sector is experiencing a moment of great dynamism, especially in large cities, driven by electronic commerce. In this sense, the first semester was closed in Spain with an investment of 454 million euros, while in 2018 agreements were signed for a total of 1,200 million euros.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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