The Prologis European Properties Fund II (PEPF II) has acquired a logistics park, totalling 27,300 square metres, formerly managed by CBRE Global Investors, at Fogars de la Selva, Barcelona.
The park consists of two buildings of 11,700 and 15,600 square metres respectively; the first facility is leased and the second is currently being marketed. It has direct access to the A-7 motorway, a key logistics artery, connecting the Iberian Peninsula with the rest of Europe.
The high-quality and modern facilities comply with fire regulations for high-risk level operations and have a security fence and guardhouse, a large area for trucks and a parking yard and fully-fitted office space.
“This acquisition gives Prologis a more prominent role in one of the most important logistics axes in the Iberian Peninsula and strengthens its presence in northern Barcelona, which is a key strategic submarket for logistics activities in Southern Europe,” says Gustavo Cardozo, Senior Vice President of Prologis Iberia. “It is a value-add acquisition executed at a moment where there is strong demand for industrial real estate in the Barcelona market, combined with supply constraint and potential rental growth in the short-term.”
“Simon Nelson, Head of European Fund Management, adds: “PEPF II continues to acquire well-located assets with upside potential in the major European markets and is pleased to add to its Spanish portfolio”.
Prologis is the leading provider of logistics facilities in Spain, with completed properties and development projects totalling 920,000 square metres.
Prologis was advised by Estrada & Partners in the transactions.
Source: Property Funds World