Prologis has acquired 18 logistics buildings totaling 473,000 square meters (5.1 million square feet) from Spanish REIT Colonial.
The sales price was not disclosed; however, it is estimated to be €425 million ($478 million), according to local Spanish outlets.
The buildings are in some of Spain’s core logistics markets, including Madrid, Barcelona and Guadalajara.
“As an active buyer in the market, we purchase highly complementary land tracts and logistics facilities that are in line with our strategic investment approach,” said Joseph Ghazal, CIO, Prologis Europe. “This transaction, signed on behalf of our European logistics fund PELF, more evenly distributes our resource allocations between our European regions. Further, this accretive acquisition brings considerable value-added upside as markets strengthen further in Southern Europe and rental growth drives investor returns.”
The agreement includes the immediate purchase of 11 facilities, t
