CBRE GI buys Spanish logistics portfolio

The real estate investment management business of property services giant CBRE has purchased a large, logistics portfolio on behalf of a separate account.

CBRE Global Investors (GI) has purchased a portfolio of 16 logistics assets totaling 2.7 million square feet in one of Spain’s main logistical hubs. 

The real estate investment management business of property services firm CBRE has acquired the properties on behalf of an undisclosed separate account client from sellers, the Spanish property companies Metrovacesa and Parques Intermodales.

The price of the transaction was also not disclosed.

The portfolio purchased is located in the Henares corridor, along the A-2 motorway between Barcelona and Madrid, and is also within close proximity to the R-2 toll highway, both considered prime areas for logistics operations.

Ten of the 16 assets are leased to logistics operators such as DSV, Luis Simoes, FM logistics, XPO and Logiters, and the portfolio has an occupancy rate of 94 percent.

Jose Antonio Martin Borregón, managing director, Spain and Portugal, CBRE GI, said: “The acquisition of this logistics portfolio confirms our interest and confidence to build on our already existing long track record of investments in this sector in the Iberian Peninsula.”

Jeroen de Grunt, portfolio director, separate accounts, continental Europe, CBRE GI, added: “Our client is actively acquiring logistics assets across continental Europe. This high quality portfolio has an attractive tenant mix and shows a clear upside potential.”

CBRE GI was advised by Aguirre Newman, DLA Piper, PWC and Eurocontrol. Metrovacesa and Parques Intermodales Gran Europa were advised by CBRE.