Colony and Neinver in €200m European JV

The Los Angeles-based real estate investment firm and Spanish property development company have already acquired a portfolio with more than 1 million square feet across locations in Spain and Portugal.

Colony Capital, the Los Angeles-based real estate investment firm, and Spanish property developer, Neinver, have teamed-up to deploy more than €200 million in logistics assets across Europe, with a special focus on Spain and Portugal.

The joint venture will see Neinver manage the assets while Colony will contribute its real estate and financial expertise to add to the portfolio.

The pair has already ccompleted its first joint acquisition by entering into a sale-and-leaseback transaction. The portfolio comprises 16 logistics with more than 1.18 million square feet in different locations in Spain and Portugal. Neinver and Colony were advised by Aiga Investments for this transaction and Aguirre Newman was the advisor for the seller.

Following on from this initial transaction both Colony and Neinver will continue to assess opportunities in the Iberian market for existing logistic properties and new logistics development projects.

“Creating partnerships with major local players is a great opportunity to generate value on a shared long term vision of the market,” Colony Capital’s head of Spain, Alain Chetrit, said in a statement.

Founded in 1991 by Thomas Barrack, Colony, has established 49 investment vehicles raising more than $24 billion, which has been invested in both the domestic and international real estate markets. In Europe, Colony has been operating and investing for more than 19 years. It has completed more than 57 acquisitions totalling more than €11 billion of gross transaction value and €5 billion in equity.