Colony Capital, the Los Angeles-based real estate investment firm, and Spanish property developer, Neinver have invested €87 million in a Spanish logistics portfolio.
The pair invested the capital in the 23 logistics and cross-docking facilities through a joint venture which was established in January 2015. Colony and Neinver teamed-up to deploy more than €200 million in logistics assets across Europe, with a special focus on Spain and Portugal.
Neinver will manage the assets of the portfolio while Colony will contribute to the deal sourcing for the joint venture.
The deal to acquire the logistics portfolio from Madrid-based logistics specialists Zaphir Logistics Properties was the second for the joint venture. The first deal was a sale-and-leaseback transaction of 16 logistics properties with more than 1.18 million square feet in different locations in Spain and Portugal last January.
This most recent purchase means the pair are one of the largest investors in Spain’s industrial and logistics market with around 2.8 million square feet of space under ownership.
“This investment reaffirms our confidence in Spain and its burgeoning logistics sector (as seen in the rise of cross-docking in Spain), and in our successful partnership with one of the leading players in the industry,” Colony Capital’s head of Spain, Alain Chetrit, said in a statement.