Point Park Properties (P3) has acquired a portfolio comprising 11 Spanish logistics assets for around €243 million.
The 3.3 million square foot portfolio includes assets in strategic logistics locations around Madrid, Zaragoza, Toledo and Guadalajara as well as coastal cities of Valencia, in the east, and Biscay in the north. In addition to the already-built assets, two of the warehouses have adjacent land totaling over 260,000 square feet, with potential for P3 to develop.
The properties range in size from just over 75,000 square feet, in the Getafe area of Madrid, to over 800,000 square feet in Zaragoza. The assets are fully-let to blue chip companies and international firms including DHL, which is also a P3 customer at several of its global sites, Schweppes and Staples.
The purchase increases P3’s total assets under management, in terms of area, in Spain by more than fivefold – to around 4 million square feet from just over 700,000 square feet.
The deal is one of P3’s largest ever deals in Spain and one of largest real estate transactions on the Iberian Peninsula.
The seller was Gore Spain Holdings, the Madrid-based asset manager, which is wholly-owned by Greenoak Real Estate, the London-based private equity real estate firm.
“This a good opportunity to reinforce our footprint in Spain’s central logistics corridor, which connects Madrid, Zaragoza and Barcelona,” said David Marquina, P3’s managing director in Spain.
P3 said its next target is to increase its presence in the Mediterranean corridor, around Barcelona and Valenica, and expand to Malaga. The focus, it said, was to acquire institutional-quality logistics assets and off-market deals.
The firm’s chief executive Ian Worboys said he believed that the Spanish economy is expanding and P3 had identified the country as one of its key targets for 2017. “We’re delighted to have been able to acquire this portfolio which makes us one of the leading players in Spain and in line with our growth strategy across Europe as a leading property investor-developer.”
In November, Government Investment Corporation (GIC), the Singaporean sovereign wealth fund, acquired P3 in a deal valuing the logistics platform at €2.4 billion – Europe’s largest property transaction of 2016. P3 was previously owned by TPG Real Estate and Ivanhoé Cambridge, which acquired the company in 2013.
CBRE advised P3 on the Spanish logistics purchase, while Herbert Smith Freehills provided legal consulting.