29 January 2015 – Expansión
The Spanish real estate company Neinver, which specialises in the development and management of outlet centres in Europe, has signed an agreement with Colony Capital to buy 16 logistics platforms mainly located in Spain plus two in Portugal.
The purchase will form part of a joint venture created by both companies to invest a budget of €200 million in the Spanish and Portuguese real estate sectors. According to market sources, Neinver and Colony will have invested around €50 million on their first purchase.
The transaction was performed as a sale & leaseback arrangement, whereby the existing owner transfers ownership and remains as the tenant. These platforms are mainly located in Madrid, Zaragoza, Sevilla, Valencia and Lisbon.
Original story: Expansión
Translation: Carmel Drake