Blackstone Negotiates the Purchase of 37 Logistics Centres from Neinver for €290M

22 November 2018 – Eje Prime

Blackstone is on a mission in the Spanish logistics sector. The US giant is finalising the purchase of 37 logistics centres that the Spanish group Neinver and the Californian fund Colony Capital own in the country, which span a total surface area of 261,000 m2, for €290 million.

In this way, Neinver, owned by the businessman José María Losantos, and Colony will put an end to an alliance that was created in 2015 to invest €200 million over the medium term in properties relating to the logistics sector in Spain, according to reports from Expansión.

For Blackstone, the operation represents a new boost to its investment strategy in Spain, where it already owns a portfolio worth more than €22 billion. The fund has managed to convert itself into the largest owner of real estate in the country with operations in the residential, hotel and logistics sectors.

In terms of this latest segment, the group already owns 1 million m2 of industrial space in Spain, through Logicor, in which it retains a 10% stake. In July, Blackstone purchased Lar’s logistics portfolio for €120 million, its first major industrial acquisition in the country.

Meanwhile, Neinver divides its activity between investment in land and logistics warehouses and the management of 19 outlets. The group carries out its activity in Spain, Portugal, Italy, Germany, France, the Czech Republic and Poland. Moreover, Colony Capital is a US company specialising in real estate operations with USD 44 billion in assets under management.

Original story: Eje Prime

Translation: Carmel Drake

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