10 December 2018 – Europa Press
Neinver, a company specialising in the investment, construction and management of real estate assets, has sold a portfolio of industrial and logistics assets to the real estate fund managed by Blackstone, for approximately €300 million.
Specifically, the transaction, which represents the largest logistics operation of the year, includes 55 logistics assets and 162,000 m2 of land for industrial use, of which Neinver is the owner, co-owner and manager, according to a statement.
Of the total portfolio managed by Neinver, which spans more than half a million m2, 37 assets are owned by Colver, the joint venture that the Spanish company created together with Colony Capital at the end of 2014.
Over the last three years, the joint venture has almost tripled its volume and achieved occupancy rates of 98%, generating rental income of more than €11.5 million.
Neinver has specified that this transaction forms part of its growth strategy based on the rotation of assets and investment in new business opportunities in the retail and industrial and logistics sectors. Moreover, with this operation, it strengthens its position as an investor and manager of real estate assets.
The director of the Industrial and Logistics area at Neinver, Juan Carlos Ortega, has explained that the sale of the portfolio is a “strategic divestment” for the company, which culminates a process of several years of work where value has been created through the design of a portfolio of high-quality and versatile assets in strategic locations distributed across the main logistics axis of Spain.
In this way, the portfolio has national coverage, with a presence in 26 Spanish provinces, including Madrid, Barcelona, Vizcaya, Navarra, Málaga, Sevilla, Valencia and Zaragoza, amongst others.
Original story: Europa Press
Translation: Carmel Drake