Spanish multinational Neinver, specialising in property investment, development and management, has completed the sale of an industrial and logistics properties to real estate funds managed by Blackstone for approximately €300 million.
The deal comprises 55 logistics properties, including 162,000 sq m of land for industrial use, of which Neinver is the manager and either owner or co-owner.
This Neinver-managed portfolio totals more than half a million square metres. Thirty-seven of the properties belong to Colver, the joint venture formed with Colony Capital in late 2014. In its three years under Neinver’s management, the joint venture has nearly tripled its volume and achieved occupancy rates of over 98%, generating revenue of more than €11.5 million, above the targets set when the joint venture was formed.
Aiga Advisory (a subsidiary of the A&G Group) and the international law firm Baker McKenzie provided consultancy support for this sale. Both Aiga and Baker have acted as key advisers for Colony and Neinver since the start of the joint venture.
Juan Carlos Ortega, Neinver’s Industrial and Logistics Director who was in charge of the transaction, says the sale of these assets is a strategic divestment for the company, culminating a process of several years’ work in which value was created by “designing a portfolio of versatile, high-quality properties in strategic locations across the main logistics hubs of the Iberian Peninsula, which allow for a unique position to leverage the growth of the most booming areas of the modern logistics market: the ‘last mile’ and urban logistics.”
The portfolio is distributed throughout Spain, with locations in 26 provinces including Madrid, Barcelona, Biscay, Navarre, Malaga, Seville, Valencia and Zaragoza.
RPA Perspective This sale is part of Neinver’s growth strategy, based on asset rotation and on investment in new business opportunities in the retail, industrial and logistics property sectors. The deal also strengthens the company positioning as an investment partner and manager of property assets.
Better known for its outlets business, Neinver had also been busy pressing ahead with new outlet developments.
Alpes The Style Outlets has successfully been granted all the necessary building permits. Located close to the Swiss border, between Geneva (25 minutes away) and Lyon, with a catchment area of 5.3 million inhabitants, it will have direct access to the A40 motorway that connects Switzerland and France, a vital transport link between the two countries and to popular winter destinations. It will also benefit from the immediate proximity of the TGV station at Bellegarde-sur-Valserine. This ultimate shopping destination will be built in an “Alpine village” style, finely tuned to the local landscape, and will feature 19,000 sq m of gross leasable area (GLA) and 90 units with an exclusive commercial mix including both internationally and nationally renowned brands.
Amsterdam The Style Outlets, set to open in autumn 2020, is currently completing site preparation works—access to the plot, temporary roads—to start construction of the centre soon. This development, which has recently joined the portfolio of Neptune (the joint venture between Neinver and TH Real Estate), will feature 115 stores across 19,000 m² GLA. Strategically located in Randstad, one of the wealthiest regions of Europe, it benefits from easy access to the Dutch capital and Haarlem, and is very near Amsterdam’s Schiphol airport. The architectural design of the centre is inspired by the Dutch landscape and based on two main elements that match the Dutch tradition: water and bricks.
