Brookfield is joining forces with Logistik Service to create a joint venture to invest €500 million in Spain and Portugal. This new alliance, which will allow both companies to develop a significant logistics portfolio, will focus on acquiring and developing projects in both markets.
The initial portfolio will include several projects under construction located in prime logistics areas and will comprise close to 600,000 m2. Brookfield will be the majority shareholder, while Logistik Service will act as local operator and portfolio manager, according to Expansión.
Brookfield’s global real estate portfolio includes assets in the office, retail, logistics, hotel and residential sectors on five continents. In Europe, it manages $40 billion (€35.8 billion) in real estate assets, including its investment in Livensa Living, Iberia’s student accommodation platform.
In its commitment to Spain, Brookfield bought four Selenta hotels with more than 2,200 rooms in Barcelona, the Costa del Sol and Tenerife last year from the Mestre family for €440 million.
Logistik Service, for its part, is consolidating its presence in the real estate market by identifying investment opportunities, developing them and subsequently managing the resulting portfolio.
KPMG Abogados´team was led by Real Estate partner Carlos Bardavío. The firm advised Logistik on the JV creation, and will be advising the company as an investor and projects manager in the coming years.
Garrigues’ team advising Brookfield was led by partner Juan José Berdullas along with associate Arturo Gutiérrez.