MADRID—Prologis Inc. says its Prologis European Logistics Partners Sarl (PELP) has acquired a portfolio of more than 1.6 million square feet (152,029 square meters) of high-quality logistics facilities and development land in Madrid and Barcelona from SABA Parques Logisticos. PELP is a 50-50 joint venture between Prologis and Norges Bank Investment Management (NBIM).

The portfolio includes:

• 960,151 square feet (89,201 square meters) in Barcelona, with direct access to Barcelona's city center and the Port of Barcelona;

• 676,275 square feet (62,828 square meters) located four kilometers south of Adolfo Suarez Madrid–Barajas Airport and 10 kilometers east of Madrid's city center; and

• 36.4 acres (14.9 hectares) of development land with an estimated build-out potential of 849,509 square feet (78,922 square meters) in Prologis' Madrid market.

"This acquisition is a unique opportunity to purchase high-quality assets that complement PELP's existing portfolio," said Philip Dunne, president, Prologis Europe. "Demand for logistics infrastructure in Spain is rising while construction of new facilities is at an historic low. We are pleased to acquire this well-located portfolio at a discount to replacement costs."

With this acquisition, PELP's portfolio now includes 230 high-quality logistics facilities totaling 56.5 million square feet (5.3 million square meters) in Europe.