International real asset investment firm Azora has bought a portfolio of 11 logistics assets in Spain for €91 million.
The Spain logistics portfolio totaling 193,000 square meters is in the Corredor del Henares on the A2 freeway, Spain’s main logistics hub. They were sold by CBRE IM.
It is leased to a mix of international and national logistics operators, including ID Logistic, Siemens, TD Synnex, Grupo Carreras, Factor 5 and also Truck&Wheel.
Spain logistics portfolio modernisation
Azora plans to modernize the facilities, improve the workspace, increase energy efficiency and add other sustainability elements.
The transaction was financed by a loan of up to €54.9 million. It was carried out by MilePro, Azora’s logistics REIT and a new logistics vehicle. Both were created by Azora and Indosuez Wealth Management.
With this acquisition, MilePro has reached its €120 million investment target.
Azora has €700 million invested into Spain and the U.S. logistics market to date.
The two SOCIMIs participating in the transaction were created by the collaboration between Azora and also Indosuez Wealth Management, the wealth management and private banking division of Crédit Agricole.
Javier Picón, partner in charge of logistics at Azora, says, “The acquisition of this sizeable and strategically located portfolio marks our latest commitment to the logistics sector, which continues to be characterised by solid demand-supply fundamentals and supportive global trends including the growth of e-commerce and the redesign of logistic distribution chains. This transaction concludes our planned investment for our MilePro vehicle, and marks the first investment for our Ashington S.A. vehicle, bringing our total global investment into this sector to date to over €700 million.
“The expansion of this market is critical to generating a positive impact on urban development, both through new developments and the upgrading of existing assets, and we look forward to being able to leverage our significant local experience and operational expertise to transform this portfolio to enhance its energy usage and efficiency.”
New SOCIMI REIT company
Ashington S.A. is the new SOCIMI REIT company created in partnership with Indosuez Wealth Management with a capital of €24 million from private investors and family offices, which will also be covered by the SOCIMI regime.
Crédit Agricole Corporate and Investment Bank advised Azora and Indosuez in the transaction. Advisors on the buyer’s side included Knight Frank and Belog as commercial advisors, Cuatrecasas as legal counsel, KPMG and Crédit Agricole Investment Banking as financial advisors, and also Almar Consulting as technical advisor.
CBRE IM was represented by Savills and CBRE as sales coordinators, Dentons as legal counsel, PWC as financial and tax advisors.
