CB Richard Ellis (CBRE) announced that it has advised Moor Park Capital Partners Lpp on the acquisition of Banc Sabadell's Spanish real estate portfolio for 403 million. CBRE's EMEA Debt Advisory team also arranged the financing for the acquisition.
The transaction incorporates a sale and leaseback agreement which will see Spanish bank, Banc Sabadell, remain as tenants in the portfolio, which comprises 378 bank branches located mainly in Cataluña, Madrid and Asturias. This is London-based Moor Park's first transaction in Spain and one of the largest so far in 2010.
Gary Wilder, Executive Chairman, Moor Park Capital Partners, said: "This transaction means achieving a great goal for Moor Park Capital Partners as it's our first deal in the Spanish market."
CBRE's London and Spanish teams collaborated to advise Moor Park at multiple levels including the valuation of the assets, arranging the financing for the transaction and acquiring the portfolio.
Adolfo Ramirez-Escudero, Executive Managing Director, CB Richard Ellis Spain, said: "This is a significant result given current market conditions. We were able to bring together a combination of different specialist teams to advise Moor Park at every level in one of the most important and complex transactions so far this year. CBRE Spain has positioned itself as market leader in sale and leaseback transactions, carrying out the three most important recent deals in the market: Banco Santander, BBVA and Banc Sabadell."
Natale Giostra, Head of UK & EMEA Debt Advisory, CB Richard Ellis, added: "This transaction proves that despite the financial climate, debt capital is still available for best-in-class companies seeking strategic investment opportunities, if they have access to the right advice."
Clifford Chance acted as legal advisors for the transaction.