Azora has acquired an asset portfolio valued at €91m previously managed by CBRE Investment Management.
The portfolio consists of 11 assets totalling 193,000m2, financed by a loan of up to €54.9m. These assets are located on the A2, the main logistics axis in the Spanish market. The assets are leased to a mix of international and national logistics operators, including ID Logistic, Siemens, TD Synnex, Grupo Carreras, Factor 5, or Truck&Wheel.
The transaction was carried out through the co-investment of MilePro Logística Última Milla SOCIMI, S.A. (MilePro) and Ashington S.A., a new SOCIMI company created for the transaction, which will also be covered by the SOCIMI regime. The two SOCIMIs participating in the transaction were created as a result of the collaboration between Azora and Indosuez Wealth Management, the wealth management and private banking division of Credit Agricole.
Javier Picon, a partner in charge of logistics at Azora, has stated: "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 €700m. 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.”
CBRE IM was represented by Savills and CBRE as sales coordinators, Dentons as legal counsel, PWC as financial and tax advisors, and Dokei and Ramboll as technical and environmental advisors respectively.
Image provided by FTI Consulting.
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