CBRE Global Investors has agreed the sale of the 22-asset, 865,000m² Montepino logistics platform in Spain to Bankinter’s Investment Banking division, Bankinter Investment. The joint venture between CBRE Global Investors and Spanish logistics developer Montepino was launched in 2017 with development projects and standing assets totalling 245,000m². Since then, it has seen record growth, building the portfolio to 22 assets with a gross area of 865,000m² and 13 projects under development. All of its projects are LEED certified.
Jean-Baptiste Blanchy, Head of Investment Europe for EVP2, CBRE Global Investors said: “We are thrilled to have closed one of the largest logistics transactions in Spain. This transaction demonstrates our ability to partner up with best in class operating partners at a time when we identified a structural change in the sector.”
Christina Forrest, Fund Manager of EVP2, CBRE Global Investors said: “Over the past three years, aligning with the fund’s strategy of repositioning-to-core and developing-to-core assets in supply-constrained markets, we have built a stabilised prime portfolio with a healthy pipeline of development opportunities. Unsurprisingly, due to the quality of the portfolio and the high demand for logistics, we have seen a very competitive sales process. We have exited at an opportune time and realized strong performance for our investors. To have closed one of the largest logistics transactions, not only for EVP2 but also for CBRE Global Investors to date, has been a monumental team effort successfully demonstrating our investor-operator capabilities. Congratulations to Bankinter for their successful conclusion of this transaction.”