CBRE Global Investors has agreed the sale of the 865,000 sq m Montepino logistics asset platform in Spain to Bankinter’s Investment Banking division, Bankinter Investment.
The sale is being made on behalf of CBRE GI’s value-add fund European Value Partners (EVP 2).
Bankinter Investment has created a new SOCIMI (Spanish REIT) vehicle to acquire the portfolio. Its shareholders will comprise Bankinter’s private banking and institutional clients with Bankinter as a co-investor.
Montepino will be Spain’s largest logistics-focused SOCIMI.
The platform was established as a joint venture between CBRE Global Investors and Spanish logistics developer Montepino which was launched in 2017 when it was seeded with development projects and standing assets totalling 245,000 sq m. Since then, it has grown to 22 assets and 13 projects under development. Once these are developed, the portfolio is expected to exceed 1.2 million sq m with a gross asset value of €1.2bn.
Sale followed highly competitive sales process
“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,” Christina Forrest, fund manager of EVP2, CBRE Global Investors said. “Unsurprisingly, due to the quality of the portfolio and the high demand for logistics, we have seen a very competitive sales process.”
CBRE Global Investors’ European Value Partners Fund owned 95% of the portfolio together with the Valfondo Group, the company that manages Montepino logistics, and who owned the remaining 5%. Valfondo will reinvest the sale of its stake in the new vehicle, maintaining a 5% stake.
CBRE Global Investors has assets under management amounting to €12.3 billion in the European logistics sector with a leasable area of seven million sq m.
CBRE Global Investors were advised by Morgan Stanley, CBRE, Perez-Llorca and PWC Jones Day.