Spain
CBRE Global Investors Agrees to Sale of 865,000-Square-Meter Spanish Logistics Platform
17 May 2021
Corporate Communications Director
Helen Stott
Corporate Communications Director
CBRE Global Investors, on behalf of its value-add fund European Value Partners (EVP 2), has agreed to the sale of the 22-asset, 865,000 sq m Montepino logistics asset 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 totaling 245,000 sqm. Since then, it has seen record growth, building the portfolio to 22 assets with a gross area of 865,000 sq m and 13 projects under development. All of its projects are LEED certified.
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.”
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.”
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 is a leading investor and operator in the European logistics sector, with an AUM of €12.3 bn*, a rental area of seven million sq m across 11 countries.
CBRE Global Investors were advised by Morgan Stanley, CBRE, Perez-Llorca and PWC Jones Day.
* As of 31 March 2021
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
The joint venture between CBRE Global Investors and Spanish logistics developer Montepino was launched in 2017 with development projects and standing assets totaling 245,000 sqm. Since then, it has seen record growth, building the portfolio to 22 assets with a gross area of 865,000 sq m and 13 projects under development. All of its projects are LEED certified.
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.”
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.”
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 is a leading investor and operator in the European logistics sector, with an AUM of €12.3 bn*, a rental area of seven million sq m across 11 countries.
CBRE Global Investors were advised by Morgan Stanley, CBRE, Perez-Llorca and PWC Jones Day.
* As of 31 March 2021
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.