Azora, through two logistics vehicles it manages, has acquired an asset portfolio valued at €91 mln previously managed by CBRE Investment Management.
The portfolio consists of 11 assets totaling 193,000 m2, financed by a loan of up to €54.9 mln. 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 planned strategy for the portfolio involves carrying out a significant investment plan which seeks to modernize the facilities, improve the workspace, and implement measures aimed at increasing energy efficiency and other sustainability elements.
The transaction was executed via the co-investment of MilePro Logística Socimi, and Ashington, a new Socimi company created for the transaction. The two participating Socimis were created as a result of the collaboration between Azora and Indosuez Wealth Management, the wealth management and private banking division of Crédit Agricole.
This transaction further strengthens Azora presence in the logistics sector, where it has more than €700 mln in assets under management between Spain and the US.
These are managed through the two companies indicated above, its joint venture with PGIM for last-mile assets, and separate accounts with family offices. In Spain, it manages close to 300,000 m2 of logistics assets.
Javier Picón, partner in charge of logistics at Azora, said: '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 €700 mln.
'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.'
Crédit Agricole Corporate and Investment Bank advised Azora and Indosuez in the transaction, along with the advisors who participated in the execution on the buyer's side, including Knight Frank and Belog as commercial advisors, Cuatrecasas as legal counsel, KPMG and Crédit Agricole Investment Banking as financial advisors, and Almar Consulting as technical advisor.
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.
