Banco Sabadell Real Estate Fund (BS Inmobiliario) has emerged as the buyer of the corporate headquarters of Urbaser, the Spanish waste management company, for EUR 28 mln.
Banco Sabadell Real Estate Fund (BS Inmobiliario) has emerged as the buyer of the corporate headquarters of Urbaser, the Spanish waste management company, for EUR 28 mln.
The deal, one of just a handful of sale-and-leaseback deals signed in Spain over the past 12 months, will see vendor Urbaser remain on as tenant in the 24,000 m2 building for the next 20 years.
CBRE advised Urbaser on the transaction. Adolfo Ramirez-Escudero, executive managing director Capital Markets CBRE Spain, commented: 'This is a very significant deal given current market conditions in Spain and demonstrates that deals can be closed in the Spanish market when properly structured and priced.'
BS Inmobiliario is one of six real estate funds in Spain, and has a portfolio of 46 real estate assets, comprising 500,000 m2.
Urbaser, the environmental division of ACS Group, specialises in the removal and treatment of used mineral oils and industrial waste.
