Bankinter private banking is expected to be confirmed next week as the buyer of the long-mooted €1 bn sale of one of Spain’s largest logistics portfolios.
Spanish paper El Confidencial reported that a consortium led by domestic bank Bankinter has prevailed as the buyer of the 1.25 mln m2 of buildings and sites which were formally put up for sale last September by CBRE Global Investors and Montepino.
The paper said that Bankinter plans to float the properties creating the largest logistics socimi in Spain.
Suggestions that the final price is €1.2 bn is said by a source close to the deal to be too high.
However, the platform’s sale is expected to achieve at or slightly above €1 bn which is comfortably over the vendors’ initial expectations.
The joint venture includes 14 standing assets, seven under construction and 12 sites at various stages of the development process which are expected to generate €62 mln pa on completion.
One broker familiar with the portfolio said: ‘Prime pricing in Spain for income-producing logistics is between 4% and 4.5%. This portfolio’s value was circa €600 mln for the standing assets, a couple of hundred million for the properties under construction and the balance is the development land and opportunity to grow a platform.’
A significant consideration in the sales process was that Zaragoza-based Montepino wanted to stay involved and invested in the portfolio going forward, something that Bankinter’s bid allows for. The other tipped final bidder is Brookfield. A string of other large investors made bids, with others named at various stages of bidding being Allianz Real Estate, Apollo, AXA IM-Alts, CPPIB, DWS, Invesco, Ivanhoe Cambridge, Nuveen, P3 and Savills IM.
CBRE GI held the assets via its value add Europe Value Partners fund series. The joint venture with Montepino was formed in 2017. PropertyEU reported in EuroProperty in late 2019 that the portfolio was being prepared for sale but the official process didn’t kick off until Q3 2020.
