Mexican REIT pulls off largest Spanish property deal of 2013

A Mexican REIT has pulled off the largest Spanish commercial real estate transaction so far this year, CBRE has confirmed.

FibraUno, based in the Mexican city of Santa Fe, acquired a portfolio of 250 Banc Sabadell branches across Spain from Moor Park Capital Partners for €300 mln. CBRE said it advised Moor Park in what it described as the largest transaction in Spain so far in 2013.

Adolfo Ramirez-Escudero, managing director of capital markets at CBRE Spain, commented: 'This transaction, the largest in Spain so far this year, shows the recovery of the Spanish real estate market, the consistent interest in the market from Latin-American capital, and CBRE’s market-leading position in commercial real estate investment transactions.'

The transaction brings CBRE's advisory role to Moor Park Capital Partners full circle as the firm advised on the initial purchase of the portfolio, then comprising 378 branches, for €403 mln in 2010.

London-based Moor Park originally completed the acquisition of 378 Banc Sabadell branches, located mainly in Cataluña, Madrid and Asturias, in May 2010. It was Moor Park's first transaction in Spain and one of the largest in 2010.

In December 2010 Moor Park sold 48 Banco Sabadell branches to Pontegadea, the private investment firm of Inditex founder Armancio Ortega, for €55 mln. Moor Park divested a further 40 branches for €34 mln in December 2012 to several private investors in a process managed by CBRE and Cushman & Wakefield.

FibraUno invests in a diversified range of commercial real estate assets. It owned 316 properties, providing 3.1 million m2, across 42 cities in 29 Mexican states at the start of 2013.