Pontegadea, the private investment firm of Inditex clothing retail founder Armancio Ortega, has acquired a portfolio of 48 Banco Sabadell branches in a sale-and-leaseback deal worth around EUR 55 mln. ISC Freshwater Investment, an investor group advised by Moor Park Capital Partners, sold the assets, located in various Spanish cities.
Pontegadea, the private investment firm of Inditex clothing retail founder Armancio Ortega, has acquired a portfolio of 48 Banco Sabadell branches in a sale-and-leaseback deal worth around EUR 55 mln. ISC Freshwater Investment, an investor group advised by Moor Park Capital Partners, sold the assets, located in various Spanish cities.
'This disposal offers long-term rental agreements with very attractive conditions and a low risk, since the tenant is one of Spain's largest commercial banks,' said C&W, the adviser to the seller. 'It represents a unique opportunity for those investors looking for secure rental income and good perspectives to extract value.'
ISC Freshwater Investment said in November it had mandated Aguirre Newman and C&W to sell the portfolio. ISC Freshwater is the investment vehicle through which Moor Park and other investors bought a portfolio of 378 Sabadell assets in April 2010 in a EUR 403 mln sale-and-leaseback transaction. The company had recently decided to dispose of individual assets or smaller portions of the portfolio through a bidding process.
ISC Freshwater is believed to be controlled by a number of real estate funds and institutional investors including Matterhorn Capital, the investment vehicle of property tycoons Anthony Lyons and Simon Conway, New York-based private equity firm Och Ziff and the Livingstone Brothers' London & Regional.
