Singaporean real estate private equity firm, Elite Partners Capital, has acquired a portfolio of six mixed-use properties comprising logistics, light industrial and offices in Valencia, Spain from private investor Dalgan Services.
Financial details were not disclosed.
The properties are single-let on a long lease to Royo Group International Bathroom, a multinational bath furniture manufacturing company.
The deal represents Elite Partners' first deal in Spain. The Singaporean fund has around €1 bn assets under management.
Madrid-headquartered CG Capital Europe acted as the exclusive financial and real estate advisor to Dalgan Services.
Javier Beltrán, founder and CEO of CG Capital Europe, commented: 'We are very glad to announce the successful closing of Project Bath (Spain), especially for what it represents to bring a new international investor to Spain in this difficult Covid-19 led environment.
'We were about to close the transaction by summer 2020 with another reputable institutional investor, who froze its logistics & light industrial investment activity in Iberia, after Covid-19 hit us.
'We have been able to restructure the sale process smoothly and to attract another institutional, Singapore headquartered, investor to Spain in a record time, representing a really exciting business challenge successfully completed in these complicated times.'
Elite Partners Capital was advised by Opal Partners, a European real estate investment advisory & asset management firm based in London.
On the legal side, the seller was represented by Grant Thornton and the purchaser by Hogan Lovells.
