Lone Star Puts Adequa Business Park Up For Sale

6 May 2016 – Cinco Días

The US fund Lone Star is going to put the Adequa business park up for sale, which it acquired after taking on the debt of the inactive real estate company Bami Newco. Adequa will be put on the market within the next few weeks and will be marketed by the brokers Knight Frank and JLL.

These consultancy firms received the exclusive joint-mandate to handle the sales process, which will be presented to a small group of investors only.

Adequa is one of the largest business parks in Spain. It has a total surface area of 120,813 sqm and contains six office buildings, as well as a service centre with commercial space measuring 5,013 sqm, including a gym, restaurants, a pharmacy, a nursery and three padel courts. The park is located next to the A-1 highway, in the new neighbourhood of Las Tablas.

This business park is home to the headquarters of Renault in Spain, for xample. Moreover, construction is on-going at the site, to build a new space, measuring 44,885 sqm, which will be divided into two buildings, one of which will be a central tower with office space covering 29,095 sqm.

Bami Newco, the real estate company controlled by Joaquín Rivero following his departure from Metrovacesa, filed for liquidation last year, at the company’s own request under the Bankruptcy Law, with debts amounting to €652 million. At that time, the assets, basically the business park itself, were worth €726 million.

Original story: Cinco Días (by A.S.)

Translation: Carmel Drake

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