Saba Sells Logistics Assets to Prologis For €100 Mn

28/08/2014 – Expansion

Logistics arm of Saba, a parking-specialized company at which Criteria holds a 50% stake, has sold two logistics parks in Coslada (Madrid) and Subirats (Barcelona) to U.S. group Prologis, one of the world‘s leaders in development and management of logistics complexes.

The transaction also includes lands pending development in San Fernando de Henares and Camarma de Esteruelas (Madrid) and it has been closed at the price of €100 million.

The logistics park of 62.900 square meters located in Coslada fully belonged to Saba, while the other lot of 89.000 square meters situated in the county of Alt Penedes was possessed by CPL. The lands in San Fernando de Henares and Camarma de Esteruelas jointly represent an area of 14.7 hectares.

Without the transferred lots, Saba still owns seven logistics parks in Spain: in the provinces of Barcelona, Seville and Alava, as well as in Portugal and France.

Next, Saba aims at purchase of a 60% stake at Bamsa, a joint venture which will manage 26 downtown parking lots owned by the city of Barcelona for the upcoming 25 years. The firm chaired by Salvador Alemany presently administers 180.000 spaces and with the acquisition of Bamsa he seeks gaining ground in the main business area.

The Tender of Bamsa

At the beginning of July, Saba outbid Belgian Interparking during the auction of Bamsa. The firm is obliged to pay €232 million for the 60% stake, whereas the remaining 40% will stay in hands of the City Hall of Barcelona.

Last year, Saba earned €190 million and obtained a net profit of €66.648 [million]. The company was born as a result of separation of the logisitics and parking division from Abertis. Apart from Criteria that holds 50% of it, other important shareholders are KKR, ProA and Torreal. Saba plans to go public in two or three years.

Original article: Expansión (by J. O.)

Translation: AURA REE

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