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industrial Market News: Spanish Real Estate Intelligence

Sonae and Bankinter to Launch Second Socimi, This Time in Portugal
11 December 2019 – After the success of their jointly-controlled socimi in Spain, Sonae and Bankinter are planning on launching a new investment vehicle in Portugal in 2020. The new socimi will have an initial investment capacity of 100 million euros and will eventually seek a stock market listing in Portugal. The new socimi reportedly will not focus on any single type of real estate asset. Instead, it will invest in a wide range of assets, from commercial real estate to offices, along with logistics assets and other investments. The two firms’ socimi in Spain mainly invests in commercial real estate and is aimed at Bankinter’s private banking clients. Ores currently controls a portfolio 34 assets with a combined market value of over 357 million euros and an annual gross income of 21 million euros. Original Story: Idealista - Custodio Pareja Adaptation/Translation: Richard D. K. Turner
 
Patrizia Finalises Acquisition of Logistics Portfolio from BentallGreenOak
10 December 2019 – Patrizia has finalised its acquisition of a major portfolio of logistics and industrial assets, including 42 buildings and projects under development in Europe. Of those, eleven, or almost a third, are located in Spain. The company agreed to pay the US fund BentallGreenOak €1.2 billion euros for the portfolio, which includes 309,000 square meters of space in Spain, out of a total of 1.4 million square meters of pre-existing space for rent, and another 138,000 additional square meters under development. A group of institutional investors including both a Danish and a Korean pension fund, alongside Patrizia’s Logistik-Invest Europa II fund. Original Story: Expansión - Rebeca Arroyo Adaptation/Translation: Richard D. K. Turner
 
Sire Acquires Portfolio of Logistics Assets in Zaragoza
5 December 2019 – Strategic Industrial Real Estate (Sire), a joint venture managed by Arrow Capital Partners, has acquired a portfolio of logistics assets in Zaragoza. The deal, in conjunction with Cerberus, includes 38,536 square meters of gross leasable area worth 20 million euros. Savills Aguirre Newman and Latham & Watkins advised on the acquisition. Sire has €2 billion to invest in European logistics and industrial assets. Original Story: Eje Prime Adaptation/Translation: Richard D. K. Turner