Transaction / Assets Seller Buyer € MM
Metrovacesa Sells 16 Logistics Warehouses To CBRE GI
11 April 2016 – Expansión
The company has decided to focus its activity on the operation of its portfolio of commercial and office buildings.
Metrovacesa has sold a batch of 16 logistics warehouses located in one of the country’s main hubs, next to the A-2 Madrid-Barcelona motorway, to the real estate asset manager, CBRE Global Investors.
The real estate company, controlled by Santander, has described the operation as the divestment of assets from its real estate portfolio that it considers are non-strategic.
The batch contains 16 logistics warehouses with a combined surface area of 250,000 m2, which are leased to a dozen logistics operators, including FM Logistics and Luis Simoes.
The asset manager CBRE Global Investors said that it has acquired this batch of real estate assets on behalf of one of its main clients, which is investing in logistics warehouses across Europe.
Metrovacesa is currently focusing its business on operating its portfolio of commercial and office buildings, which it recently expanded through a non-monetary capital increase in which Santander and the real estate company’s other shareholder banks contributed a batch of office buildings worth around €1,000 million.
Original story: Expansión
Translation: Carmel Drake