Transaction / Assets Seller Buyer € MM
Saba Sells Stakes In 5 Logistics Parks To Merlin
26 September 2016 – Expansión
The parking management company Saba has closed an agreement with the Socimi Merlin Properties to sell Saba Parques Logísticos, the company that groups together stakes in five logistics parks.
In a statement, Saba, which did not disclose the consideration paid for the sale, clarified that the operation includes stakes in the following logistics parks: CIM Vallès (Santa Perpètua de Mogoda, Barcelona); Lisboa Norte; the Logistics Park in the Zona Franca, in Barcelona; Sevisur, in the ZAL in Sevilla; and Arasur, in Álava.
Saba stated that the competition authorities have already approved the operation, which is expected to be signed within the next few weeks. The firm also explained that this sale forms part of its strategy to reorganise its asset portfolio to focus on its parking activity.
In fact, since 2011, the group has invested €482 million to strengthen its car park business.
Logistics parks accounted for 14% of Saba’s revenues last year, whilst its car park business generated the remaining 86%. Saba has operations in Spain, Italy, Portugal and Chile.
Original story: Expansión
Translation: Carmel Drake