Tag: Adveo

Adveo Puts 4 Warehouses Up For Sale for €40M

18 March 2018 – Eje Prime

Adveo is continuing with its divestments. The Spanish wholesale group, which specialises in office equipment and services, has put four warehouses up for sale, three of which are located in Spain, through which it hopes to raise €40 million.

The domestic assets are located in Madrid, País Vasco and La Rioja, whilst the fourth asset is located in Belgium. The proceeds from the divestment will be used to continue reducing the debt, according to sources at the company, whose liabilities amount to €190 million. The objective of the company is to reduce that figure by €10 million in 2018, according to Expansión.

In January, Adveo completed another sale in France. On that occasion, the group sold a warehouse to the company IDI Gazeley for €8 million, which, by virtue of the contract, is going to lease the logistics centre to the French subsidiary of the Spanish company.

All of these operations form part of the Strategic Plan for 2017-2029 designed by the group, which seeks to transform the company into “a service platform with logistics solutions adapted to the new reality of the business”, according to the company.

Original story: Eje Prime

Translation: Carmel Drake

Adveo Sells An Industrial Warehouse In Cornellà For €4M

17 March 2016 – Diario Vasco

Through its subsidiary Monte Urgull, Adveo has completed the sale of an industrial warehouse in Cornellà de Llobregat (Barcelona) to Rentauro for €4 million. The consideration has already been received in full by the office supply company.

The operation, which forms part of Adveo’s new strategic plan, has generated a loss of more than €1 million for the group, according to a statement made by the company to Spain’s National Securities Market Commission (CNMV).

No debt was associated with the asset and so the net amount from the operation will be recorded directly as cash and will contribute to reducing the company’s net debt, which, amounted to €305 million as at 31 December 2015.

The property, acquired by Monte Urgull in 2002, has been leased since its purchase to the entity Saint Gobain Idaplac, but that lease contract is due to end in May this year.

Original story: Diario Vasco

Translation: Carmel Drake