Tag: BentallGreenOak

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

Starwood Set to Acquire the Las Mercedes Business Park from GreenOak

19 November 2019 – The US fund Starwood Capital is set to finalise a deal to acquire the Las Mercedes business park for somewhat more than 200 million euros. Starwood had been considered the favourite to acquire the asset from BentallGreenOak (formerly GreenOak), its owner since June 2016.

GreenOak purchased the asset in 2016 for €140 million from Standard Life Investment. The firm subsequently undertook a major renovation of the asset to reposition it. The consultant CBRE advised the seller.

The Las Mercedes business park, which is held under the socimi GoMadridBenz, is located at Calle Campezo 1, across from the Barajas International Airport. The asset has a surface area of 79,000 square meters, including nine buildings, 1,650 parking spaces and an occupancy rate of 84%. Its tenants include Altran, Xerox, Enaire and the Spanish State Medicines Agency.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner