CBRE has advised PATRIZIA, through its subsidiary EuroLog Wolf (EuroLog Canola Socimi), on the sale to GreyMile Socimi of two logistics warehouses specialised in the storage and distribution of refrigerated products, located in Sant Esteve Sesrovires (Barcelona) and Ribarroja de Turia (Valencia). The transaction has been agreed for a total consideration of €20.9 million, with completion expected to take place towards the end of the year.
The asset in Sant Esteve Sesrovires has an approximate surface area of 9,500 square metres, while the warehouse in Ribarroja de Turia comprises 4,300 square metres. Both facilities are specifically designed for cold-chain logistics and are leased to Logifrío, an operator specialised in temperature-controlled logistics services.
The buyer, GreyMile Socimi, is an investment platform focused on logistics and light industrial assets promoted by Grupo Lar and Azahar Capital, with the participation of Juan Conesa Alcázar, founder of Primafrio. With this acquisition, the socimi adds its first assets and begins the construction of its real estate portfolio.
According to José Manuel Llovet Barquero, Chairman of GreyMile, “these first acquisitions mark the start of GreyMile’s portfolio and reflect our strategy of investing in high-quality logistics assets in established locations and leased to top-tier operators; cold-chain logistics, in particular, is a segment with very strong fundamentals and fully aligned with our long-term vision.”
In the transaction, the seller was advised legally by KPMG Abogados and commercially by CBRE. GreyMile, in turn, received legal advice from Ramón y Cajal Abogados, with JLL acting as commercial advisor and Arcadis as technical advisor.
In parallel with this transaction, GreyMile has recently approved, unanimously at an extraordinary general shareholders’ meeting with 100% of the share capital represented, the authorisation to enter into a financing agreement for an approximate amount of €22 million with a financial institution.
The socimi, created through a joint venture between Grupo Lar and Azahar Capital, debuted on BME Scaleup with the aim of building a portfolio of logistics and industrial assets, primarily in Spain, with a focus on small and mid-sized transactions, typically around €20 million. In November last year, the company also approved a capital increase of €18 million through the issuance of 5,625,000 new ordinary shares with a nominal value of one euro each
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