Montepino Project Investment
DESIGN OF STATE-OF-THE-ART LOGISTICS PLATFORMS.
SI 20 of Cabanillas del Campo
4 warehouses of 38,000 m², 49,000 m², 18,000 m² and 48,000 m² of GLA on a 240,000 m² plot.
Investment - Forward funding
Estimated investment: 75 M€.
The Project
In this transaction we advised Montepino on the sale of a turnkey logistics project to Merlin Properties. This is the second turnkey sale transaction without a tenant after the 2008 financial crisis, and the largest in size until then.
After having acquired a 240.000 m² plot in the SI20 of Cabanillas del Campo from Proequity, Montepinto trusts us again to carry out the sale of the project.
The main difficulty we faced was the lack of bank financing for speculative logistics projects, so we structured the operation so that the seller, in exchange for an assignment of its profit margin, would receive payments against construction certifications. In this way the seller would obtain sufficient resources to develop the project. This transaction structure, known as forward funding, was not so common in the logistics sector in 2015.
The result:
- The GLA 100% was successfully leased to the companies Logista, XPO and Luis Simoes with the participation of Proequity in the consultancy, prior to the handover of the site.
They are currently strategic assets in Merlin Properties' portfolio in the Corredor de Henares.
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