Bankinter to acquire Montepino’s logistic mega-portfolio for more than €1.000M

Bankinter to acquire Montepino’s logistic mega-portfolio for more than €1.000M

Bankinter’s bid constitutes a record in terms of investment in the logistic segment. Following the announcement of Bankinter’s win, it is expected for the operation to be formally concluded in the coming days, as confirmed by sector’s sources to Brainsre.news.

Brookfield and Bankinter were the two finalists of a bid which involved around ten investors, such as Singapore’s sovereign fund, Nuveen, DWS and AXA, among others.

Bankingter intends to create a REIT with these assets and list it at the Stock Exchange, besides refinancing the debt once construction works on the pending warehouses are finished.

The portfolio

Montepino Logística currently has operational logistic platforms in Toledo, Guadalajara, Madrid, Zaragoza, Barcelona and Malaga. The portfolio originated in the deal signed in 2017 between CBRE GI and Montepino to create a joint venture.

Nearly one year ago CBRE GI decided to leave the joint venture and to place its share of it on sale. At the end of 2020, the whole joint venture reached 857.000 sqm of warehouses occupied or under construction estimated at between 1 and 1.2 billion euro.

It is estimated that Bankinter’s future REIT will have a 600 million euro capitalisation and that it will be directly listed at the continuous Stock Exchange and not at the BME Growth, as is customary with these real estate investment vehicles. Its validity will be limited to 10 years, extendable to a further maximum of two years.

Third REIT

With the launch of the new logistic vehicle, Bankinter will increase its number of REITs, currently composed by two companies: one listed in Spain and dedicated to commercial assets and hotels and the other in Portugal.

Thus, the REIT Olimpo Real Estate (ORES), created and owned by Bankinter and Sonae Sierra, has 37 commercial assets in Portugal and Spain, estimated at 378.3 million euro, a portfolio that only lost 1% since the pandemic.

The company, created by the end of 2016, started being listed at the Mercado Alternativo Bursátil (MAB) in February 2017, meaning that it can now release some of its assets. There is also Ores Portugal, which operates in Portugal as a SIGI (Real Estate Management and Investment societies), Portuguese REIT.

The company also owns Atom. Specialised in hotels, it had 28 assets estimated at 680 million euro at the end of 2019. Atom’s hotels are leased to different hotel chains with Meliá and Marriott as the tenants that stand out the most, with 12 hotels between them.

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