The 20 asset portfolio – most of which have already been developed – is spread across several Spanish cities such as Madrid and Zaragoza. In total, this portfolio has a total combined area of 600.000 sqm. The value of this portfolio is around 800 million euro, but it can still reach 1 billion euro after the missing assets are developed.
The news was reported last week by newspaper Cinco Días, which further revealed the winning bid should be announced in the coming days. Amongst the operators offering their bids, were: Allianz, AXA, Segro, Prologis and P3 Logistic Parks. Market sources point towards the interest of funds from Hines, Ivanhoé Cambridge, Invesco and Logicor, a platform owned by the China Investment Corporation and Blackston.
The same sources highlighted that, amongst the favourite bids, are those of Canadian Ivanhoé Cambridge, P3 Logistic Parks e Allianz due to the low cost in terms of obtaining capital.
CBRE GI and Montepino placed these assets on the market in September, they were developed during the last three years and are the result of a joint venture established between the two companies at the end of 2017.