Royo Group Units in Valencia | Photo: Google Maps
The price of this transaction was not disclosed. This operation represents the first acquisition in Spain for private equity. The properties are single-let on a long lease to Royo Group International Bathroom and have a total combined area of 30.000 sqm. The number 69 of Carrer Riu Vinalopó is the address of the units.
The news was released this Tuesday by CG Capital Europe that has acted as financial and real estate advisor to the seller of the assets. Elite Partners Capital has been advised by Opal Partners, a European real estate investment advisory & asset management firm based in London. On the legal side, the seller has been represented by Grant Thornton and the purchaser by Hogan Lovells.
Javier Beltrán, founder and CEO of CG Capital Europe, commented: «We are very glad to announce the successful closing of Project Bath (Spain), especially for what it represents to bring a new international investor to Spain in this difficult Covid-19 led environment. We were about to close the Transaction by summer 2020 with another reputable institutional investor, who froze its logistics & light industrial investment activity in Iberia after Covid-19 hit us. We have been able to restructure the sale process smoothly and to attract another institutional, Singapore headquartered, investor to Spain in a record time, representing a really exciting business challenge successfully completed in these complicated times», concluded.
Elite Partners Capital is a Singaporean real estate private equity firm with circa $1 billion of assets under management. The occupant of the assets Royo Group International Bathroom is a market-leading multinational bath furniture manufacturing company in Spain established in Valencia with circa 50 years of trading history, and third-largest in Europe, with presence in 60 countries.