The operation will be carried out through the sale of 100% of its subsidiary Sardes HoldCo, S.L.U.’s share capital to an undisclosed entity. According to what Hadley advanced in a release sent to BME Growth, the sale is subject to the approval of the company’s Shareholders’ General Assembly and it is estimated to be concluded in January 2021.
Newspaper Expansión knows that Sardes HoldCo, S.L.U. controls 391 dwellings spread across 9 buildings located in Madrid and other Spanish cities. The operation is being advised by CBRE.
This operation marks REIT Hadley’s return to the Spanish investment market after more than 2 years without any registered operations. The last operation identified by Iberian Property Data was the sale of a 587 sqm commercial space in Pamplona for around 7.8 million euro in April 2018.
Hadley started its activity in 2014 with the goal of exploring investment opportunities in the Spanish real estate market, being focused on the acquisition, leasing and management of the residential, office and commercial properties in Spain. Its current portfolio includes a 1.780 sqm commercial space in Palma de Mallorca and commercial space and warehouse located in La Laguna Retail Park in Santa Cruz de Tenerife. The commercial spaces have a total combined area of 5.893 sqm and the warehouse has 5.3663 sqm and all are 100% leased to Conforama España.